overschrijving

Overschrijving is a Dutch term for transferring funds from one bank account to another. It is commonly used to describe both domestic transfers within the Netherlands and cross-border transfers within the SEPA area. An overschrijving typically debits the payer’s account and credits the recipient’s account for a specified amount, optionally with a reference message.

To perform an overschrijving, the payer provides the recipient’s IBAN (and, for international transfers, possibly a BIC/SWIFT code), the amount, and a payment reference. The instruction can be submitted via online banking, a mobile app, a bank branch, or through payroll systems. The recipient’s name may appear for confirmation but is not required for the transfer itself; the IBAN identifies the destination account.

Processing times vary. Domestic SEPA transfers can arrive the same day or within one business day if submitted before the bank’s cut-off time. Transfers to non-SEPA destinations or non-euro transfers may take longer and incur higher fees. Some banks offer instant or same-day SEPA payments up to a certain limit.

Costs and regulation also vary. Many banks provide free or low-cost domestic overschrijvingen, while international transfers usually involve additional fees and currency conversions. SEPA transfers are governed by harmonized EU rules for euro payments, whereas non-SEPA transfers follow other national or international regulations.

Risks and limitations include potential errors in recipient data, which can lead to funds being sent to the wrong account. Reversals are not always possible after processing. To reduce risk, double-check IBANs and references, and consider alternative payment methods when appropriate.