Kiirmakse

Kiirmakse is an Estonian term for a real-time, or instant, bank transfer service. It enables funds to be credited to another bank account within minutes, around the clock. The service is designed for speed and convenience, supporting person-to-person payments, online purchases, and business transactions.

How it works: a payer initiates a kiirmakse from their online or mobile banking app, entering the recipient’s bank details. The transfer is processed through interbank rails that settle the funds immediately between accounts, with the recipient typically seeing the money almost instantly. Transactions are generally available 24/7, though individual banks may apply limits on amount or frequency.

Scope and availability: kiirmakse is offered by major Estonian banks and is primarily intended for domestic transfers within Estonia. International transfers may be handled via related systems such as SEPA Instant Credit Transfer or other bank-specific solutions, depending on the providers involved.

Limits and fees: banks set transfer limits and fees for kiirmakse, which can vary by institution and account type. In many cases, kiirmakse transfers are low-cost or free for customers, reflecting competition to provide fast, convenient service.

Security: kiirmakse relies on standard online banking security measures, including strong customer authentication, encryption, and fraud monitoring. Users are advised to verify recipient details, as the swift nature of the service increases the importance of accurate information.

Impact: kiirmakse has become a common method for rapid payments in Estonia, used for everyday personal transfers, consumer purchases, and quick business payments, contributing to a broader trend toward instant payments in Europe.