4 ms·

This still astounds me. I'm Australian but also hold a US account. The difference in ease between the two is insane. I cannot believe how difficult it is to si

This still astounds me. I'm Australian but also hold a US account. The difference in ease between the two is insane. I cannot believe how difficult it is to simply wire money from a US bank account. In Australia, you can make a free transfer entirely from web/app and it will be received, often the next day. It's no wonder why Paypal/Venmo are so huge in the US...

Veratyr 11y ago
Not only that, in Australia to pay rent you can just set up BPay or an automated transfers. You can also wire your deposit to most landlords. In the US they want cheques and money orders. It's insane.
rahimnathwani 11y ago
"In Australia, you can make a free transfer entirely from web/app and it will be received, often the next day." In the UK or China, it's minutes/hours, as long as you do the transfer before a certain time.
- seekingcharlie 11y ago
  Sorry, should edit that - it's immediate for us in Australia if you have transferred to a certain person before OR if you use the same bank. It's the next day for external banks / people that you haven't transferred to before.
  - rahimnathwani 11y ago
    "It's the next day for external banks / people that you haven't transferred to before." OK - so you're still a touch behind the UK and China ;)
    - seekingcharlie 11y ago
      Agreed. Still miles ahead of the US! ;)
  - sjwright 11y ago
    And I believe the big four banks are working on increasing that to four clearances per day.
mixmastamyk 11y ago
In NZ it is immediate if same bank, 10pm that night if different. That few hours though can be nice if you change your mind.
- lancewiggs 11y ago
  On my New Zealand business account we can see transactions turn up every hour - that's how often they are cleared between the major banks. And my personal credit card balance on my mobile app changes seconds after I make a purchase.
alastair 11y ago
FYI the Australian Payments Clearing Association is building a new payments platform to enable instant transfers and is expected to be operational by the second half of 2017: http://www.apca.com.au/about-payments/future-of-payments/new-payments-platform-phases-1-2 http://www.apca.com.au/about-payments/future-of-payments/new...

Veratyr 11y ago

Not only that, in Australia to pay rent you can just set up BPay or an automated transfers. You can also wire your deposit to most landlords. In the US they want cheques and money orders. It's insane.

rahimnathwani 11y ago

"In Australia, you can make a free transfer entirely from web/app and it will be received, often the next day." In the UK or China, it's minutes/hours, as long as you do the transfer before a certain time.

seekingcharlie 11y ago
Sorry, should edit that - it's immediate for us in Australia if you have transferred to a certain person before OR if you use the same bank. It's the next day for external banks / people that you haven't transferred to before.
- rahimnathwani 11y ago
  "It's the next day for external banks / people that you haven't transferred to before." OK - so you're still a touch behind the UK and China ;)
  - seekingcharlie 11y ago
    Agreed. Still miles ahead of the US! ;)
- sjwright 11y ago
  And I believe the big four banks are working on increasing that to four clearances per day.

mixmastamyk 11y ago

In NZ it is immediate if same bank, 10pm that night if different. That few hours though can be nice if you change your mind.

lancewiggs 11y ago
On my New Zealand business account we can see transactions turn up every hour - that's how often they are cleared between the major banks. And my personal credit card balance on my mobile app changes seconds after I make a purchase.

alastair 11y ago

FYI the Australian Payments Clearing Association is building a new payments platform to enable instant transfers and is expected to be operational by the second half of 2017: http://www.apca.com.au/about-payments/future-of-payments/new-payments-platform-phases-1-2 http://www.apca.com.au/about-payments/future-of-payments/new...