5 ms·

In the U.S. the Federal Reserve is already planning to support it. Thread discussing it from a few days ago.: https://news.ycombinator.com/item?id=25982987 http

In the U.S. the Federal Reserve is already planning to support it. Thread discussing it from a few days ago.: https://news.ycombinator.com/item?id=25982987 https://news.ycombinator.com/item?id=25982987

deleted 6y ago
[deleted]
justapassenger 6y ago
It’s only for small money transfers, up to $25k last time I’ve looked at it.
- cameldrv 6y ago
  For bigger transfers, the $10-20 fee for a fedwire is no longer much of a factor, so people will just use that.
  - JumpCrisscross 6y ago
    > the $10-20 fee for a fedwire is no longer much of a factor That is almost entirely your bank charging a mark-up. The Fed charges its members between 3.3¢ and 84¢ per wire, depending on things [1]. (It can go as high as $1.20 for a $100+ million wire from a bank that handles fewer than 14,000 wires a month.) My bank, for instance, doesn’t charge anything for wires. [1] https://www.federalreserve.gov/newsevents/pressreleases/files/other20201110a1.pdf https://www.federalreserve.gov/newsevents/pressreleases/file... page 34
    - whitepoplar 6y ago
      Which bank do you use that doesn't charge for wires?
      - toomuchtodo 6y ago
        Not OP, but Fidelity is the only financial services firm I'm aware of that doesn't charge inbound or outbound wire fees (exceptions apply if you're a high net worth individual at other firms).
JumpCrisscross 6y ago
> the U.S. the Federal Reserve is already planning to support it The U.S. has a real-time payments system. (One of the oldest in the world.) It's called Fedwire [1]. It's artificially kneecapped–Congress set a minimum fee of pennies on the dollar and many banks charge retail clients $10 to 35 for wires. But the rails are there and used and understood. (Detour: my "abolish the penny" issue is expand Fedwire's market hours, enable it on weekends and remove all Fed fees for wires under $250,000.) [1] https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm https://www.federalreserve.gov/paymentsystems/fedfunds_about...

deleted 6y ago

[deleted]

justapassenger 6y ago

It’s only for small money transfers, up to $25k last time I’ve looked at it.

cameldrv 6y ago
For bigger transfers, the $10-20 fee for a fedwire is no longer much of a factor, so people will just use that.
- JumpCrisscross 6y ago
  > the $10-20 fee for a fedwire is no longer much of a factor That is almost entirely your bank charging a mark-up. The Fed charges its members between 3.3¢ and 84¢ per wire, depending on things [1]. (It can go as high as $1.20 for a $100+ million wire from a bank that handles fewer than 14,000 wires a month.) My bank, for instance, doesn’t charge anything for wires. [1] https://www.federalreserve.gov/newsevents/pressreleases/files/other20201110a1.pdf https://www.federalreserve.gov/newsevents/pressreleases/file... page 34
  - whitepoplar 6y ago
    Which bank do you use that doesn't charge for wires?
    - toomuchtodo 6y ago
      Not OP, but Fidelity is the only financial services firm I'm aware of that doesn't charge inbound or outbound wire fees (exceptions apply if you're a high net worth individual at other firms).

JumpCrisscross 6y ago

> the U.S. the Federal Reserve is already planning to support it The U.S. has a real-time payments system. (One of the oldest in the world.) It's called Fedwire [1]. It's artificially kneecapped–Congress set a minimum fee of pennies on the dollar and many banks charge retail clients $10 to 35 for wires. But the rails are there and used and understood. (Detour: my "abolish the penny" issue is expand Fedwire's market hours, enable it on weekends and remove all Fed fees for wires under $250,000.) [1] https://www.federalreserve.gov/paymentsystems/fedfunds_about.htm https://www.federalreserve.gov/paymentsystems/fedfunds_about...