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It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for pay
by x3ro 4y ago
It is true that bank transfers are fast, instant most of the time these days. However, when people want to quickly send me money, they still usually ask for paypal, simply because it’s easier to tell someone a nickname or email address than my IBAN. not that this is an unsolvable issue, just sharing my experience from Germany.
- basisword 4y agoInteresting. In the UK we just need to share account number and sort code. These are quite easy to remember in your head. IBAN would complicate things. Is IBAN always required or only for cross-border transfers?
- a_paddy 4y agoAn IBAN is just the sort code and account number, with a prefix, so would be just as easy to remember.
- rahoulb 4y agoHowever, a sort code is always presented as 12-34-56 and the account number normally shown as 1234-5678 - so it's easily chunked and very easy to remember.
- jen20 4y agoYou also rarely need it among groups primarily using Monzo - which among my UK friend group is universal. Just pick from contacts, just like Apple Cash.
- robbie-c 4y agoI've also found paying strangers on Monzo to be ridiculously easy, you both turn on bluetooth and go to "pay nearby" screen. You just ask them "Are you <full name>?" to verify, then send money.
- basisword 4y agoWhile very true, I think the point is that if you come across someone not using Monzo as their bank it’s almost just as easy to send them money.
- AnssiH 4y agoThis varies by country, but e.g. in Finland IBANs completely replaced legacy numbers in 2010. Mine is 5 characters longer than the legacy number was (added "FI", 2 check digits, 2 padding zeroes, removed dash), for a total of 18 characters.
- andylynch 4y agoYou can use mobile phone numbers here too (though admittedly UK account numbers are easy enough most people just use those )
- dontlaugh 4y agoSome countries only use IBANs, without some other local account identifier.
- kenan_ 4y agoIn the Netherlands a similar app is popular called https://www.tikkie.me https://www.tikkie.me. Commercial banks have also implemented their own solutions for generating payment links though. See https://www.ing.nl/particulier/digitaal-bankieren/mobiel-bankieren-app/voordelen/betaalverzoek.html https://www.ing.nl/particulier/digitaal-bankieren/mobiel-ban.... Payment links are easier and quicker to use than manually entering details in your banking app.
- jlmb 4y agoIn Estonia, you can link a phone number to your IBAN. When making payments, the sender just needs a phone number, and the corresponding IBAN is automatically looked up. (The lookup service is managed by the central bank, and used by all (major) banks.)
- Etheryte 4y agoI don't think I've seen this, do you have a link to learn more?
- jlmb 4y agoIt's apparently called “proxy payment”: https://www.lhv.ee/en/proxypayment https://www.lhv.ee/en/proxypayment
- phoe-krk 4y agoSame in Poland, thanks to BLIK payments. Works across all major banks. https://iko.pkobp.pl/iko_en/features/mobile-transfer/ https://iko.pkobp.pl/iko_en/features/mobile-transfer/
- benhurmarcel 4y agoThere's a similar system in several country (Spain as well for example, called Bizum). It's a shame that it's not a Europe-wide system.
- giancarlostoro 4y agoWe have that here for Zelle, which is built-in to some banking apps, making it really easy for most people to achieve this. You can alternatively give them a name or email as well. Zelle is not perfect but I have used it often just because it is built-in to my banking. I just wish I could have multiple bank accounts hooked up to it properly, not sure how to sort that out.
- fabatka 4y agoThe same exists in Spain (albeit with limits per month), it's called Bizum: https://bizum.es/en/about-us/ https://bizum.es/en/about-us/
- derhuerst 4y agoAmong many reasons why exchanging an IBAN and submitting a SEPA transfer in the EU is so cumbersome is that there were at least two standards to encode those details in a QR code. It seems that, by now, except Czech Republic & Slovakia [1], the EPC QR code [2] has won. [1] https://en.wikipedia.org/wiki/Short_Payment_Descriptor https://en.wikipedia.org/wiki/Short_Payment_Descriptor [2] https://en.wikipedia.org/wiki/EPC_QR_code https://en.wikipedia.org/wiki/EPC_QR_code
- vshade 4y agoIn Spain we have this Bizum thing that allow us to use phone numbers to send money between bank accounts. I Brazil we have Pix which is similar but allows great flexibility on how to identify one person(phone, email, random key)
- newsclues 4y agoCanada has email money transfers that is done via the big banks.
- littleJeck 4y agoIn Australia we can use a phone number or email address to transfer money. It’s near instant transfer and even comes up with the full name of the person you’re sending money to. Little cumbersome since I never bothered to get peoples phone numbers till recently.
- samcrawford 4y agoMy experience with Paypal is the opposite. On multiple occasions I've had someone send me money on Paypal, but then it gets held up in checks and verification for 2-4 weeks, during which time I cannot access it. Sometimes it is instant though. There seems to be no pattern to it. This lack of certainty discourages me from using Paypal to receive payments in the future as I now consider it as a risky, slow, last-resort option.
- bombcar 4y agoIf the PayPal transfer was funded by a credit card they’ll often put a “hold” on it until it finally clears.
- sickmartian 4y agoIn argentina you can set an 'alias' for your account, if you don't you get one by default... I put my name as alias, I started getting payments from people I don't know o.O
- kdot 4y agoIf US we use Zelle, it's a for profit company owned by the large US banks. If your bank supports Zelle, you can send money instantly.
- i80and 4y agoI've only ever used one bank that supports Zelle (and I'm departing that bank), and I've never once heard of anybody using it. Yes the US does have Zelle technically, but it's not really a solution at least in the foreseeable future.
- lelandfe 4y ago"Technically?" Curious how you've even managed to avoid it, frankly – all of the largest US banks have it: Bank of America, Chase, Citi, Capital One, and Wells Fargo, as well as 1,536 other banks. Going down this list, I don't think I've ever used a bank that didn't have it: https://www.zellepay.com/get-started https://www.zellepay.com/get-started
- hakfoo 4y agoZelle always felt to me like the banks chasing down the already-escaped cattle. If you wanted a no-security-promises send-money-to-your-friends system, you probably already had PayPal or CashApp or something else of the sort. As far as I can tell, it's a popular fit for people who were scraping PayPal's "seriously, your selling-stuff-on-Facebook thing is a business, pay business fees" detection a little too closely. The timing also seemed odd, with the promises of FedNow being "real soon now" -- do they intend to eventually run Zelle atop it, or is it an attempt to build an installed base (and vendor lock in) before every bank in the country can say "Well, we're all on the same network, so transfers are immediate for everyone?"
- mbreese 4y agoBut, it’s not nearly as popular as Venmo. I’ve never been asked to send anyone money over Zelle, but Venmo is used often. Maybe it’s a regional thing (network effects are huge here), but just because something is supported by our banks doesn’t mean it gets used. Also, I don’t necessarily want to login to my bank app to send money to someone to cover dinner. But a secondary app, like Venmo, is fine.