The only exception is Amazon who will do a SEPA pull instead.
Bank transfers as a payment method
251–260 of 335 posts
Re: Bank transfers as a payment method
#252The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…
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..In most countries, payments within the same bank have been instant (and free)..
Which is quite simple:
First, its internaly only an exchange of liabilites in your balanace sheet.
Second, it does not involve any outgoing gateways/interfaces.
Third, if you are using a SaaS-corebanking-solution, those types of transactions are usually excluded in your contract.
From that perspective, it is absolutely useful.
Re: Bank transfers as a payment method
#253The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…
Also, in the case of push, depending on the bank it might take two business days for the target account to be added as a push option.
(So that you have time to notice that someone has breached your account and stop them from emptying your accounts ?)
Re: Bank transfers as a payment method
#254Earlier quoted context omitted.
You could also just have a bank account with money denominated in USD or Euros or something.
You can have a cryptocurrency wallet with money denominated in USD or Euros, too (asset-backed stablecoins).
…which is the same thing as a bank account but not FDIC insured and now you have to pay cryptocurrency transaction fees.
Re: Bank transfers as a payment method
#255Earlier quoted context omitted.
Tikkies are the Dutch equivalent. https://dutchreview.com/expat/tikkie-netherlands/
It's pretty great. These transfers sometimes arrive within <1s. The speed and ease of use is something that cryptocurrencies are "trying" to "solve" (Among other things). Most aren't aware of the wide adoption here already, of course there are other aspects crypto's score better on. But if all bank transfers would be a Tikkie, then what would Crypto's, in terms of ease of use and speed have to offer?
Nothing, those were never claimed as cryptocurrency strenghts, the opposite in fact, were accepted as weaknesses that were still worth it considering the other benefits.
Re: Bank transfers as a payment method
#256Surprised Canada's Interac system was omitted from this post.
Re: Bank transfers as a payment method
#257When discussing Europe, you can't leave out the rise of mobile payments that work similar to India's UPI. For instance, in Sweden, "Swish"[0] has quickly taken over the market for casual payments, with free, instant, irreversible bank transfers between individuals using only the recipients phone number (or a QR code). They are a bunch of these systems, but currently they are all fractured into national systems, altho…
MBWay in Portugal
https://www.multibanco.pt/operacoes/mb-way/
Re: Bank transfers as a payment method
#258Earlier quoted context omitted.
Interesting! So, TIPS is just one of the available clearing mechanisms available for the SEPA Inst scheme. (The other one is RT1, which is live a little bit longer) Currently, there is no "regulatory forced" interoperability between RT1 and TIPS, though the 4CB are discussing it. (Esp. since RT1 is a private clearing mechanism, while TIPS is the one operated by the 4CB) And, regarding fee: You are wrong - depending o…
> And, regarding fee: You are wrong - depending on the local jurisdiction (esp. consumer rights), a bank may for sure charge for processing SEPA SCT Instant messages. They didn't say that banks cannot charge for SCT Instant. They said that banks can't charge more for international than they do for domestic.
Then, your "universal sentence" is not matching, since you didn't mention the transfer way:
for sure i can charge you more for a SWIFT or T2 EU-transaction than i do for a SEPA EU-transaction.
Re: Bank transfers as a payment method
#259Bank-to-bank money transfers in South Africa is a mostly solved problem. (Electronic funds transfer/known as EFT locally) - payments above coffee-shop prices often happen by EFT. - it arrives within 2 days, bank sends proof of payment instantly and sellers accept that as sufficient proof. - can opt to send instantaneously which reflects within seconds to minutes (for a small fee, like ~$1). - non reversible - need ba…
For a "third-world" country, South Africa has a quite developed financial infrastructure. This might be due to its historical links to the UK or by having a wealthy and connected elites.
South Africa was the first "second world" country in the economic sense, from before apartheid.
Rich elites living roughly Western lifestyles and everyone else super poor.
Re: Bank transfers as a payment method
#260One of the most surprising things about moving to Eastern Europe (being born and raised in Canada and worked in the US) was how much better the payment systems are, from a consumer's perspective. Instant P2P bank-to-bank transfers, confirmed with a 2FA notification on my smartphone, are the default way to pay for everything from my monthly rent to clothing stores (which don't have a credit card terminal) to random ec…
These things are even more glaring for us, in Eastern Europe.
A lot of people go: they're so much richer than us, why don't they have space lasers and flying cars and instant bank transfers now???
I guess at the end of the day we remember we're all only human, after all :-)