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(I'm a co-founder of BankSimple.) A lot of the banks mark up their wire transfer fees. We won't. Domestic US transfers with us (ACH) will be free. Internationa
by al3x 15y ago
(I'm a co-founder of BankSimple.)
A lot of the banks mark up their wire transfer fees. We won't. Domestic US transfers with us (ACH) will be free. International transfers (SWIFT) cost us ~$15, and we'll pass that on to our customers with no mark-up.
We're trying to make electronic payments easier than checks with some UI innovations that today's demo didn't fully address. We want people to move money electronically, not with paper checks.
Bill pay in the US is a mess. We're going to try to have a great bill presentment system to help address this.
A lot of the banking world in the US is baffling to us, too. that's why we're doing what we're doing. We won't be able to fix everything overnight, and there's lots that's out of our control at the moment. But over time, we'll chip away at the problems and try to make banking better.
- joelhaus 15y agoOne reason BankSimple will win is (hopefully) because you will not pay too much attention to articles like this: http://www.americanbanker.com/issues/176_184/google-wallet-mobile-payments-isis-lightspeed-1042421-1.html?zkPrintable=1&nopagination=1 http://www.americanbanker.com/issues/176_184/google-wallet-m... Certainly, there are many ready for this world you speak of and we wish you great success!
- sschueller 15y agoThanks for the reply, I hope you guys can fix some of these ridiculous processes. A huge issue for US citizens living abroad is that most US banks require a US home address (might be a patriot act thing). Since all US citizens are required to file and pay taxes even if they don't live or make money in the US (only country in the world that still does this) sending a check to the IRS is not that simple without a US bank account. Will you require US residency or will a US passport suffice?