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I'm in Australia. All the major and I'm pretty sure all or almost all of the minor banks and bank-like businesses (Building Societies and Credit Unions here) us
by bigiain 3y ago
I'm in Australia. All the major and I'm pretty sure all or almost all of the minor banks and bank-like businesses (Building Societies and Credit Unions here) use a thing called PayID. I can send almost everybody I know money just by using their mobile phone number or email address, and the transfer happens from my account to theirs literally in seconds. I can also send money to anybody's BSB/Account Number, and that happens pretty much overnight. Writing a check feels like an archaic thing my parents used to do, like dialling a rotary telephone or sending a fax. I'm pretty sure if someone offered me payment by check, I'd turn it down assuming it's a scam. (I'm 56, for comparison)
- jpmoral 3y agoBSB and account transfers are also largely instant. New and large transfers may take overnight. Also, you missed an important part: zero fees.