New regulations for IRIS instant payments came into effect on Wednesday, January 15, significantly increasing transfer limits and expanding the system’s use for both private individuals and professional transactions.
Under the updated framework, users can now transfer up to €1,000 per day between private individuals and an additional €1,000 per day for payments to freelancers and sole proprietors. Monthly limits for peer-to-peer transfers are capped at €5,000, while payments to businesses are no longer subject to a monthly ceiling.
The equalization of daily limits for private and professional payments marks a key shift for IRIS, positioning it as a practical alternative to card payments for everyday transactions. Funds are credited instantly to recipients’ bank accounts, while professionals benefit from lower transaction costs compared with traditional card-based payments.
IRIS, Greece’s real-time bank transfer system, allows users to send money directly from their bank accounts using a mobile phone number or other simple identifiers, without the need for cards or cash.
Looking ahead, the system is set to expand beyond Greece’s borders. By June 2026, Greek users are expected to be able to make and receive IRIS payments across other European countries. The move would allow travelers to pay directly from their bank accounts while abroad, without additional fees or currency conversions, and enable Greek businesses to accept instant payments from foreign visitors without card terminals.
The changes reflect a broader shift toward faster, digital, and cashless transactions, as instant payments become an increasingly central part of everyday financial activity in Greece.
