5 ms·

Bank transfers of money generally don't cost money. They are just slow.

Nition 7y ago
Oh, really? Last time this came up people were saying you couldn't send $50 to your friend's bank account without something crazy like a $15 fee, and hence everyone apparently used a third-party app like Venmo.
- patio11 7y ago
  There are three relatively common ways to send money electronically between two US bank accounts: Zelle: effectively instant, requires both banks to be on the network, free. Relatively new and many people who could use it don’t. ACH: a few days, effectively ubiquitous, very small underlying charge infrequently marked up to ~$3 by the bank. Wire transfers: not quite instant but close during banking hours, effectively ubiquitous by institution but often a pain for retail users to access due to risk profile, underlying cost is about $5 and often marked up to $15~$20. The UX of the P2P payment apps is much, much better than any of the above, and would be what I’d reach for for a transfer in the $X0 range contingent on my counterparty being likely to use apps.
  - raverbashing 7y ago
    Rest of the world: looks like Zelle most of the time (some occasions it's +1 day) Banks in Europe: There might be a fee in some cases but I don't remember paying one (or it's <$5). Rent or similars are just recurring SEPA payments (it's a push - not a direct debt) But can people (not business) initiate ACH transactions?
    - inferiorhuman 7y ago
      But can people (not business) initiate ACH transactions? Yes. I used to do it to move money between checking accounts at different institutions. I don't think I've ever had an account that charged for ACH transfers. Meanwhile Zelle isn't supported by exactly one financial institution I use (but not one I use for banking).
  - Nition 7y ago
    Interesting, thanks for the clarification.
- tylerhou 7y ago
  I've never been charged for ACH between bank accounts at different banks. https://www.mybanktracker.com/checking/faq/ach-transfer-fees-290332 https://www.mybanktracker.com/checking/faq/ach-transfer-fees...

Oh, really? Last time this came up people were saying you couldn't send $50 to your friend's bank account without something crazy like a $15 fee, and hence everyone apparently used a third-party app like Venmo.

patio11 7y ago
There are three relatively common ways to send money electronically between two US bank accounts: Zelle: effectively instant, requires both banks to be on the network, free. Relatively new and many people who could use it don’t. ACH: a few days, effectively ubiquitous, very small underlying charge infrequently marked up to ~$3 by the bank. Wire transfers: not quite instant but close during banking hours, effectively ubiquitous by institution but often a pain for retail users to access due to risk profile, underlying cost is about $5 and often marked up to $15~$20. The UX of the P2P payment apps is much, much better than any of the above, and would be what I’d reach for for a transfer in the $X0 range contingent on my counterparty being likely to use apps.
- raverbashing 7y ago
  Rest of the world: looks like Zelle most of the time (some occasions it's +1 day) Banks in Europe: There might be a fee in some cases but I don't remember paying one (or it's <$5). Rent or similars are just recurring SEPA payments (it's a push - not a direct debt) But can people (not business) initiate ACH transactions?
  - inferiorhuman 7y ago
    But can people (not business) initiate ACH transactions? Yes. I used to do it to move money between checking accounts at different institutions. I don't think I've ever had an account that charged for ACH transfers. Meanwhile Zelle isn't supported by exactly one financial institution I use (but not one I use for banking).
- Nition 7y ago
  Interesting, thanks for the clarification.
tylerhou 7y ago
I've never been charged for ACH between bank accounts at different banks. https://www.mybanktracker.com/checking/faq/ach-transfer-fees-290332 https://www.mybanktracker.com/checking/faq/ach-transfer-fees...