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In Europe at least Switzerland instant IBAN to IBAN costs money. This is because they want to protect the similar payment service called TWINT which charges a h
by sschueller 1y ago
In Europe at least Switzerland instant IBAN to IBAN costs money. This is because they want to protect the similar payment service called TWINT which charges a high percentage to vendors and is owned by a group of banks. The conflict of interest is a huge issue.
These middle men are not needed and their fees especially not. If I taxes pay for the SNB which is supposed to guarantee that payments can be made then they should also do that for digital transactions, not only cash.
- Youden 1y agoInstant IBAN to IBAN in Switzerland doesn't inherently cost money, the cost is just a cash grab by the banks. BEKB offers a free account with free instant transfers. Hypothekarbank Lenzburg offers free instant transfers on their standard paid account. Outside of Switzerland, instant SEPA transfers are typically free.
- zihotki 1y agoAccording to the regulations, https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/instant_payments_regulation.en.html https://www.ecb.europa.eu/paym/integration/retail/instant_pa... , equality of charges must be implemented before 9 January 2025 for member states and before 9 January 2027 for non-member states. And SEPA is a euro only. So conversion fees will apply for Switzerland. There is also another thing in the works based on SEPA instant payments - Wero ( https://wero-wallet.eu/ https://wero-wallet.eu/ ) but it will take some time to implement all functionality and roll it out.