4 ms·
It's incredibly easy to transfer money. I and all my friends use Venmo. Settling the tab, paying rent, utilities, in a few seconds. It works extremely well for
by rjeli 9y ago
It's incredibly easy to transfer money. I and all my friends use Venmo. Settling the tab, paying rent, utilities, in a few seconds. It works extremely well for me.
- lttlrck 9y agoAlso Zelle [0] is supported in-app by a growing number of banks. It’s been painless the times I’ve used it. [0] https://www.zellepay.com/participating-banks-and-credit-unions https://www.zellepay.com/participating-banks-and-credit-unio...
- volkl48 9y agoVenmo isn't any more instant. If you want to actually have money back in your bank account rather than a balance in Venmo, it takes 2-3 business days.
- rjeli 9y agoIn practice this isn't an issue. Money is immediately withdrawn and I transfer the floating balance back to my bank account every week or so. There are few situations where I want the money in my account immediately.
- chairmanwow 9y agoIn China with Alipay, I receive transfers instantly and deposits to my bank account "can take up to 2 hours", but typically land within 5 minutes. I get instant WeChat notifications whenever my card is used. Although, to be honest I haven't used a physical card in months. I pay for everything with QR codes. There's a code you can present to the attendant and they scan you (typically faster) and then I authenticate the transfer with a fingerprint or pin. It's honestly astounding to see how advanced the financial system is here, ESPECIALLY when compared to the bullshit that currently exists in the US.
- zkms 9y agoVenmo (and paypal and friends) are just little proprietary walled gardens, and if you want to exit the walled garden, you have to go through ACH. More rent-seeking walled gardens -- who only exist because the default payment infrastructure in the US is slow obsolete shit -- is not a solution to this, better infrastructure (like UK's Faster Payments) is the solution.