Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.
This is wild. Here in the UK we just transfer money from bank to bank in an instant using the banks own app.
Here in the US it’s only instant if it’s coming out of your account.
If it’s coming out of the bank’s account
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?
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?
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.
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.
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.
