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> The recipient just has to enter their bank's ABA number and account number. Sounds like ACH. I don't think it's possible for individuals to use on their own,
by TillE 15y ago
> The recipient just has to enter their bank's ABA number and account number.
Sounds like ACH. I don't think it's possible for individuals to use on their own, though.
I can just log into my bank in Germany and transfer money to any account in Europe (even in the UK) with zero fees. As mentioned, it's a very common method of payment because it costs nothing to set up or use. Only downside is that transfers usually take a couple days to clear.
- danmaz74 15y agoExactly; it is by far the most common p2p money transfer mechanism here in Italy too. I would never have thought that something like this could cost 25$ per operation in the US..
- icebraining 15y agoHere in Portugal some charge for Internet initiated transfers, but not if you do them through the ATM. Don't ask me why, though. It's still nothing close to $25 - I pay 34 cents.