Earlier quoted context omitted.
It is not universally free unfortunately.
Which banks still charge for it? Tangerine, Scotia, and RBC have it for free at least.
Simplii is also free.
Bank transfers as a payment method (2021)
101–110 of 185 posts
Re: Bank transfers as a payment method (2021)
#102Earlier quoted context omitted.
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.
Zelle was a consortium of the biggest US banks. It works fine if you have a deposit account at one of those institutions, or if you have created a Zelle account that lets them get you funds through a shim if your bank isn't a member participant of Zelle. If you're at a brokerage that doesn't support it, a credit union, or a community bank, your experience is meh or non existent.
FedNow is native real time messaging plumbing, so all deposit accounts can support it once you plug into FedNow (which is run at cost by the Fed). We should theoretically arrive at an experience similar to UPI, PIX, and other instant payment systems where you can use phone numbers, email, or QR codes to facilitate payments over the next 1-3 years.
Re: Bank transfers as a payment method (2021)
#103Earlier quoted context omitted.
Instant bank transfers are coming to the US now, literally this month. It's called FedNow and RTP.
For some history, the biggest US banks built Zelle as a consortium because the Fed didn’t, and the Fed built FedNow because Congress didn’t want community banks beholden to the big banks for access to this capability.
Zelle? Is this the old name of RTP?
Re: Bank transfers as a payment method (2021)
#104Earlier quoted context omitted.
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.
If you can't trust Deloitte and the American Institute of Certified Public Accountants...
https://www.circle.com/hubfs/USDCAttestationReports/2023/202...
Re: Bank transfers as a payment method (2021)
#105Earlier quoted context omitted.
> 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.
That's not "sending crypto"... that is withdrawing from a centralized exchange.
Re: Bank transfers as a payment method (2021)
#106Earlier quoted context omitted.
I don't know why this is downvoted; I understand that there's a lot to dislike about crypto, but "international transfers" is no longer even a question. A lot of people today literally use crypto for that.
Sure, but also consider this statement by the GP: > You can send USDC on Arbitrum (an Ethereum L2) for The vast majority of Americans reading that would have no idea what any of that means, or even how to figure out what it means. There are too many choices and too much jargon in the cryptocurrency world, and it takes real work and effort to figure it out. And then you have to have confidence that you understand it w…
> The vast majority of Americans reading that would have no idea what any of that means, or even how to figure out what it means.
You're absolute right and over time, that is changing.
When I got onto the internet in 1991, I got an email address and couldn't for the life of me understand what good it would be for. I didn't know anyone else with one!
Re: Bank transfers as a payment method (2021)
#107Why 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 can dispute the charge and get resolution without any money leaving my bank account."
Really? In what cases can an average credit card user challenge a payment that has not already occurred?
If there is a fraud usually it is quick to get money back if debit cards were used.
Re: Bank transfers as a payment method (2021)
#108Why 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.
Buying things that are not needed with the money one doesn't have = credit cards. That's the beauty of credit cards. It increases the spending in economy. With debit cards, one has to spend within their means.
Re: Bank transfers as a payment method (2021)
#109Earlier quoted context omitted.
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.
You are correct, similar to any other money transfer service it needs to be redeemed somehow. USDC is probably more trustworthy than an individual bank if you own >$250k because of their active treasury management.
Re: Bank transfers as a payment method (2021)
#110Earlier quoted context omitted.
I don't know why this is downvoted; I understand that there's a lot to dislike about crypto, but "international transfers" is no longer even a question. A lot of people today literally use crypto for that.
Sure, but also consider this statement by the GP: > You can send USDC on Arbitrum (an Ethereum L2) for The vast majority of Americans reading that would have no idea what any of that means, or even how to figure out what it means. There are too many choices and too much jargon in the cryptocurrency world, and it takes real work and effort to figure it out. And then you have to have confidence that you understand it w…
It's pretty easy to make a Robinhood wallet these days and start transferring crypto, and it uses Polygon by default. No knowledge of ECDSA required.