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Bank transfers as a payment method (2021)

bitsaboutmoney.com

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Re: Bank transfers as a payment method (2021)

#91

Post by cpursley »

xboxnolifes wrote: post #75
cpursley wrote: post #66

Earlier quoted context omitted.

Both of those suck hugely vs Asian bank apps. You can just quickly and instantly send money by entering somebodies phone number. And it’s built into all the banking apps.

> You can just quickly and instantly send money by entering somebodies phone number. And it’s built into all the banking apps That's how zelle works as well, with the exception that it's probably not built into every banking app, considering the number of US banks.

No, it's not. Not even close.

US is way behind.

Like over a decade behind.

Re: Bank transfers as a payment method (2021)

#92

Post by moberley »

clord wrote: post #73
emptybits wrote: post #53

Earlier quoted context omitted.

For all of Canada's chartered banking bureaucracy and lack of customer empathy ... I have to say that our e-transfer system is pretty amazing. For business or personal, one-off or regular transfers. It just works.

I always have an awkward delay with interac transfers when doing in-person. like "so, what do you think of those jays" bla bla for several minutes. Works great when the transaction is not 100% live though.

If the e-transfer involves a credit union it can take much longer than several minutes at least that is the case in the rural area where I live.

Re: Bank transfers as a payment method (2021)

#93

Post by dgrin91 »

WorldMaker wrote: post #69
raincom wrote: post #45

Earlier quoted context omitted.

I worked for a couple of banks. The older the bank is, the difficult it is to 'implement a lot more technologies'. They have the old COBOL codebase running on mainframes from 70's, then a lot of Java, COBRA interfaces that deal with this ancient, but reliable COBOL in the backend. Who is going to implement these technologies 'without being responsible for failures'? Modern management is all about taking credit for su…

Relatedly part of why it is interesting watching Goldman Sachs' even more recent entering into retail banking (Apple banking and Marcus), including their interesting partnership with Apple as something of their "technical R&D department".

Which is ironic because they are now taking large steps to wind down at least part of their Marcus business. Just today I think it was announced that they sold off $1B of loans on the Marcus books, and they are also looking to sell of Green Sky which was bought for their retail banking division just a few years ago.

Re: Bank transfers as a payment method (2021)

#94

Post by zubairshaik »

cpursley wrote: post #91
xboxnolifes wrote: post #75

Earlier quoted context omitted.

> You can just quickly and instantly send money by entering somebodies phone number. And it’s built into all the banking apps That's how zelle works as well, with the exception that it's probably not built into every banking app, considering the number of US banks.

No, it's not. Not even close. US is way behind. Like over a decade behind.

Could you elaborate? I've used Zelle in the exact way you've mentioned previously (entered a phone number and an amount to send straight from my bank app) with no issues.

Re: Bank transfers as a payment method (2021)

#95

Post by post-it »

moberley wrote: post #88
Waterluvian wrote: post #80

Earlier quoted context omitted.

Probably Interac E-Transfer, yeah. I can’t think of any other. I use it all the time. Free. You send it to an email address, and then the recipient accesses it through their bank account with the password you gave them. Max $3000. Can sometimes take 10 mins to appear so it’s not great if you’re standing there trying to buy an CX990 elliptical from someone…

It is not universally free unfortunately.

Which banks still charge for it? Tangerine, Scotia, and RBC have it for free at least.

Re: Bank transfers as a payment method (2021)

#96

Post by WorldMaker »

dgrin91 wrote: post #93
WorldMaker wrote: post #69

Earlier quoted context omitted.

Relatedly part of why it is interesting watching Goldman Sachs' even more recent entering into retail banking (Apple banking and Marcus), including their interesting partnership with Apple as something of their "technical R&D department".

Which is ironic because they are now taking large steps to wind down at least part of their Marcus business. Just today I think it was announced that they sold off $1B of loans on the Marcus books, and they are also looking to sell of Green Sky which was bought for their retail banking division just a few years ago.

Some additional layers to the irony, from my understanding, is that much of Marcus' debt came not-so-intentionally bundled from Marcus' purchase of some of (also aforementioned) Capital One's credit card business lines in an attempt to bootstrap more Marcus customers.

Re: Bank transfers as a payment method (2021)

#97

Post by dist-epoch »

latchkey wrote: post #68
dist-epoch wrote: post #20

Earlier quoted context omitted.

> Interesting that crypto hasn't made inroads here A funny thing happened, 10 years ago crypto transfers were free, and bank transfers cost $15 or more. Today the opposite is true, many bank transfers are free, but sending crypto costs about $10.

> but sending crypto costs about $10. You're already getting roasted for this, but the larger picture / issue is that many people have this outdated view. The technology has moved so fast, in just a few years that it is hard for everyone, even such a technical group as HN, to keep up.

I've done many BTC and ETH transfers this year from crypto exchanges and I never paid less than $10.

LN is just not a thing.

Re: Bank transfers as a payment method (2021)

#98

Post by Denvercoder9 »

TRiG_Ireland wrote: post #51

He says that SEPA has a pull model. But when someone gives me their IBAN, and I go to my bank's website (or phone app), type in that IBAN and tell it to send X amount of money, that feels like a push model to me. (I can also include a payment reference, which will probably have to be manually checked, much as he describes for the Japanese model.) I've used this method for paying back friends for minor loans, or suchl…

You're right, SEPA does have both push (SEPA Credit Transfer, aka SCT) and pull (SEPA Direct Debit, aka SDD) models.

Re: Bank transfers as a payment method (2021)

#99

Post by dist-epoch »

tornato7 wrote: post #32
dist-epoch wrote: post #20

Earlier quoted context omitted.

> Interesting that crypto hasn't made inroads here A funny thing happened, 10 years ago crypto transfers were free, and bank transfers cost $15 or more. Today the opposite is true, many bank transfers are free, but sending crypto costs about $10.

That's not really true of crypto if you consider any chain but Bitcoin and Ethereum. You can send USDC on Arbitrum (an Ethereum L2) for Also, as the article points out, international transfers are still painful. Paying $10 to transfer money internationally is probably still a very good deal for most people.

USDC is hardly what people think when they say crypto. For once it's not trustless, you need to trust that the backing dollars are in some bank account.

Re: Bank transfers as a payment method (2021)

#100

Post by kelnos »

AtNightWeCode wrote: post #52

Why Americans love credit cards so much is a mystery. In Europe debit cards have been the way to go for a long time. Most countries in Europe also have direct payments through mobile apps.

I really don't get why this is so hard for some people to understand. It's simple: when I pay with a credit card, the money is still in my possession. If the merchant screws up or there is fraud, I can dispute the charge and get resolution without any money leaving my bank account.

On top of that, I get cash back and other benefits/rewards from using a credit card (like extended warranties and insurance on the things I purchase). Yes, these things make purchase prices go up for everyone, but if you don't play the "game", you're leaving money on the table.

Most merchants do not pass credit card fees on to card-using customers (so you don't save by using debit or cash), though that practice has increased over time. Certainly if/when that becomes the norm, I'll have to decide if the benefits of using a credit card are worth the cost.

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