3 ms·
you maybe never lived in other countries in the EU. It takes more than 24 hours. Client gives order to his bank in country A on Monday evening, bank will execut
by therealmarv 9y ago
you maybe never lived in other countries in the EU. It takes more than 24 hours. Client gives order to his bank in country A on Monday evening, bank will execute this order next morning because bank is closed. Money will be transferred from bank A to bank B within this 24 hours. Client b sees on mid day on day 3 or even 4, that's Wednesday (or Thursday) his money on his bank account.
Don't tell me about the law... it does not work (and maybe only interbank it works) and I know from practicall experience this is not untypical.
- kuschku 9y agoI live in Germany, and I'm using online banking with the Commerzbank (normal account), Postbank (savings) and N26 (CC). I've done hundreds of transfers, sent and received. In fact, frequently I transfer money to ny parents, or they to any of my accounts (they use commerzbank or postbank), and usually within of 10 minutes my phone gives me a push notification that the transaction has completed and the money is there.
- therealmarv 9y agoWhat you are describing are transfers in the same bank. This are totally different than doing real cross border SEPA transfers. I'm only describing my experience with 4 countries (Lithuania, Cyprus, UK, Germany: all EU / EEA)
- kuschku 9y agoI'm describing transfers Commerzbank->N26, Postbank->Commerzbank, and then, for my server payments, transactions Commerzbank->whatever French bank Scaleway/Online.net uses.
- therealmarv 9y ago@kuschku: Well banking system from German and French banks are probably more advanced and faster. It does not work everywhere in EU that way.
- xioxox 9y agoInteresting. That's definitely not true for my DKB and Sparkasse accounts in Germany.
- kuschku 9y agoMost German banks should finish rolling out ICT in summer, so things should improve in a few months. And often banks have copperations, where, between cooperating banks, transactions already run much faster.
- mattmanser 9y agoThis is the problem about talking about the EU like it's one country, it's not. As another commentator pointed out, the UK it's instant, now it turns out in Germany it's also instant. That's 150 million EU citizens. You shouldn't make assumptions that whatever happens in your country, it happens for the rest of the EU. Here's Holland's transfer times: https://hoeveelkrijgjij.nl/blog/belastingen/hoe-lang-duurt-geld-is-overgemaakt/#.V3orKPmLTb0 https://hoeveelkrijgjij.nl/blog/belastingen/hoe-lang-duurt-g... That's another country that takes less than 24 hours. I picked them because when I often visited there as a child they seemingly had chip + pin way before the UK, so I assumed they'd be quite advanced. Not quite so as advanced as UK/Germany though. My Dutch isn't great but it looks like it's same day as long as it's before 15:30 on a working day, otherwise next working day. France I'm struggling with as google is obsessed about giving me UK to France bank account wait times.
- therealmarv 9y agoGood comment! My experience is with several bank transfers between this 4 countries: Lithuania, Cyprus, UK, Germany (all EU / EEA). Don't assume because it works in Germany and France it works everywhere that way!