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> In the UK, I have low-cost, fast, reliable, accessible money transfers. Basic bank accounts are free, and come with reliable free instant transfers to any oth
by AsyncAwait 6y ago
> In the UK, I have low-cost, fast, reliable, accessible money transfers. Basic bank accounts are free, and come with reliable free instant transfers to any other UK bank.
As an EU citizen living in the UK, it boggles my mind that "EU Faster Payments" was not implemented as part of the eurozone, if not the EU as a whole.
As far as I know there's nothing technically preventing this, anyone has an insight into why it isn't a thing?
- dboreham 6y ago>As far as I know there's nothing technically preventing this, anyone has an insight into why it isn't a thing? Banks wanting to make more money?
- grenoire 6y agoSort of, indirectly. The biggest incentive is not having to invest in the new infrastructure required to comply with the standards.
- numpad0 6y agoCybersecurity/trust issues? Can’t imagine a region wide inter bank network to be more technologically better protected than even Gmail.
- ByteWelder 6y agoIt does exist, but it’s just taking a while for all banks to adopt it. Most/all Dutch banks have adopted it already. https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...
- AsyncAwait 6y agoThat's great, thanks for the pointer.
- kergonath 6y agoIn France banks charge a small fee for instant transfers (around €1). Some banks include free instant transfers in some of their offers, but usually not for their free accounts. I think it’s just a matter of time for it to become free and universal. Just like some banks use to make you pay to use their app or website (!).
- riffraff 6y agoI regularly transfer money between three European countries with instant payments, it works just fine but not all banks have implemented it.