4 ms·
Venmo still takes several days to transfer the money to your account, and you have to remember to request the funds—they don't even begin the transfer process u
by jaysonelliot 11y ago
Venmo still takes several days to transfer the money to your account, and you have to remember to request the funds—they don't even begin the transfer process until you do that.
It would literally be faster to write your friend a check.
We need instant cash transfers in the United States, like the rest of the world has.
- habosa 11y agoMy Venmo cashout transfers take <24h if I do them during business hours. Not instant, but not several days. How does the rest of the world manage instant transfers? I thought the ACH method was still in use not because we're technologically slow (see: High Frequency Trading) but because it saves a huge amount of coordination to sum up net inter-bank transfers at the end of the day rather than constantly shuffling money around due to the fact that the net is often very small.
- alexforster 11y ago> How does the rest of the world manage instant transfers? The same way the US stock markets can do 5 billion trades per month in realtime, with technology: technology that costs money, wipes out a major investment revenue stream, and necessitates cooperation between competitors. Does it surprise anyone that the EU pulled this off and the US is the farthest behind?
- pgwhalen 11y agoTo be fair, the actual transfer of money between stock market participants is no faster than it is for personal bank accounts.
- wiwa 11y agoI made this Android app to provide instant check transfers off the phone screen: www.getlightcheck.com Unfortunately most banks don't support it with their image deposit apps, but in theory, it would be a practicable "check replacement" instead of Venmo. Maybe if enough people want to use it the banks would adjust their photo-deposit apps to accept checks from it.