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I love these free market arguments. Hey man, you're _totally free_ to pay the price of a used car to process a transaction. Ain't it grand. Meanwhile I can se

I love these free market arguments. Hey man, you're _totally free_ to pay the price of a used car to process a transaction. Ain't it grand. Meanwhile I can send instant bank transfers for free all day long.

herbst 4y ago
> Meanwhile I can send instant bank transfers for free all day long. It's free for you, but not for the bank (work & time) and nether for a merchant (fees) Also you are likely talking about Defi or NFTs on ETH which got ridiculous expensive. However that's contracts driving up the fee. Money sending fees rarely got above normal international banking fee prices and are usually WAY below.
- alangibson 4y ago
  > It's free for you, but not for the bank I should have specified that I'm thinking of intra-EU bank transfers. They're as close to free for all parties involved as something can be.
  - herbst 4y ago
    There is no free in banking. With local banks you usually have a monthly or yearly banking fee. And app banks do all kind of weird financial models. Both models cashing in extra fees for withdrawals above a limit, outside the county etc. One year I paid more than $500 banking fees in a year with zero monthly fee. For withdrawals abroad, exchange rates for deposits and withdrawals, calling with a more specific problem, etc. Also as a merchant I do pay a fee on incoming swift transfers just to have a little automation. (Plus a monthly fee to use my company name instead of private name) Nothing is free Edit:// also you can't send instand swift transfers on a holiday or Sunday. Sometimes not even Saturday. (or at night for that matter) Sometimes delaying up to 4 days (Easter) It's a imperfect solution either way.
    - Symbiote 4y ago
      For what it's worth, transfers within Europe using the local currency are usually free for consumers and have a small charge (€0.20 or so) for small businesses. I don't know if large businesses get a discount. 'Low' amounts (varies by country, call it under €20,000) are processed at evenings and weekends too.
      - herbst 4y ago
        I don't know of any bank that is clearing swift payments on the weekend (Swiss here). Not sure where you are from but I highly doubt this applies as European standard.
        Symbiote 4y ago
        I refer to the "instant payment" systems. https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/index.en.html https://www.ecb.europa.eu/paym/integration/retail/instant_pa...

herbst 4y ago

> Meanwhile I can send instant bank transfers for free all day long. It's free for you, but not for the bank (work & time) and nether for a merchant (fees) Also you are likely talking about Defi or NFTs on ETH which got ridiculous expensive. However that's contracts driving up the fee. Money sending fees rarely got above normal international banking fee prices and are usually WAY below.

alangibson 4y ago
> It's free for you, but not for the bank I should have specified that I'm thinking of intra-EU bank transfers. They're as close to free for all parties involved as something can be.
- herbst 4y ago
  There is no free in banking. With local banks you usually have a monthly or yearly banking fee. And app banks do all kind of weird financial models. Both models cashing in extra fees for withdrawals above a limit, outside the county etc. One year I paid more than $500 banking fees in a year with zero monthly fee. For withdrawals abroad, exchange rates for deposits and withdrawals, calling with a more specific problem, etc. Also as a merchant I do pay a fee on incoming swift transfers just to have a little automation. (Plus a monthly fee to use my company name instead of private name) Nothing is free Edit:// also you can't send instand swift transfers on a holiday or Sunday. Sometimes not even Saturday. (or at night for that matter) Sometimes delaying up to 4 days (Easter) It's a imperfect solution either way.
  - Symbiote 4y ago
    For what it's worth, transfers within Europe using the local currency are usually free for consumers and have a small charge (€0.20 or so) for small businesses. I don't know if large businesses get a discount. 'Low' amounts (varies by country, call it under €20,000) are processed at evenings and weekends too.
    - herbst 4y ago
      I don't know of any bank that is clearing swift payments on the weekend (Swiss here). Not sure where you are from but I highly doubt this applies as European standard.
      - Symbiote 4y ago
        I refer to the "instant payment" systems. https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/index.en.html https://www.ecb.europa.eu/paym/integration/retail/instant_pa...