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Germany seems to actively resist to modernize on all electronic fronts. Banks still charge you for transactions and they take 24hrs plus while in other countrie
by seb1204 1y ago
Germany seems to actively resist to modernize on all electronic fronts. Banks still charge you for transactions and they take 24hrs plus while in other countries they are free for private accounts and within seconds.
This lack on the market has made unregulated services such as PayPal big.
- kuschku 1y agoI'm not sure which bank you're using, but even Sparkasse and Commerzbank have long supported free SEPA ICT (and it's becoming mandatory at the end of the year).
- perlgeek 1y agoI've been doing online banking with German banks since at least 2002, and never payed a single cent in fees for transfers. Funnily enough when I spent some time in Scotland in 2007 I opened a local bank account there, and OMG: * they charged a fee for receiving a SEPA transfer from Germany * they didn't give me a debit card or credit card, all I could do was withdraw money at the ATM or pay with paper-based cheques (!) * when I asked them how to transfer money to my university, they looked at me quiet shocked and said "but their account is at a different bank!". The bank teller there didn't even know if they supported cross-bank money transfers, and had to ask a colleague. Turns out they did, but at exorbitant fees (25 GPB, iirc) German banks aren't as modern as I'd want them to be, but transaction fees aren't a practical problem for most of us.