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> 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 st
by 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 agoI’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.