VoP Verification of Payee: What Changes for Euro Transfers
As October arrives, a wave of EU-wide updates takes effect, with the Verification of Payee (VoP) sitting at the center of banking changes. From 9 October, banks and savings banks across the euro area must compare the recipient’s name with the IBAN before executing a euro transfer. This rule applies whether you transfer money online, in a branch, or as a real-time payment. The aim is to prevent incorrect transfers and block fraud attempts where criminals misstate an account’s IBAN to divert funds.
In practice, this means banks will perform a recipient check (VoP) for euro payments, ensuring the name on the transfer matches the account holder associated with the IBAN. The goal is to catch mismatches early and protect payers from wrongdoing while maintaining smooth Eurozone transactions.
Free Real-Time Euro Transfers Under SEPA
Alongside VoP, euro transfers within the SEPA framework are undergoing a pricing change. Since 9 January, banks have been able to receive real-time euro transfers, and from 9 October they must also allow customers to send these transfers free of charge. This applies to euro amounts only; transfers involving foreign currencies such as Swedish krona or Hungarian forint remain outside this benefit.
Real-time transfers are settled in seconds, providing near-instantaneous payment experiences. Traditional or non-SEPA transfers may still be subject to delays, particularly on weekends or holidays. Prior to October, some institutions charged small fees—often between 0.25 and 1.50 euros per transaction—for expedited transfers. The new rule eliminates these charges for euro-denominated real-time payments.
What Else Changes This October
Beyond payments, several wide-ranging updates affect work, technology, and daily life:
- <strongTariffs and wages: From 1 October, the journeyman wage for roofing trades rises by 2.7% to 22.51 euros per hour. Apprentices also gain more, with increases of 50 euros per month in the first two years and 30 euros in the third year.
- <strongStreaming pricing: Spotify raised prices for new Premium subscribers as of 14 August, with a three-month grace period for existing customers. To keep Premium access, users must agree to the updated price by 14 October 2025; otherwise, automatic cancellation ensues and users may retain access to a free, ad-supported tier.
- <strongWindows 10 support ends: Microsoft will stop providing security updates for Windows 10 after 14 October. Users are advised to upgrade to Windows 11 to maintain security and performance.
- <strongTime change: The 2024 daylight saving time ends in the night of 25–26 October, when clocks fall back one hour to Central European Time (CET). This marks the return to standard time for the season.
- <strongBorder controls and biometrics: From 12 October, the EU introduces a digital system for recording entries and exits of third-country nationals, using biometric data rather than passport stamps. A six-month transition period accompanies the rollout.
- <strongHedge trimming rules: On 1 October, it becomes legal again to severely trim hedges and shrubs, ending a spring-to-summer protection period intended to shield nesting birds. Form and maintenance cuts remain allowed year-round, but be mindful of any nesting birds and avoid pruning in frost to prevent damage.
- <strongElectronic patient records (ePA): By mid-February 2025, electronic patient records were to be established for all insured individuals, with doctors and providers required to use the system from 1 October. Patients can still opt out; access controls determine who may view what, and the system is designed to centralize diagnoses, treatments, and medications.
- <strongHeating cost measurement: A transition from a previous exemption ends on 1 October, requiring necessary upgrades to record energy consumption for heating and hot water. Metering ensures fairer, consumption-based billing and supports energy-saving incentives.
Practical Takeaways
If you regularly send euro transfers, expect VoP checks to become a routine part of the payment flow. Check with your bank about any potential additional delays if there is a name-IBAN mismatch, and ensure your recipient details are up to date. For real-time transfers, anticipate waived fees for euro payments and plan accordingly for any cross-currency transfers.
These October changes reflect a broader push toward safer payments, better data transparency, and smarter energy and digital health infrastructure. Stay informed by checking notices from your bank, Spotify, Microsoft, and government portals for the exact implementation details in your country.
