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In many non-US countries the banking system is T-0 as well. It’s funny to watch all the plethora of payment options springing up in the US when it’s just such
by Negitivefrags 6y ago
In many non-US countries the banking system is T-0 as well.
It’s funny to watch all the plethora of payment options springing up in the US when it’s just such a simple fix from the banks.
You don’t need a blockchain to do T-0 settlement.
Why don’t they just do it. I don’t understand.
- KingMachiavelli 6y agoI assume you are talking about Europe here? At least the word on the street I hear about their banking system is that transferring ~$1000 is lightyears ahead of the US in terms of speed, cost, and ease of use. BUT transferring ~$30,000 (or some cutoff) is much harder than the US and bogged down by regulations. Do you have any personal insight into this in the EU?
- Negitivefrags 6y agoI’m not in the EU so I can’t say. In NZ, I can transfer up to 500k online and inter-bank settlement is hourly. That’s just the limit on my account ( which I could raise, but haven’t). More than that and it’s a paper form. Settlement is still hourly but because humans are involved it takes longer to get the transaction into the system. Oh, and I should mention that you wouldn’t hesitate to publicly give out your bank account number here either.
- dandellion 6y agoSome accounts have a limit of 10000€ per day for transferences. I've never had to transfer more than that but I guess you can do it over several days or visit your bank. I've done transferences with 4 different banks and never had to pay anything for them.