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I don't know man - it just seems wrong that I should be paying a fee to Mastercard or Visa everytime I pay my rent, no matter how small. Bank transfers in Europ

I don't know man - it just seems wrong that I should be paying a fee to Mastercard or Visa everytime I pay my rent, no matter how small. Bank transfers in Europe are free, as they should be.

LogicHoleFlaw 18y ago
I'm in the US. When I use my credit card there is no per-transaction fee, and no monthly fee outside of you know, the interest on the balance. Which I pay off monthly so it never accrues. On the other hand bank transfers do have fees associated, and I'm not even sure how I'd go about initiating one. That does make transferring funds between individuals a pain. Cash and check are standard but each has its drawbacks. PayPal sorta, kinda, addresses these difficulties but they claim their own pound of flesh on the transactions. I suspect it's a great startup opportunity but it's a regulatory minefield, and the entrenched behemoths are very efficient at maintaining the status quo.
- markessien 18y ago
  In Germany, you enter the account number and bank number and you can send money to a person over your online bank. It's free and takes a day or two. This process can be optimized if they would standarddize the bank interfaces, but it's pretty good.
wheels 18y ago
A few things: - Bank transfers aren't universally free in Germany. Mine cost about 30 cents. - Rent was one of the few things that I mentioned wasn't paid with credit cards. - "As they should be" is problematic. I for instance, find the whole process of founding a GmbH insanely complicated (even with the new reforms), but hey, they're different countries. I could make a long list of things about each country of things that work better in the other, but it wouldn't be the most useful means of comparison.
- markessien 18y ago
  Hmm, I didn't know that some banks actually charged money for transfer. Germany does make it incredibly tough and complicated to wade through all the neccessary laws and paperwork to get a business started. I guess that's why most people prefer to just be employees. In england, it's WAY easier, and most things can be done online. The UK generally has a much less formal feel about most things compared to Germany.

I don't know man - it just seems wrong that I should be paying a fee to Mastercard or Visa everytime I pay my rent, no matter how small. Bank transfers in Europe are free, as they should be.

LogicHoleFlaw 18y ago

I'm in the US. When I use my credit card there is no per-transaction fee, and no monthly fee outside of you know, the interest on the balance. Which I pay off monthly so it never accrues. On the other hand bank transfers do have fees associated, and I'm not even sure how I'd go about initiating one. That does make transferring funds between individuals a pain. Cash and check are standard but each has its drawbacks. PayPal sorta, kinda, addresses these difficulties but they claim their own pound of flesh on the transactions. I suspect it's a great startup opportunity but it's a regulatory minefield, and the entrenched behemoths are very efficient at maintaining the status quo.

markessien 18y ago
In Germany, you enter the account number and bank number and you can send money to a person over your online bank. It's free and takes a day or two. This process can be optimized if they would standarddize the bank interfaces, but it's pretty good.

wheels 18y ago

A few things: - Bank transfers aren't universally free in Germany. Mine cost about 30 cents. - Rent was one of the few things that I mentioned wasn't paid with credit cards. - "As they should be" is problematic. I for instance, find the whole process of founding a GmbH insanely complicated (even with the new reforms), but hey, they're different countries. I could make a long list of things about each country of things that work better in the other, but it wouldn't be the most useful means of comparison.

markessien 18y ago
Hmm, I didn't know that some banks actually charged money for transfer. Germany does make it incredibly tough and complicated to wade through all the neccessary laws and paperwork to get a business started. I guess that's why most people prefer to just be employees. In england, it's WAY easier, and most things can be done online. The UK generally has a much less formal feel about most things compared to Germany.