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My 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 tra
by habosa 11y ago
My 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.