I wrote a post on this years ago: https://battlepenguin.com/tech/the-american-banking-system-is-still-in-the-1990s/ https://battlepenguin.com/tech/the-american

I wrote a post on this years ago: https://battlepenguin.com/tech/the-american-banking-system-is-still-in-the-1990s/ https://battlepenguin.com/tech/the-american-banking-system-i... To be fair, in Australia all I needed to transfer money was your name and account number and it'd appear within 24 hours. Since I've left, I've heard the system is more real time, with funds showing up in seconds. You can pull money from accounts the same way in Australia, but I suspect it's limited by business and there are audits in place to stop and reverse fraud.