From 25 to 28 December 2025, most standard euro bank transfers between different banks will be paused across the euro area. This planned shutdown of the European Central Bank’s payment system (T2, still widely called TARGET2) is already making headlines in France and beyond, because it falls right on Christmas and rolls straight into the weekend. [1]
Some media posts and social networks have turned this into apocalyptic “your money will be blocked” rumours. In reality, the situation is serious enough to plan for – especially if you’re expecting a salary, rent payment or large transfer – but much more limited than a full banking freeze.
Below is a complete explainer based on the latest news, forecasts and expert analyses available as of 7 December 2025.
Key facts at a glance
- What’s happening?
Standard SEPA credit transfers between different banks (interbank transfers) will not be processed from Thursday 25 to Sunday 28 December 2025 because the ECB’s real‑time settlement system (T2/TARGET2) will be closed for Christmas and the weekend. [2] - Where?
In all countries using the euro payment systems – this isn’t just a French issue, even if French media have given it a lot of attention. [3] - What does it mean?
You can still order a transfer during those four days, but the money will only move and arrive from Monday 29 December onwards. [4] - What is not blocked?
- Instant SEPA transfers (if both banks support them)
- Transfers inside the same bank (from your current account to your savings, or to someone with the same bank)
- Card payments, cash withdrawals and most direct debits continue as normal. [5]
- Why this year is special:
In 2025, Christmas Day (25) and Boxing Day (26) are followed immediately by a weekend (27–28), creating four consecutive calendar days with no settlement of standard interbank transfers. [6] - What should you do?
The core message from banks and consumer sites is simple: anticipate and move early – especially for salaries, rents, loan instalments, tax and supplier payments. [7]
What exactly will happen between 25 and 28 December 2025?
At the heart of the story is T2, the Eurosystem’s real‑time gross settlement platform, operated by the European Central Bank (ECB) and national central banks. It’s the behind‑the‑scenes “plumbing” that allows banks to settle large‑value and retail payments in central bank money. [8]
According to the French Banking Federation (FBF) and multiple European media outlets, the ECB’s payment systems will be closed on 25 and 26 December 2025, which are TARGET closing days every year. This year, those closures are followed by Saturday 27 and Sunday 28, when interbank settlement doesn’t run either. [9]
Different outlets have all converged on the same practical timeline:
- 24 December, late afternoon:
- End of the last “normal” settlement day.
- Any standard SEPA transfer sent after your bank’s cut‑off time (often around 16:30–17:00) will already be pushed to Monday 29 December. [10]
- 25–26 December:
- T2/TARGET2 is closed for Christmas holidays.
- No standard interbank SEPA transfers are settled between banks. [11]
- 27–28 December (weekend):
- As on normal weekends, there is no settlement of standard interbank transfers. [12]
- 29 December:
- Settlement restarts, and all pending interbank SEPA transfers from the previous days are processed in batches. [13]
An analysis published today (7 December) by precious metals broker BDOR summarises it bluntly: standard SEPA transfers will be suspended from 25 to 28 December 2025, and anyone relying on a salary, rent or important transfer during that window should schedule it before the shutdown. [14]
TARGET2 / T2: the invisible system behind your transfers
Most consumers have never heard of T2 or TARGET2, yet almost every SEPA credit transfer they send is indirectly routed through it.
- T2 is the current RTGS (real‑time gross settlement) system, operational since March 2023, which replaced the older TARGET2 platform but kept a similar role and calendar of closing days. [15]
- It is used by banks to settle payments in central bank money, including:
- high‑value wholesale payments,
- retail SEPA transfers that are cleared through automated clearing houses, and
- many cross‑border payments in euro. [16]
Because the ECB defines a limited set of “TARGET closing days” (such as 25 and 26 December) on which T2 doesn’t operate, banks cannot settle their mutual positions on those days – even if your online banking app remains open and looks perfectly normal. [17]
That’s why your bank may accept an order during the closure, but the money won’t actually leave or reach another bank’s account until the system reopens.
Which payments are blocked – and which are not?
