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The same is true in the US. ACH and wire transfers can be free (unless you're with a bank that offers "free checking" but comes laden with hidden charges). And

The same is true in the US. ACH and wire transfers can be free (unless you're with a bank that offers "free checking" but comes laden with hidden charges). And we also have Zelle, which offers much faster transfers (it works within minutes) for free.

millzlane 5y ago
I wish Zelle worked with my CU. Or my CU worked with Zelle rather.
- pxx 5y ago
  Zelle falls back to using the visa debit network. You don't need affirmative support from your credit union.
  - commoner 5y ago
    Zelle has a low sending limit if your bank or credit union is not partnered with them: > If your bank or credit union does not yet offer Zelle®, your weekly send limit is $500. Please note that you cannot request to increase or decrease your send limit. https://www.zellepay.com/faq/there-limit-how-much-money-i-can-send https://www.zellepay.com/faq/there-limit-how-much-money-i-ca... In addition, if your financial institution is not partnered with Zelle, you can't send money to anyone whose financial institution is also not partnered with Zelle: > If your bank or credit union does NOT offer Zelle®- The person you want to send money to, or receive money from, must have access to Zelle® through their bank or credit union. https://www.zellepay.com/faq/who-can-i-send-money-zelle https://www.zellepay.com/faq/who-can-i-send-money-zelle
  - brewtide 5y ago
    I once had someone send me a decent sum of money using Zelle, but I had no Zelle account. I tried to set one up, CU not supported. Went the Debit route -- Also, in my case, not supported. After a few phone calls with their customer service department, it was evident that it was not going to work out. ALSO, they had no way to 'refund' that person the sizable amount of money beyond waiting the 2 weeks or so it takes for that money to be 'unclaimed', and thus reverting to the originating account. So, for 2 weeks, thousands of dollars were 'stuck' in no mans land. It all resolved out, when the timeframes were hit, and transactions reversed, but it still boggles my mind that they do not have a method beyond this when such cases arise.
    - jdavis703 5y ago
      Two weeks is ridiculous. But one of the problems with instant transfers is it makes fraud easy. In fact when Zelle first rolled out, there were several news stories of people who were swindled. Banks don’t just move slow because they’re old and stuffy — sometimes they have speed bumps to minimize fraud losses.

millzlane 5y ago

I wish Zelle worked with my CU. Or my CU worked with Zelle rather.

pxx 5y ago
Zelle falls back to using the visa debit network. You don't need affirmative support from your credit union.
- commoner 5y ago
  Zelle has a low sending limit if your bank or credit union is not partnered with them: > If your bank or credit union does not yet offer Zelle®, your weekly send limit is $500. Please note that you cannot request to increase or decrease your send limit. https://www.zellepay.com/faq/there-limit-how-much-money-i-can-send https://www.zellepay.com/faq/there-limit-how-much-money-i-ca... In addition, if your financial institution is not partnered with Zelle, you can't send money to anyone whose financial institution is also not partnered with Zelle: > If your bank or credit union does NOT offer Zelle®- The person you want to send money to, or receive money from, must have access to Zelle® through their bank or credit union. https://www.zellepay.com/faq/who-can-i-send-money-zelle https://www.zellepay.com/faq/who-can-i-send-money-zelle
- brewtide 5y ago
  I once had someone send me a decent sum of money using Zelle, but I had no Zelle account. I tried to set one up, CU not supported. Went the Debit route -- Also, in my case, not supported. After a few phone calls with their customer service department, it was evident that it was not going to work out. ALSO, they had no way to 'refund' that person the sizable amount of money beyond waiting the 2 weeks or so it takes for that money to be 'unclaimed', and thus reverting to the originating account. So, for 2 weeks, thousands of dollars were 'stuck' in no mans land. It all resolved out, when the timeframes were hit, and transactions reversed, but it still boggles my mind that they do not have a method beyond this when such cases arise.
  - jdavis703 5y ago
    Two weeks is ridiculous. But one of the problems with instant transfers is it makes fraud easy. In fact when Zelle first rolled out, there were several news stories of people who were swindled. Banks don’t just move slow because they’re old and stuffy — sometimes they have speed bumps to minimize fraud losses.