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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

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.