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There are both technological and non-technological reasons why you’re lucky to get an international wire done in less than 2-5 days even if you’re the kind of p

There are both technological and non-technological reasons why you’re lucky to get an international wire done in less than 2-5 days even if you’re the kind of person who has a law firm retained. I don’t mind people having the last word in general, but a vague and inaccurate swipe at one of several substantial points that I raised isn’t really HN style. In the spirit of giving you the last word I’d like to invite you to reply substantially.

henrikschroder 4y ago
> an international wire done in less than 2-5 days Uh... What? Every time I transfer money from my US bank account to my European bank account it's the same story. I put in the transfer at Chase, they go "Oh, sorry, the bank is closed now because it's after 3pm in New York, because that's apparently still a thing, but we'll transfer it first thing tomorrow morning." At 6am New York time or whatever, their shitty batch job runs, and seconds later the money is available to me in my EU bank account. A couple of hours later I then get an email from Chase telling me that the money has been sent and I should anticipate it in about three business days. You don't know what you don't know, and most Americans simply have no idea how much US banks suck in an international comparison. SWIFT transfers are instant when your bank doesn't suck.
- benreesman 4y ago
  I’m aware that when both banks have KYC and a pre-existing account relationship on file between US and the EU it runs as smoothly as you’ve described (which is frankly not that smoothly). Now try a new employee, or not being white, or a million other things. The conventional international money transfer scenarios start to get some serious grit in the gears. If you hit even one of those potholes the USDC there in 15 minutes thing has already won. By your own admission it’s already won if it’s after 5pm (not 3) Eastern. 24/7/365: 15 minutes, 5 bucks or 50 million. That’s better than SWIFT for you at dinner time, and for a lot of people ever.
Nursie 4y ago
> you’re lucky to get an international wire done in less than 2-5 days LOL. Money can be sent internationally in a lot of places instantly. Hell, I've transferred six figures between the UK and Australia recently as well, and never waited more than a handful of hours for the mone to arrive. This is such an enormous non-use-case for cryptocurrency it's hilarious.
hocuspocus 4y ago
You clearly have no idea what you're talking about regarding international wires.
- benreesman 4y ago
  I clearly need a referral to your bankers!
  - jeromegv 4y ago
    You like to be snarky but it is true, you have no idea what you're talking about and it's showing. Anyone with a wise.com account can transfer fairly quickly, this problem has been solved by consumer tools a long time ago.
    - benreesman 4y ago
      Jesus. I was being playful so I didn’t have to be impatient. There is a tremendous variance in both domestic and international wire transfer complexity. If you’re an upstanding white guy with KYC in place on two banks that know each other it can take place quite quickly, unless it’s more than $10,000 in which case you’re most likely going through some additional security audit. A text if you’re lucky, a phone call asking which 2 of 5 addresses you’ve held in the last 10 years, or just an unpredictable delay. None of this is simple or consistent or Gaussian distributed, and to the extent that I oversimplified for brevity I apologize. I don’t think you know nothing. But you said I did, and if that’s your true opinion? Then you can fuck right off can’t you?
      - hocuspocus 4y ago
        I'm sorry you live in a place where the banking infrastructure is behind that of many third world countries, but none of your claims have anything to do with technology; blockchains solve nothing here and never will. If you want an unregulated workaround then sure, but most people don't.
        4y ago
hiq 4y ago
> There are both technological and non-technological reasons why you’re lucky to get an international wire done in less than 2-5 days What are the technological reasons? I can transfer EUR between different euro countries in a matter of minutes. I thought that transfers were only ever slow because of regulations, AML etc.

henrikschroder 4y ago

> an international wire done in less than 2-5 days Uh... What? Every time I transfer money from my US bank account to my European bank account it's the same story. I put in the transfer at Chase, they go "Oh, sorry, the bank is closed now because it's after 3pm in New York, because that's apparently still a thing, but we'll transfer it first thing tomorrow morning." At 6am New York time or whatever, their shitty batch job runs, and seconds later the money is available to me in my EU bank account. A couple of hours later I then get an email from Chase telling me that the money has been sent and I should anticipate it in about three business days. You don't know what you don't know, and most Americans simply have no idea how much US banks suck in an international comparison. SWIFT transfers are instant when your bank doesn't suck.

benreesman 4y ago
I’m aware that when both banks have KYC and a pre-existing account relationship on file between US and the EU it runs as smoothly as you’ve described (which is frankly not that smoothly). Now try a new employee, or not being white, or a million other things. The conventional international money transfer scenarios start to get some serious grit in the gears. If you hit even one of those potholes the USDC there in 15 minutes thing has already won. By your own admission it’s already won if it’s after 5pm (not 3) Eastern. 24/7/365: 15 minutes, 5 bucks or 50 million. That’s better than SWIFT for you at dinner time, and for a lot of people ever.

Nursie 4y ago

> you’re lucky to get an international wire done in less than 2-5 days LOL. Money can be sent internationally in a lot of places instantly. Hell, I've transferred six figures between the UK and Australia recently as well, and never waited more than a handful of hours for the mone to arrive. This is such an enormous non-use-case for cryptocurrency it's hilarious.

hocuspocus 4y ago

You clearly have no idea what you're talking about regarding international wires.

benreesman 4y ago
I clearly need a referral to your bankers!
- jeromegv 4y ago
  You like to be snarky but it is true, you have no idea what you're talking about and it's showing. Anyone with a wise.com account can transfer fairly quickly, this problem has been solved by consumer tools a long time ago.
  - benreesman 4y ago
    Jesus. I was being playful so I didn’t have to be impatient. There is a tremendous variance in both domestic and international wire transfer complexity. If you’re an upstanding white guy with KYC in place on two banks that know each other it can take place quite quickly, unless it’s more than $10,000 in which case you’re most likely going through some additional security audit. A text if you’re lucky, a phone call asking which 2 of 5 addresses you’ve held in the last 10 years, or just an unpredictable delay. None of this is simple or consistent or Gaussian distributed, and to the extent that I oversimplified for brevity I apologize. I don’t think you know nothing. But you said I did, and if that’s your true opinion? Then you can fuck right off can’t you?
    - hocuspocus 4y ago
      I'm sorry you live in a place where the banking infrastructure is behind that of many third world countries, but none of your claims have anything to do with technology; blockchains solve nothing here and never will. If you want an unregulated workaround then sure, but most people don't.
      - 4y ago

hiq 4y ago

> There are both technological and non-technological reasons why you’re lucky to get an international wire done in less than 2-5 days What are the technological reasons? I can transfer EUR between different euro countries in a matter of minutes. I thought that transfers were only ever slow because of regulations, AML etc.