5 ms·

Europe has SEPA (Instant). The Chinese have WeChat Pay and similar? I'm curious, what other solutions other countries have?

baxtr 7y ago
PayPal?
- pjc50 7y ago
  Not really a bank-to-bank system; money doesn't instantly arrive at the recipient's bank account and paypal's ability to withhold it is notorious.
  - tannhaeuser 7y ago
    Nor is PayPal obliged to pay into deposit protection funds as EU banks are AFAIK. I think PayPal needs to start worrying about their standing in EU and becoming a collateral damage when France and Germany are on a roll to make a case for exercising currency sovereignty.
    - spiralx 7y ago
      I'm fairly certain that PayPal is registered as a bank here in the EU, possibly in Luxembourg. It couldn't operate how it does here otherwise.
- deleted 7y ago
  [deleted]
riffraff 7y ago
SEPA Instant Credit Transfer should allow this, but it's adoption is not 100% widespread yet, in my experience.
pantalaimon 7y ago
Most banks will charge you extra for the instant payment. It's pretty ridiculous.
- lessname 7y ago
  There is a function called "instant transfer" in my Raiffeisen ELBA app, it seems to be free and fast. (In Austria). However, I do not know how other banks handle thism
- jacquesm 7y ago
  You're a couple of decades behind the times as far as the EU is concerned.
- vinay_ys 7y ago
  Not in 3/4 of the world as of today.
kawera 7y ago
TED in Brazil - instantaneous transfers between bank accounts, managed by the central bank. Cost from zero to 2-3 dollars per transaction.
WanderPanda 7y ago
SEPA ist anything but instant for me. A transfer takes a day most of the time
- Avamander 7y ago
  SEPA Instant Credit Transfer is a different thing than just SEPA.
jackvalentine 7y ago
Australia has the New Payments Platform (Osko to consumers) that is basically instant.
- ImaCake 7y ago
  Just to add, if you don't need instant payments we also have other convenient and direct transfers between banks in Australia.
ssijak 7y ago
Serbia (not in EU) implemented instant bank to bank transfers recently
TazeTSchnitzel 7y ago
Almost all UK banks use Faster Payments, which means ordinary bank transfers are instant.
spoonie 7y ago
Canada has free “Interac E-transfers” that you can send to an email address or mobile phone number.
- jml7c5 7y ago
  Historically most banks have charged $1-$2 for an e-transfer (often with a limited number of free transfers per month, or a different type of chequing account one can sign up for to get free transfers), though it seems prices have been dropping in the past few years. Apparently the Bank of Montreal removed e-transfer fees on personal accounts a year or two ago. So there's definitely still overhead that can make small transfers infeasible, but it's getting better.
  - smnrchrds 7y ago
    CIBC has done the same. TD charges only $0.50 on the most basic plan and it is free on other plans. Simplii (née PC Financial) has always had free Interac e-Transfers. Interac fees have vanished or are vanishing for most people. The daily and weekly maximums are still an issue though ($3k and $10k at most banks usually).
xtracto 7y ago
Even Mexico has SPEI payment network which costs $0.36 USD for any amount https://en.wikipedia.org/wiki/Real-time_gross_settlement https://en.wikipedia.org/wiki/Real-time_gross_settlement
yxhuvud 7y ago
Sweden have a thing called Swish which has instant transfer to anyone who you the mobile phone number of. End users have no fees when using the system to transfer to each others. Businesses that use it pay some though. It has gotten very prevalent.
zhte415 7y ago
For domestic bank-to-bank payments, China has CNAPS https://www.bis.org/cpmi/publ/d105_cn.pdf https://www.bis.org/cpmi/publ/d105_cn.pdf [PDF] - the paper (2012) could be updated especially in regard to foreign currency. tl;dr CNAPS is a bank-to-bank system, but in effect means domestic CNY transfers between major banks should settle within 30 minutes. WeChat Pay / AliPay are a bit different, more like PayPal (though not completely like PayPal).

baxtr 7y ago

PayPal?

pjc50 7y ago
Not really a bank-to-bank system; money doesn't instantly arrive at the recipient's bank account and paypal's ability to withhold it is notorious.
- tannhaeuser 7y ago
  Nor is PayPal obliged to pay into deposit protection funds as EU banks are AFAIK. I think PayPal needs to start worrying about their standing in EU and becoming a collateral damage when France and Germany are on a roll to make a case for exercising currency sovereignty.
  - spiralx 7y ago
    I'm fairly certain that PayPal is registered as a bank here in the EU, possibly in Luxembourg. It couldn't operate how it does here otherwise.
deleted 7y ago
[deleted]

riffraff 7y ago

SEPA Instant Credit Transfer should allow this, but it's adoption is not 100% widespread yet, in my experience.

pantalaimon 7y ago

Most banks will charge you extra for the instant payment. It's pretty ridiculous.

lessname 7y ago
There is a function called "instant transfer" in my Raiffeisen ELBA app, it seems to be free and fast. (In Austria). However, I do not know how other banks handle thism
jacquesm 7y ago
You're a couple of decades behind the times as far as the EU is concerned.
vinay_ys 7y ago
Not in 3/4 of the world as of today.

kawera 7y ago

TED in Brazil - instantaneous transfers between bank accounts, managed by the central bank. Cost from zero to 2-3 dollars per transaction.

WanderPanda 7y ago

SEPA ist anything but instant for me. A transfer takes a day most of the time

Avamander 7y ago
SEPA Instant Credit Transfer is a different thing than just SEPA.

jackvalentine 7y ago

Australia has the New Payments Platform (Osko to consumers) that is basically instant.

ImaCake 7y ago
Just to add, if you don't need instant payments we also have other convenient and direct transfers between banks in Australia.

ssijak 7y ago

Serbia (not in EU) implemented instant bank to bank transfers recently

TazeTSchnitzel 7y ago

Almost all UK banks use Faster Payments, which means ordinary bank transfers are instant.

spoonie 7y ago

Canada has free “Interac E-transfers” that you can send to an email address or mobile phone number.

jml7c5 7y ago
Historically most banks have charged $1-$2 for an e-transfer (often with a limited number of free transfers per month, or a different type of chequing account one can sign up for to get free transfers), though it seems prices have been dropping in the past few years. Apparently the Bank of Montreal removed e-transfer fees on personal accounts a year or two ago. So there's definitely still overhead that can make small transfers infeasible, but it's getting better.
- smnrchrds 7y ago
  CIBC has done the same. TD charges only $0.50 on the most basic plan and it is free on other plans. Simplii (née PC Financial) has always had free Interac e-Transfers. Interac fees have vanished or are vanishing for most people. The daily and weekly maximums are still an issue though ($3k and $10k at most banks usually).

xtracto 7y ago

Even Mexico has SPEI payment network which costs $0.36 USD for any amount https://en.wikipedia.org/wiki/Real-time_gross_settlement https://en.wikipedia.org/wiki/Real-time_gross_settlement

yxhuvud 7y ago

Sweden have a thing called Swish which has instant transfer to anyone who you the mobile phone number of. End users have no fees when using the system to transfer to each others. Businesses that use it pay some though. It has gotten very prevalent.

zhte415 7y ago

For domestic bank-to-bank payments, China has CNAPS https://www.bis.org/cpmi/publ/d105_cn.pdf https://www.bis.org/cpmi/publ/d105_cn.pdf [PDF] - the paper (2012) could be updated especially in regard to foreign currency. tl;dr CNAPS is a bank-to-bank system, but in effect means domestic CNY transfers between major banks should settle within 30 minutes. WeChat Pay / AliPay are a bit different, more like PayPal (though not completely like PayPal).