Blocked or delayed
From 25 to 28 December 2025, the following are affected across the euro area:
- Standard SEPA credit transfers between two different banks
- Domestic or cross‑border within SEPA (e.g. France → Germany)
- One‑off transfers (e.g. paying a landlord)
- Standing orders falling on those dates (rents, loan instalments, regular savings to a different bank). [18]
- Many payroll and B2B payments
- Salaries, pensions and supplier runs that normally use standard SEPA transfers will be queued and only credited from 29 December if not sent early. [19]
Several French and European outlets (Le Monde, RTL, TF1, Notre Temps, Club Patrimoine, BDOR) all describe the same mechanism: the order can be entered, but actual credit to the recipient’s account is postponed until 29 December for standard interbank SEPA. [20]
Still working normally
The good news is that this is not a full banking shutdown. The FBF, ECB and consumer sites are clear on what continues to run: [21]
- SEPA Instant Credit Transfers
- Based on the SCT Inst scheme, instant payments are designed to work 24/7/365 with funds credited in under 10 seconds. [22]
- Under the EU Instant Payments Regulation (EU) 2024/886, banks in the euro area must offer instant transfers in euro and may not charge higher fees than for standard SEPA transfers; key obligations took effect on 9 January 2025 and 9 October 2025. [23]
- Result: if both the sending and receiving bank support instant SEPA, you should still be able to move money instantly during the Christmas window.
- Transfers inside the same bank (intrabank)
Moving money between accounts at the same institution – your current account to your savings, or to a spouse/child with the same bank – does not rely on T2 and is expected to work as usual. [24] - Card payments and ATM withdrawals
Paying in shops or online with a debit or credit card, and withdrawing cash from ATMs, continues to operate. Authorisations run over card networks that don’t depend on T2’s opening calendar. - Most direct debits and card‑based recurring payments
Your electricity bill or subscription is unlikely to be rejected solely because of the T2 closure; technically, underlying settlement between banks may be delayed, but from the consumer’s perspective, the debit typically appears with the agreed due date. (Exact handling can differ by bank and country.)
This is why tech outlet Numerama stresses that headlines like “all bank transfers blocked at Christmas” are misleading: what’s suspended is one specific category – standard interbank SEPA transfers – not the entire payment system. [25]
Why your salary, rent or benefits could arrive late
French senior‑focused magazine Notre Temps, BDOR, Club Patrimoine and several financial sites all highlight the same two high‑risk cases: [26]
- Salaries and pensions
- Many employers launch monthly payroll towards the end of the month, assuming funds will reach employees within one or two working days.
- If the payroll file is sent after the bank’s cut‑off on 24 December, the effective credit may slip to Monday 29 December, even if the payment date is nominally 26 or 27.
- Rents, loan instalments and large B2B payments
- Standing orders dated 25–28 December or manual transfers entered during this window will only hit the beneficiary’s account on or after 29 December (and possibly a day later, depending on the bank).
This doesn’t mean you will automatically be “late” in a legal sense. Many landlords, lenders and suppliers are aware of banking calendars and accept that payments triggered just before the closure will arrive later. But the risk is clear:
If your budget is tight or your counterparties are strict on due dates, assume several days of delay and schedule payments accordingly.
Some cross‑border workers (for example, living in France and paid from Luxembourg or Belgium) may be affected even more, since their salaries pass through multiple banks and clearing systems, all of which rely on T2 for final settlement. [27]
New 2025 rules: instant payments and “Verification of Payee”
The Christmas 2025 pause comes in a year of major changes for euro payments:
1. Instant Payments Regulation: fast and (almost) universal
The Instant Payments Regulation (IPR – Regulation (EU) 2024/886) entered into force in 2024 and started biting in 2025. It requires euro‑area banks to: [28]
- Offer SEPA Instant Credit Transfers (SCT Inst) for euro payments.
- Ensure instant transfers are available 24/7/365.
- Align fees so instant payments are not more expensive than standard SEPA transfers.
