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> Most immediate US-based sends and receives are virtual, based on 2nd-layer systems like Venmo and PayPal, not actually moving money but updating the numbers
by paulmd 9y ago
> Most immediate US-based sends and receives are virtual, based on 2nd-layer systems like Venmo and PayPal, not actually moving money but updating the numbers in your account before funds land.
This is really only the case in the US. Most of the rest of the world can have bank transfers that are cleared in seconds, for free. The US is just way behind on this, it's a solved problem for Europeans.
- beaner 9y agoActually, most of the rest of the world does not have any access to traditional finance at all.