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Yeah US banks generally can't (or won't) move money that quickly, so Paypal/Venmo/CashApp fill the niche. I've only seen the $25 fee when sending money from a U
by rory 6y ago
Yeah US banks generally can't (or won't) move money that quickly, so Paypal/Venmo/CashApp fill the niche. I've only seen the $25 fee when sending money from a US bank to a UK bank though-- I think it was because it required a wire transfer.
- Mordisquitos 6y agoYes, it's possible that I may have misunderstood the quoted fees, or that what I read was exaggerating intentionally.
- calciphus 6y agoExcept that major banks now can and do. The "Zelle" network contains thousands of member banks and moves money instantly between accounts. The limits on amounts sent vary (my Wells Fargo account can send to my friend's Bank of America up to $2500 a day, no fees). The claimed advantage of crypto is that there's no oversight or limits on the amount you can send, whereas banks report any transaction over $10k (or something like that) to the IRS.
- rory 6y agoOh yeah-- I've seen this in my online bank account but ignored it. I guess because it's superfluous to my social network who already use Venmo as the default option. I talked to someone who runs an investment fund about crypto and he said they bought some because maybe people will use it to buy "planes and stuff" one day. Seems dubious.