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Bank transfers as a payment method (2021)

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Re: Bank transfers as a payment method (2021)

#21

Post by spaniard89277 »

I'm sorry SEPA is pull based? IDK in other countries but in Spain is pretty common to use it for push and pull operations. I certainly do, and everyone I know. The only nuisance is that requires an IBAN number and most Banks require a security ritual which is pretty boring.

I didn't know that there's high fraud in SEPA either. Whoever tries to charge me, I can block em and contact my bank to make em know I didn't allow such charge, and in my case, when that happened (only once in my life) they handled everything and I got my money back.

Re: Bank transfers as a payment method (2021)

#22

Post by dyates »

As a South African, it's weird seeing this presented as a strange/futuristic idea. I pay most of my bills through bank transfers and it's the standard way for two people with bank accounts to send money to each other. As long as you know someone's bank and account number, you can send them money.

All local online retailers, investment brokers, etc, support bank transfers, with some[1] even providing discounts for paying via bank transfer instead of credit card. I've even paid this way at a brick and mortar place that didn't have a card machine.

[1] https://www.evetech.co.za/

Re: Bank transfers as a payment method (2021)

#23

Post by godelski »

I've always wondered why big banks don't implement a lot more technologies, and I guess this gets to some of it. But it does seem like banks would have the incentives to kill services like Venmo and Stripe overnight. Like why are there not clear and straightforward banking APIs that let me create virtual cards and why doesn't my app let me just transfer money directly to my friend's bank account (I get global being a bit more difficult, but country wide is similar regulations, right?). I feel like there's just so much that I don't know that I don't even have the ability to reasonably answer these questions and I'm pretty sure there's reasons the above companies exist and it isn't simply static friction of big banks.

Re: Bank transfers as a payment method (2021)

#24

Post by raverbashing »

spaniard89277 wrote: post #21

I'm sorry SEPA is pull based? IDK in other countries but in Spain is pretty common to use it for push and pull operations. I certainly do, and everyone I know. The only nuisance is that requires an IBAN number and most Banks require a security ritual which is pretty boring. I didn't know that there's high fraud in SEPA either. Whoever tries to charge me, I can block em and contact my bank to make em know I didn't all…

Yeah I think the pull based is not that common (usually for standing orders, and most of the time it's intra-country, through it works cross) but the push mode is also very popular

Re: Bank transfers as a payment method (2021)

#25

Post by reese_john »

jrm4 wrote: post #14

As someone who's not entirely opposed to crypto, this was an interesting read. Mostly in terms of the following: I sort of assumed that one of the factors (among many, for sure) limiting widespread adoption of crypto was that the thing we (in the US) already have was probably pretty smooth? And reading this, seems like it really ain't. Interesting that crypto hasn't made inroads here. I mostly get why, incumbents don…

> I mostly get why, incumbents don't like change, but still.

Or most likely, poor KYC/Fraud controls, lack of a central counterparty clearing house, limited performance, terrible UX...

Re: Bank transfers as a payment method (2021)

#26

Post by _zamorano_ »

In Spain, to send money without commercial purposes, Bizum is everywhere.

No cost, no need of IBAN, SEPA, or any other information. Just a phone number, that might be in your contact list or not, the desired amount, and is done.

Some business use it too but of course, its application is very limited due to not charging a fee to end users.

Re: Bank transfers as a payment method (2021)

#27

Post by fsniper »

In Turkey there is EFT, electronic funds transfer. Works with IBAN's. It's fast and mostly free on business hours (depending on originating bank). You can order EFT outside business hours next work day. This is more expensive most of the time. Recently Turkey also built a newer and faster transfer network FAST. This one has improvements over EFT for limited amounts of transfer and it's nearly instant any time of the day. You can use your email address, mobile number, or IBAN for transfers. It defaults to EFT of you are trying to transfer over the limit.

Europe's SEPA or International SWIFT are archeic compared to these networks. Even using Bank-Exchange-Crypto-Exchange-Bank transfers can be considered better UX

Re: Bank transfers as a payment method (2021)

#28

Post by RandallBrown »

dyates wrote: post #22

As a South African, it's weird seeing this presented as a strange/futuristic idea. I pay most of my bills through bank transfers and it's the standard way for two people with bank accounts to send money to each other. As long as you know someone's bank and account number, you can send them money. All local online retailers, investment brokers, etc, support bank transfers, with some[1] even providing discounts for pay…

> As long as you know someone's bank and account number, you can send them money.

This works in the US just fine as well, although you probably need to go to a bank to do it.

I've also been given the option to pay plenty of bills through bank transfers but usually choose not to if I can use my credit card for the same price.

Re: Bank transfers as a payment method (2021)

#29

Post by toomuchtodo »

RcouF1uZ4gsC wrote: post #18

For me as a consumer in the USA, one of the biggest advantages for credit cards over bank transfers is where the money is in case of dispute. With credit cards, I still have the money in my possession, the dispute process is about the credit card company trying to get paid. With a bank transfer, the money is gone from me, and the dispute process is about me trying to get my money back. Even with the same policies on…

And you’ll still have that option, you’ll just likely pay for the privilege with the 3% fee pushed back onto customers who opt to use credit card rails. Think of it as a dispute insurance premium for less than high confidence transactions.

An early example of this is T-Mobile’s recent decision to remove their autopay discount if you use a credit card instead of a deposit account (their CC interchange fees are material at their scale). Instant settlements at low or no cost give merchants options to squeeze out their payment costs.

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