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I just lost my wallet on the way home from work

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Re: I just lost my wallet on the way home from work

#6
post #5

What's a "reference"? You can enter arbitrary info during a transaction? Genuinely curious. Is this a UK thing or available everywhere?

At the very least with european SEPA transfers and their predecessors, but I would have assumed pretty much all bank transfers where you send money support some way to put a message - how else would you map incoming transactions from previously unknown senders to what they're for?

Re: I just lost my wallet on the way home from work

#7
post #5

What's a "reference"? You can enter arbitrary info during a transaction? Genuinely curious. Is this a UK thing or available everywhere?

In the Netherlands, for at least the last 35 years, transaction forms have a field "Description" where you can enter arbitrary text. Originally on paper, now electronically.

Is that in any way remarkable?!

Re: I just lost my wallet on the way home from work

#8
post #5

What's a "reference"? You can enter arbitrary info during a transaction? Genuinely curious. Is this a UK thing or available everywhere?

"Reference", "memo", "note" - some referrer or reminder about the transaction in question. Invoice number, PO number, 'movie tickets' ... it's just a free-form text field.

Re: I just lost my wallet on the way home from work

#9
post #6
post #5

What's a "reference"? You can enter arbitrary info during a transaction? Genuinely curious. Is this a UK thing or available everywhere?

At the very least with european SEPA transfers and their predecessors, but I would have assumed pretty much all bank transfers where you send money support some way to put a message - how else would you map incoming transactions from previously unknown senders to what they're for?

In the US, AFAIK the only metadata you get with a direct / ACH deposit is the sender's "name", usually the company name. I assume that you can't easily change this per transaction.

US banking infrastructure is decades behind the rest of the world in many areas.

You can include a memo on a paper check though.

Re: I just lost my wallet on the way home from work

#10
post #7
post #5

What's a "reference"? You can enter arbitrary info during a transaction? Genuinely curious. Is this a UK thing or available everywhere?

In the Netherlands, for at least the last 35 years, transaction forms have a field "Description" where you can enter arbitrary text. Originally on paper, now electronically. Is that in any way remarkable?!

In the US, you pay $16 to send a wire and $16 to receive a wire. So, wires are not as common as in Europe.

On the other hand, ordering your bank to print a paper check, and send it through postal mail is free of charge.

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