Consumer organisations such as La finance pour tous emphasise that instant transfers in France have effectively become free for customers since 9 January 2025, removing one of the last barriers to using them as an everyday tool. [29]
This matters for Christmas 2025 because, in theory, instant payments can bypass the T2 closure, settling instead via TIPS, the Eurosystem’s dedicated instant‑payment platform that runs 24/7. [30]
In practice, you still need:
- Both banks to support instant SEPA.
- Your bank’s mobile or online app to offer the instant option for the transaction type you want (some banks restrict instant for high amounts or business transfers).
2. “Verification of Payee” (VoP): new security checks from October 2025
Another key 2025 change is the rollout of Verification of Payee (VoP) checks across the SEPA area:
- From 9 October 2025, EU rules make VoP mandatory before executing SEPA credit transfers and SEPA instant transfers. [31]
- When you enter an IBAN and beneficiary name, the bank must check whether they match.
- You receive a “match / close match / no match”‑style warning before confirming the transfer, designed to prevent mis‑directed payments and so‑called authorised push payment fraud. [32]
For Christmas 2025, this means that:
- As everyone rushes to send money before the 24 December cut‑off, you might see more warning pop‑ups if names and IBANs don’t match perfectly.
- Taking a few seconds to correct details can save you from sending money to the wrong account at a time when banks are under extra pressure.
VoP doesn’t block the system over Christmas – but it adds an extra layer of friction that’s very welcome when people are more exposed to phishing emails and fake invoices.
How to prepare: a practical checklist before 24 December
Based on guidance from banks, regulators and multiple financial publications, here is a concrete checklist to minimise surprises:
1. Map all payments due between 24 and 31 December
List, in a calendar or spreadsheet:
- Salary and bonus payments (incoming)
- Rent and mortgage instalments
- Loan repayments (consumer loans, car leases, credit lines)
- Tax or social contribution payments
- Supplier invoices and business‑to‑business transfers
Then identify which ones:
- Use SEPA transfers between different banks (most exposed)
- Are intrabank (same bank – lower risk)
- Are card or direct‑debit based (usually unaffected, though settlement may shift).
2. Talk to your employer or payroll provider
Ask HR or payroll:
- On what date will December salaries be sent to the bank?
- Is the payroll file date earlier than 24 December afternoon, so funds can reach accounts before Christmas?
Several French and European advisories now recommend that companies advance December payroll slightly – for example to 24 December morning – to avoid any perception of late payment. [33]
3. Bring forward your own transfers
For any critical transfer:
- Send it a few days early (for example on 22 or 23 December).
- Respect your bank’s cut‑off time; anything after that will be treated as next working day, which in this case is 29 December. [34]
If both you and the recipient’s bank support instant SEPA:
- Consider using an instant transfer for last‑minute payments, especially between 24 and 28 December.
4. Check your bank’s instant payment and VoP settings
Before Christmas:
- Confirm in your app whether instant SEPA is available and if there are amount limits.
- Familiarise yourself with Verification of Payee messages so you don’t panic when you see a “close match” warning – but also don’t ignore a clear “no match” message.
5. For businesses and freelancers
Companies and self‑employed professionals should:
- Adjust payment terms and cash‑flow forecasts for December to account for:
- incoming customer transfers that may land on 29 December instead of 26,
- outgoing supplier payments that appear “sent” but are not yet settled.
- Communicate with key partners, landlords and staff about the four‑day pause, ideally sharing a short explanation or link to an official calendar. [35]
Is this a sign of deeper problems in the banking system?
Every time an article about TARGET2 closures goes viral, social networks fill with rumours about bail‑ins, capital controls or confiscated savings. Tech and finance outlets have been quick to debunk this narrative in 2025:
- Numerama and several mainstream newspapers underline that these closures are long‑planned operational shutdowns, not emergency measures linked to a crisis. [36]
- Similar multi‑day closures already occur every year around Easter (Good Friday to Easter Monday) and on some public holidays such as 1 May. [37]
What is new this year is:
- The alignment of Christmas on a Thursday–Friday, creating a full four‑day gap for standard SEPA transfers. [38]
- The fact that, thanks to the Instant Payments Regulation, instant and intrabank payments can continue to operate even while T2 is closed – accentuating the contrast between “old” and “new” rails. [39]
The ECB is even consulting on extending T2 operating hours in the future to better align wholesale settlement with a world of 24/7 retail instant payments – but as of December 2025, these are still proposals, not decided reforms. [40]
Looking beyond Christmas 2025: what about 2026 and after?
