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I know in the US you are used to ACH which is dreadful, but in the UK everyone is used to faster payments which allows you to send £100k to anywhere in the UK,
by 300bps 10y ago
I know in the US you are used to ACH which is dreadful, but in the UK everyone is used to faster payments which allows you to send £100k to anywhere in the UK, often fee free, within 2 hours.
My understanding is that the inconvenience of ACH is by design - they are security delays. If you need to send money from one account to another instantly, you use a wire. If you have the amount of money in your account that is typical of people that need to send wires, they are often freely included with your higher-end checking account. Wires send the money instantly.
- seanp2k2 10y agoThey send instantly after you sign the document and fax it back, after the bank manager approves the large amount, etc. It still takes a few hours to do the paperwork in my experience.
- adanto6840 10y agoA good bank will allow you to do wires directly from their internet banking suite (commonly requiring 2-factor auth before using their wire-related tools). I commonly see wires hit within ~30 seconds of hitting the "confirm" button, and almost always within <=5 minutes, and that's between separate US banks.
- pjc50 10y ago'Faster payments' for me has a sort of 2FA: first payment to a given recipient causes the bank to call me (automated, not human), and I have to enter the code read out over the phone in order to process the transfer.