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One of the most surprising things about moving to Eastern Europe (being born and raised in Canada and worked in the US) was how much better the payment systems
by _xnmw 5y ago
One of the most surprising things about moving to Eastern Europe (being born and raised in Canada and worked in the US) was how much better the payment systems are, from a consumer's perspective. Instant P2P bank-to-bank transfers, confirmed with a 2FA notification on my smartphone, are the default way to pay for everything from my monthly rent to clothing stores (which don't have a credit card terminal) to random ecommerce websites. ACH/Wires and Canada's Interac e-Transfer system seem archaic in comparison, and rampant with fraud (I still get fake texts about e-Transfers to my Canadian voip number weekly, and I still find the US system of wiring money ridiculously slow).
- oblio 5y agoThese things are even more glaring for us, in Eastern Europe. A lot of people go: they're so much richer than us, why don't they have space lasers and flying cars and instant bank transfers now??? I guess at the end of the day we remember we're all only human, after all :-)
- djmips 5y agoCounterpoint. I use Interac e-Transfer all the time. Zero problems. No spam. No fraud. Works fast. There is auto-deposit now so it's even more frictionless than before and it's sped up to essentially instant on regular purchases. And yes, I pay my rent with e-Transfer.
- srhngpr 5y agoAgreed and it's free across all banks, and some have even raised daily transfer limits to $7000 or more. It's also one of the easiest and fastest no-fee methods to transfer money into crypto exchanges/platforms in Canada.
- moberley 5y agoIt is not free with all participating institutions in the Interac system. At the credit union I use they charge a transaction fee for e-transfers.