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They do... It's called ACH.

• nojvek 9y ago
  The only reliable way to do large transactions internationally without percentage based fees are wire transfers. Even they have a $15 fee and sometimes a $15 receiving fee as well. Ideally you'd have zero fees for transactions under $5. $5-$X0000 would have a percentage based fee and thereafter a flat fee for large transactions.
  • thedirt0115 9y ago
    Then people would game the system. If someone wanted to send $100, they'd send 20 payments of $4.99 and 1 payment of $0.20... at least I would :)
  • PeterisP 9y ago
    USA wire transfers have so high fees because banks don't want to offer such payment methods, so they charge extreme markup (their cost is less than 1$, so 15$ is 1400% markup) on that. In general, real time payments for large amounts can be made for <1$ (both fedwire system for its participants and various EUR systems do that), and consumer payments that can be (a) batched and sent in bulk and (b) get delivered e.g. at the end of day, not in real time, those have a cost of ~$0.01 (perhaps 0.02 in case of small volumes) to the bank. So, in EU, everyone has access to something that's pretty much equivalent to USA "wire transfer", and it might cost e.g. some 40 cents or can be offered to consumers either "for free" as part of a common services bundle/maintenance fee.
    • nojvek 9y ago
      EU blows my mind at so many levels. Many countries with different cultures and languages working together for common good of citizens. I have really hopes for the Euro