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Fed’s new instant payment system could be trouble for PayPal, Venmo
(arstechnica.com)
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this post was submitted on 24 Jul 2023
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This is wild. Here in the UK we just transfer money from bank to bank in an instant using the banks own app.
Can you please explain the difference here, because that doesn't make sense to me. When am I ever transferring money out of the banks account instead of mine?
Ah ok, all good. I guess it's showing how bad the state of affairs is with payments in the USA when I had to ask that question haha.
This is what banking looks like if you are poor, unfortunately.
Those cash checking places are fucking evil. Then the payday loan companies with usury…
What bank do you have that charges $35 for a transfer?
I transfer between b of a and chase bank, both known for having decently high fees, without any of those fees.
The $35 amount I've only seen with overdrafting. Do you overdraft every single transfer?
That was sarcasm.
Which part? The fees?
Bruh… the entire comment. 7 to 45 days… really? Gratuity… in a bank app?
We’re talking about wire transfers, not closing on a mortgage. They take 3-5 days. I pay my loan to Rocket every month
No, the entire thread is about wire transfers lol. There’s nowhere on Earth where you can close on your mortgage instantly
We all know that "companies making money" is the reason
Same here in Canada, e-transfer with 0 fees is pretty normal.
It's been a while since I did it but you can authorize it so all e-transfers are automatically accepted and deposited. I can't think of a scenario where that would be a bad thing.
Yeah, I have auto-deposit enabled.
How long has it been that way? We've never had that here in the states...
It’s so normal that I can’t actually remember it ever being any different. Even before the advent of mobile banking it was the same with internet banking. Instant transfers.
In the US we have Zelle which is free and instant, but it's still a third party your bank integrates
In Australia we've had free next business day transfers for as long as I can remember. Decades.
The transition to transfers that clear in seconds was happened gradually as bottlenecks were removed from the infrastructure one by one. Some transactions were instant a couple decades ago, but it's only in the last few years that most transactions are instant here.
These days, Visa/Mastercard are basically the slowest way you can pay someone. It's still the most commonly used option though, since it has the best fraud protection.
I do this in the States. Maybe you haven't noticed the option on the bank's site? Also make sure to use a credit union.
And I assumed it was the same everywhere!
Same in Poland. That, and Blik system which let's you send money to a phone number (if it's also registered with Blik) and it's actually instant. Not "next transfer window" like Elixir transfers, instant.
And yes, completely free.
The US has this, it's called Zelle, every bank seems to have it, and it's instantaneous. For some reason it's just not popular, probably because Paypal and others are already entrenched.
In Spain we have Bizum - transfer money using a persons mobile phone number (as long as you’re both registered with your bank). Instant and free
Same in Canada. It's like going back in time when crossing the border when it comes to banking and payment.
Same with us. I don't know what these other folks are talking about. I transfer seemlessly between my accounts at different banks.