I still have trouble with money and finance not being on the gold standard. And the stock market just seems like gambling to me, which I don't partake in (gambling or stock market). probably why I'll always be poor.
No risk, no reward...
Bank transfers as a payment method (2021)
131–140 of 185 posts
Re: Bank transfers as a payment method (2021)
#132Earlier 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 do find it funny that to deposit an e-transfer in Canada you get an email, are required to click a link in that email and then login to your internet banking with your username and password. Straight out of the "NEVER EVER do that" playbook.
Well "required" is not exactly right. You can accept funds manually that way if you prefer. But if you set your account up once to auto receive and deposit then any funds anyone transfers to your email address will just appear in your account. This is done once in your online banking setup and after that there is no clicking of links or logging in or passwords necessary.
Is there a reason to not configure it this way? I've always set things up this way, with the three banks I deal with, and can't think of any obvious ways I could get burned or fooled.
Re: Bank transfers as a payment method (2021)
#133Australian banking regulator appears to think there is a natural floor cost of interbank payment settlement, which I am going to call "rent" and basically said as long as it doesn't exceed some metric for CPI related costs, it's fine to charge it no matter what the impact on transactions. This is a loaded comment, because I think it's bullshit. The cost to process any payment of any size under the $10,000 AML thresho…
> This is a loaded comment, because I think it's bullshit. The cost to process any payment of any size under the $10,000 AML threshold is constant, and functionally zero.
Your argument fails here, because you are wrong here. The cost is not zero, because what the bank does for interbank payments is subject to the same regulations and procedures as everything else a bank does. Banks charge money for transfers because there's regulatory overhead and shared liability.
What happens if they've missed you're a money launderer for the cartel and have to pay a $2bn fine because they processed your transaction for nearly nothing, instead of doing proper checks and stopping it?
Sorry, but you're just plainly wrong here. Very populist and very wrong
Re: Bank transfers as a payment method (2021)
#134Re: Bank transfers as a payment method (2021)
#135> The Single Europe Payment Area (SEPA) offers free, instant transactions between European banks. They’re pull based; a user communicates their banking information to a business, which debits the user’s account, rather than the business communicating their banking information to the user in order to send them money. I think this is something of a simplification since SEPA encompasses multiple types of payment. While…
> It's completely normal and safe in Europe to share your bank account number (IBAN) with others so that they can send you money through online banking. This is how I paid my rent (you can setup a recurring payment, kinda like bill pay but instant and without the risk of a physical check potentially being delayed in the mail); settled up with friends for shared expenses; and got paid for freelance consulting (I'd put my IBAN on the invoice.)
Just because everyone does it this doesn't mean it's safe to do. If some trolls manage to get hold of your IBAN and the account isn't protected from direct debit, you will get fucked by idiots ordering pizza and dildos.
Re: Bank transfers as a payment method (2021)
#136Isn't this just EFTPOS? I've been paying with that since I first got a eftpos card thirty years ago in NZ
Re: Bank transfers as a payment method (2021)
#137Australian banking regulator appears to think there is a natural floor cost of interbank payment settlement, which I am going to call "rent" and basically said as long as it doesn't exceed some metric for CPI related costs, it's fine to charge it no matter what the impact on transactions. This is a loaded comment, because I think it's bullshit. The cost to process any payment of any size under the $10,000 AML thresho…
> This is a loaded comment, because I think it's bullshit. The cost to process any payment of any size under the $10,000 AML threshold is constant, and functionally zero. Your argument fails here, because you are wrong here. The cost is not zero, because what the bank does for interbank payments is subject to the same regulations and procedures as everything else a bank does. Banks charge money for transfers because…
Fine, call it risk cost. Noting, the AML limits were in my statement and the post transfer processing to find multiple conjoint sub AML represent washing is sitting out there.
Functionally zero per transaction (sorry I should have been more explicit) obviously there are real world data comms and CPU and compliance costs. They are not "equal" to the amount of revenue the system is extracting. The absence of variance in system costs unsettle me when a % transaction value price is applied. under the AML reporting limits
Fund the risk side from proceeds of crime! What they've done is spread throughout the system the risk costs onto all of us.
I, not "plain wrong" we just disagree about cost assignment, risk, and benefit.
Do you disagree that the banks and fintech are profiting from their transaction cost models? Hint: in 2029, about 36% of card transactions were Debit cards, with no component of credit card interest or risk: it's money held in account earning banks profits twice: once as deposits earning far lower interest (bank gets to leverage the money) and once again as merchant fee and transaction cost.
80% or more of profit comes from the other side: credit card interest, and you can certainly assign income from card fees to a "cost" bucket for tax purposes but we and the merchants pay it!
Re: Bank transfers as a payment method (2021)
#138Poland has a really interesting system (Blik), based internally on fast interbank wire-transfers I believe.
Each banking app that supports this system can give you a six-digit code valid for two minutes. You can enter this code in a supported store or ATM, either online or in-person, you get a popup in the app with the amount to be paid, the merchant and a description of what you're paying for, you click "confirm" and the transaction goes through.
This system is great because it enables secure payments on devices you don't trust. Because the codes are single-use and transactions require an extra confirmation step in the app, it's perfectly fine to give a code to your child who wants to buy something online, text it to a family member who is at an ATM, or give it to a friend who has free shipping due to a loyalty program and wants to order something for you.
This system can also do transfers and transfer-requests to a phone number. In some banks, you can even generate "Blik checks", 9-digit codes that are valid for 24 hours, cover a pre-set amount and don't require a confirmation, which you can give out to someone. These checks have been used to efficiently send money to unbanked Ukrainian refugees when the war started, as they could simply be redeemed at any supporting ATM.
Re: Bank transfers as a payment method (2021)
#139Re: Bank transfers as a payment method (2021)
#140Didn't get a mention in the article but Singapore's PayNow is magical. Direct bank-to-bank transfers that operate instantly 24/7, and for free. QR code-based so it's not uncommon to pay at retail outlets with this method; some shops will only accept PayNow or cash, because they're free. You can also pay directly to someone's NRIC (national ID number) or mobile number so you don't have to tack in their bank details or…
In México, we have SPEI. Allows free instant transfers between bank accounts (with some exceptions). We employ an 18-digit code (CLABE), and debit card numbers are also permitted. You can add a phone number to your bank account to receive money transfers with it. SPEI supports push and pull, the latter being less common. SPEI can be utilized to remit payment for certain credit cards and specialized services. CLABE 18-digit codifies the bank, account location, account number and a verify digit. SPEI is managed by a subsidiary of the Mexican central bank. For a country where many things work slow a clunky, SPEI woks surprisingly well and fast. We really missed it when we tried to send money outside of Mexico.