4 ms·

Australia is fairly similar to this. Particularly the fee free transfers between banks (for both private and business) What’s interesting is that next year mos

Australia is fairly similar to this. Particularly the fee free transfers between banks (for both private and business) What’s interesting is that next year most of the banks seem to be launching an instant bank transfer system - big interbank implementation. Right now it takes generally 1 business day if you’ve transacted with that account before and 3 business days if you haven’t. I assume that’s some kind of anti fraud but not 100% sure.

shakna 9y ago
CommBank and NAB spear-headed instant transactions. CommBank dropped an absolute mint on it, with a goal of sub-second transactions, with decent fraud protection. After a bunch of talks between the big banks, and VISA and MasterCard, and a little bit to do with the ombudsmen from various government branches, it was decided to share out that architecture, including fraud protection. The fraud protection is actually really good, and thanks to actual cooperation between the banks, reimbursement is a fairly likely scenario.
- nickonline 9y ago
  None of the banks really wanted instant transactions, it's expensive, the RBA essentially forced them to.
  - willvarfar 9y ago
    Big win for consumers and businesses then.
vadimberman 9y ago
Australia may not be known as a banking superpower but it has the most user-friendly, affordable, efficient financial infrastructure of all the places I lived in. There's the most kickass Bill Pay system ever and DEFT, which allows paying by several methods including the credit card, potentially gaining reward points for paying rent. (Reward credit cards may be pricey though.) Overseas wire cost a measly flat AU$20 a few years ago in WestPac, local transfer was free and quick to a low-risk recipient (and most recipients are reasonable enough to go on with a transaction if you send them a PDF proving you sent the money). If you run a business, your company account can be accessed via the same customer ID. Suspicious transactions are spotted and the bank calls you if they suspect foul play; the false alarms are rare. Fraudulent transactions (at least minor) are reversed - happened to me once and to my wife several times. No US-like secrecy for bank account numbers, you normally publish your bank account for the people to make transfer to. Tokens are used for business accounts, while the consumers don't have to bother with these. There's generally no banking fee unless the account is dormant, and then it's about $5 or something (not $20 - $40 like in the US or Singapore). Nobody uses cheques, obviously (although they do exist). In terms of foreign currency transfer, there is also OFX, a nifty service where you can keep your incoming funds until the exchange is more favourable (nope, Transferwise doesn't have it), and that charges you the fraction of what the banks take.
- will_hughes 9y ago
  > Nobody uses cheques, obviously (although they do exist). Cheques are now mainly used for business to consumer payments, and for large value transactions, where it's done as a bank-drawn cheque usually. The bank I use doesn't have a branch anywhere near where I live, so when I got sent a cheque a while ago I had to ask how to go about depositing it. Turns out the bank I use for my credit card will happily accept them via their ATMs which print out a receipt with a scan of the cheque.
  - vadimberman 9y ago
    > Cheques are now mainly used for business to consumer payments, I vaguely remember a couple of times years ago (late 2000s, I think) I had a cheque sent to me, but it was done electronically in most cases. Point taken though. > and for large value transactions, where it's done as a bank-drawn cheque usually. True, but a bank cheque is a different thing altogether.
  - mcbain 9y ago
    I’ve still got a chequebook. It is probably 20 years old. The last cheque I wrote was two years ago for a house deposit. I think the second last was 9 years before that for the deposit for our previous house.
- sbennettmcleish 9y ago
  good summary. Only bit missing would be the recently / soon to be phased out $2 non-bank ATM price gouge
  - vadimberman 9y ago
    Wow, even that! In the US it's normal to charge US$2.5 or even higher, although some bank accounts refund these charges back to you at the end of the month.
- roganartu 9y ago
  > (nope, Transferwise doesn't have it) fwiw Transferwise has had this for around 3 months now: https://transferwise.com/borderless https://transferwise.com/borderless

shakna 9y ago

CommBank and NAB spear-headed instant transactions. CommBank dropped an absolute mint on it, with a goal of sub-second transactions, with decent fraud protection. After a bunch of talks between the big banks, and VISA and MasterCard, and a little bit to do with the ombudsmen from various government branches, it was decided to share out that architecture, including fraud protection. The fraud protection is actually really good, and thanks to actual cooperation between the banks, reimbursement is a fairly likely scenario.

nickonline 9y ago
None of the banks really wanted instant transactions, it's expensive, the RBA essentially forced them to.
- willvarfar 9y ago
  Big win for consumers and businesses then.

vadimberman 9y ago

Australia may not be known as a banking superpower but it has the most user-friendly, affordable, efficient financial infrastructure of all the places I lived in. There's the most kickass Bill Pay system ever and DEFT, which allows paying by several methods including the credit card, potentially gaining reward points for paying rent. (Reward credit cards may be pricey though.) Overseas wire cost a measly flat AU$20 a few years ago in WestPac, local transfer was free and quick to a low-risk recipient (and most recipients are reasonable enough to go on with a transaction if you send them a PDF proving you sent the money). If you run a business, your company account can be accessed via the same customer ID. Suspicious transactions are spotted and the bank calls you if they suspect foul play; the false alarms are rare. Fraudulent transactions (at least minor) are reversed - happened to me once and to my wife several times. No US-like secrecy for bank account numbers, you normally publish your bank account for the people to make transfer to. Tokens are used for business accounts, while the consumers don't have to bother with these. There's generally no banking fee unless the account is dormant, and then it's about $5 or something (not $20 - $40 like in the US or Singapore). Nobody uses cheques, obviously (although they do exist). In terms of foreign currency transfer, there is also OFX, a nifty service where you can keep your incoming funds until the exchange is more favourable (nope, Transferwise doesn't have it), and that charges you the fraction of what the banks take.

will_hughes 9y ago
> Nobody uses cheques, obviously (although they do exist). Cheques are now mainly used for business to consumer payments, and for large value transactions, where it's done as a bank-drawn cheque usually. The bank I use doesn't have a branch anywhere near where I live, so when I got sent a cheque a while ago I had to ask how to go about depositing it. Turns out the bank I use for my credit card will happily accept them via their ATMs which print out a receipt with a scan of the cheque.
- vadimberman 9y ago
  > Cheques are now mainly used for business to consumer payments, I vaguely remember a couple of times years ago (late 2000s, I think) I had a cheque sent to me, but it was done electronically in most cases. Point taken though. > and for large value transactions, where it's done as a bank-drawn cheque usually. True, but a bank cheque is a different thing altogether.
- mcbain 9y ago
  I’ve still got a chequebook. It is probably 20 years old. The last cheque I wrote was two years ago for a house deposit. I think the second last was 9 years before that for the deposit for our previous house.
sbennettmcleish 9y ago
good summary. Only bit missing would be the recently / soon to be phased out $2 non-bank ATM price gouge
- vadimberman 9y ago
  Wow, even that! In the US it's normal to charge US$2.5 or even higher, although some bank accounts refund these charges back to you at the end of the month.
roganartu 9y ago
> (nope, Transferwise doesn't have it) fwiw Transferwise has had this for around 3 months now: https://transferwise.com/borderless https://transferwise.com/borderless