The FBF has already published provisional calendars showing that similar SEPA transfer interruptions will occur in: [41]
- April 2026 (Good Friday and Easter Monday)
- 1 May 2026 (Labour Day)
- 25 December 2026 (Christmas)
It’s therefore wise to treat payment system calendars a bit like public‑transport timetables or trading days:
- If you manage payroll, large B2B flows or time‑critical rent and loan payments, add TARGET/T2 closing days to your annual planning.
- For regular consumers, the best habit is simple: when in doubt, avoid setting key transfers on major holidays and use instant SEPA as a safety net whenever possible.
Quick FAQ on the Christmas 2025 SEPA transfer pause
Will my bank card stop working between 25 and 28 December 2025?
No. Card payments and ATM withdrawals are expected to work normally. The shutdown concerns the interbank settlement of standard SEPA transfers, not card networks.
Can I still send money to someone during these four days?
Yes – you can order the transfer in your online banking. If it’s a standard SEPA transfer between different banks, it will be queued and likely arrive on 29 December. If it’s an instant SEPA transfer and both banks support instant, it should arrive within seconds, even during the shutdown.
Are all bank transfers really “blocked”?
No. Only standard interbank SEPA credit transfers are paused. Instant transfers, intrabank movements, card payments and most direct debits are not blocked. That’s why some outlets stress that saying “all transfers are blocked” is misleading. [42]
Is this specific to France?
No. The shutdown is linked to Eurosystem payment systems, so it affects all banks using T2 for euro settlement, not just French ones. France is simply one of the countries where the communication campaign and media coverage are most intense. [43]
Could this happen again?
Yes – similar pauses occur every year on a handful of public holidays and long weekends. What changes over time is the calendar configuration (which days of the week the holidays fall on) and, in the longer term, potential reforms of T2’s operating hours.
By 7 December 2025, the message from regulators, banks and consumer advocates is consistent: there is no hidden financial crisis behind the Christmas 2025 bank transfer pause – but there is a very real risk of delayed salaries, rents and key transfers if you don’t prepare. The solution is not panic, but good calendar management, smart use of instant payments, and a careful eye on the new Verification of Payee prompts before you hit “Send”.
References
1. www.fbf.fr, 2. www.fbf.fr, 3. luxtoday.lu, 4. www.rtl.fr, 5. www.fbf.fr, 6. www.rtl.fr, 7. www.notretemps.com, 8. www.ecb.europa.eu, 9. www.fbf.fr, 10. infonet.fr, 11. www.ecb.europa.eu, 12. luxtoday.lu, 13. www.boursedescredits.com, 14. www.bdor.fr, 15. www.ecb.europa.eu, 16. www.ecb.europa.eu, 17. www.oenb.at, 18. www.fbf.fr, 19. www.notretemps.com, 20. www.lemonde.fr, 21. www.fbf.fr, 22. www.europeanpaymentscouncil.eu, 23. www.europeanpaymentscouncil.eu, 24. www.fbf.fr, 25. www.numerama.com, 26. www.notretemps.com, 27. luxtoday.lu, 28. www.europeanpaymentscouncil.eu, 29. www.lafinancepourtous.com, 30. www.ecb.europa.eu, 31. www.fbf.fr, 32. www.iban.com, 33. www.notretemps.com, 34. infonet.fr, 35. www.fbf.fr, 36. www.numerama.com, 37. www.ecb.europa.eu, 38. www.rtl.fr, 39. www.europeanpaymentscouncil.eu, 40. www.ecb.europa.eu, 41. www.fbf.fr, 42. www.numerama.com, 43. luxtoday.lu
