31–40 of 49 posts
What the f? It costs 75 bucks to do a wire transfer in the US? I pay 4 pounds per SWIFT transfer, and I thought THAT was a ripoff...
Are you licensed in every state in the US? if not, it's against regulations to operate a money movement business without licensing by every state where you operate. Secondly you need AML and other compliance.
Monero and other models like it are the future.
Running a trading company, I send and receive a lot of wires. When wiring a few times a year, the $30-$75/wire fee is annoying but doable. Since we send dozens a month, we rack up $1k+/mo just in fees. Tried switching banks and sending ACH’s / Zelles whenever possible. Nothing let us move large amounts quickly and cheaply. Why on earth does it cost so much and take so long to move my money? There’s got to be a better…
Can you explain how it works? Let's say I'm in Germany and want to send money to US, doing it instantly is not possible with current Swift But I could see how Fortress would have accounts in both Germany and US and then have a ledger that keeps track of it, money coming in in Germany, send money out in US, something like that? Underlying tech then blockchain? Is it visible?
I don't understand quite how slow the American banking system is. In the UK we have had immediate money transfers between institutions for a long time now. Why hasn't the US ACH system provided a near real-time transfer service, and the rules put in place to adopt it? There is Zelles, but from what I understand, not everyone has adopted it plus it's a 3rd party so it would reduce visibility of dirty money transfers f…
People in the US pay all their bills with physical checks and debit cards, which is even more absurd considering that the US banks and credit card companies, last time I checked, still don't require proper 2-factor authentication for online payments or require PIN for in-person payments. Any time I make payments online in Europe, I have to use 2-factor auth and an e-PIN; it adds a whopping 5 seconds to the payment process.
Only large transfers in my country have a fee. I bought a flat a few years ago and sending a 6-figure sum (USD equivalent) to the escrow account only cost me $15 in transfer fees and it arrived a few hours later, though a person from the bank did call to confirm as a security precaution.
Earlier quoted context omitted.
Because.. ..money? They can get away with being slow, and with overcharging for a transfer, so why not? The system they use can probably do an instant transfer at close-to-zero cost, but their "cartel" position means that they have no incentive to improve the current system. And if a "threat" comes from an exterior actor, they can a) use their influence to regulate it out, or b) lower their fees/accelerate the transf…
Same day ACH appears to be a thing though. https://www.nacha.org/rules/same-day-ach-moving-payments-fas... So doing it but through another 3rd party doesn't make much sense. When the same system could be immediate or the destination takes a day or two, it's all a bit mad. Does the US not have the same levels of competition that you see elsewhere? Surely a financial institution that can offer immediate money movement,…
And i also noticed BOA will show ACH transfers in 24 hours when it used to be 2-3 days minimum.
Clearly theyve improved the process.
Earlier quoted context omitted.
Fully backed stablecoins are redeemable from their issuer 1:1, regardless of what they're trading at on secondary markets
But Binance just stopped all USD withdrwals. Circle is the only other issuer and requires you being licensed in every state as an MSB, plus compliance. And the fact that there is nothing to it tecnologically speaking. The whole moat is in having regulatory approval.
Is it possible to learn how it actually works? Banks charge for wiring, so if you are still using bank how do you get around that? I assume that it's not actually doing a wire transfer.
Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disburse to receiver bank.
I guess I just don't really under stand why you can't just can't cut out the crypto part in the middle
I don't understand quite how slow the American banking system is. In the UK we have had immediate money transfers between institutions for a long time now. Why hasn't the US ACH system provided a near real-time transfer service, and the rules put in place to adopt it? There is Zelles, but from what I understand, not everyone has adopted it plus it's a 3rd party so it would reduce visibility of dirty money transfers f…
This is indeed mind boggling from a European perspective. Visa/Mastercard and banks just taking 1.5% of everyone's money because fast and free bank transfers for reasonable amounts don't exist. People in the US pay all their bills with physical checks and debit cards, which is even more absurd considering that the US banks and credit card companies, last time I checked, still don't require proper 2-factor authenticat…
It should be noted that in the EU, interchange fees are limited, by law[1] to 0.2% for debit cards and 0.3% for credit cards.
It was an interesting consequence of Brexit that (certain) interchange fees shot right up to 1.5% in the UK. [2]
[1]: https://cms.law/en/bgr/publication/eu-cap-on-interchange-fee...
[2]: https://www.reuters.com/world/uk/uk-payments-watchdog-review...