This problem will only go away with regulation. Sadly the minds in our industry are so focused on "disrupting the system" that little progress has been made.

This problem will only go away with regulation. Sadly the minds in our industry are so focused on "disrupting the system" that little progress has been made. In the US, Venmo, paypal, etc. are still a thing and in most of the world - they simply aren't. Government regulated banking and an interchange standard is the way to go here. In Iceland where I previously lived, anyone could transfer reasonable amounts of money to any other person for free, through a government run banking system, regardless of what bank you had. I am normally against government intervention, but this is a case where a single standard and rule actually makes sense. The only people it doesn't make sense to are those trying to circumvent fees which should only be applied to business transactions. The argument against it is the cost to transfer money internationally, but.. those same benefits are the problem with systems like this - no regulation