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Basically it sounds like he's trying to create a non-US style bank, in the US. Transferring money in the UK is a simple process - login, click transfer, put in
by axod 16y ago
Basically it sounds like he's trying to create a non-US style bank, in the US.
Transferring money in the UK is a simple process - login, click transfer, put in the amount and destination, and click [go]. It'll appear in the destination account in an hour or 2 usually. There's nothing insecure about that (Login is done using chip+pin card, pin, or one-time keychain generator thingy etc etc)
- dredge 16y agoHow does it work in the US?
- jolan 16y agoThe same but not as fast. Usually 3 days to go through the ACH process. I routinely transfer money between my two bank accounts.
- dredge 16y agoAh, thanks. To be honest, in the UK in my experience the "within a few hours" thing only seems to apply when the transfers are between accounts at the same bank. Transfers to other banks are the same process, they just take days; especially if it's a weekend or a public holiday. I'm sure all of that's just an excuse to hang on to your money for as long as they can.
- imajes 16y agoActually, the faster payments system make interbank transfers (for member banks) go within minutes, and intrabank transfers shouldn't take more than a few seconds. That, at least, is my most recent uk banking experience...
- nostrademons 16y ago"Within same bank" transfers in the U.S. usually happen by end-of-same-business-day, sometimes within minutes. I always figured that the 3-business-day wait was because of the interbank settlement process. Banks settle up at midnight between each business day: at that point, there's a shuffle where they figure out how much capital they need to meet reserve ratio requirements after the day's deposits & withdrawals, borrow from other banks at the Fed funds rate, or in the worst case, borrow from the Fed's discount window. If you figure a business day to transfer the money internally, then a business day to settle up with counterparties, then a business day for the money to appear in the receiving account, there's your 3 days. (I suspect they also pad the times a bit...when I've transferred money, it's usually taken a day and a half to two days for it to appear, which is consistent with the intraday settlement process. They want a little bit of a cushion in case some employee isn't on the ball or things otherwise get hung up.)
- fshaun 16y agoAre keychain generators common outside the US? I'm curious why physical measures like this aren't more common.
- bittersweet 16y agoThe situation in Holland is pretty good. Only 1 bank (Postbank) has a system where you can login with a username and password (instead of using a physical authenticator) but you still need to authorize payments etc via your mobile phone (textmessages). All the other banks have authenticators where you insert your debitcard and have to input your 4 digit code to login and make transfers. Transfers are usually instantaneously except to the aforementioned bank Postbank :-)
- warp 16y agoFor completeness: You can choose to receive Postbank authentication tokens either on your mobile phone, or a sheet of paper delivered by regular mail. (also, Postbank has been rebranded to ING Bank, "Postbank" as such no longer exists).
- hboon 16y agoThe banks I use in Singapore use dual factor authentication devices or SMS. Not sure if it's mandatory.
- alecco 16y agoUK inter-bank transfers can take over 48hs sometimes.
- AndrewDucker 16y agohttp://en.wikipedia.org/wiki/Faster_Payments_Service http://en.wikipedia.org/wiki/Faster_Payments_Service since that went live I've managed to send most payments in about 15 minutes. If your bank is on this list you should be fine: http://en.wikipedia.org/wiki/Faster_Payments_Service#Participating_members http://en.wikipedia.org/wiki/Faster_Payments_Service#Partici...
- alecco 16y agoStrange. Last week a transfer took over 48hs across two banks in that list.