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Many countries including European now have just scan a QR code. The EU payment scheme Wero is bringing that cross-border for EUR. Instant and very low fees.
by betteryet 1mo ago
Many countries including European now have just scan a QR code. The EU payment scheme Wero is bringing that cross-border for EUR. Instant and very low fees.
- mgaunard 1mo agoSEPA transfers are zero fees by law.
- ptman 1mo agoAnd instant (under 10 seconds)
- AdamN 1mo agoNot by default. Deutsche Bank for instance makes you select it and I'm guessing most people are afraid that choosing instant means a fee so they leave it off.
- wewxjfq 1mo agoMost banks did charge a fee at first, so this rollout is partly to blame for the option being available and the hesitancy.
- ahartmetz 1mo agoThere was another European payment system change to remove* the fees for real-time (official name) transfers, roughly a year ago. Together with the removal of international fees 10? years ago, it is indeed instant (if you check the box) and free across the EU now. IIRC, real-time transfers commonly used to cost 50 cents (flat). * Technically, they aren't allowed to cost more than regular transfers which cost 0 in ~all retail accounts
- diogocp 1mo agoNo, they are not.
- mgaunard 1mo agoJust checked, by EU law, banks cannot charge more for a SEPA euro transfer than they do for a local transfer within your own country.
- kakacik 1mo ago... which boils down to 0 fees on any side for any transaction I've ever done, across quite a few countries in EU and to/from Switzerland. I don't think any sane retail bank dares to charge anything, people would migrate to competition in an instant.
- ahartmetz 1mo agoSome business accounts charge a 20 to 50 cent flat fee. I think mine does. Retail basically never, yes.
- locallost 1mo agoYes, this is pretty standard for business accounts.
- tpm 1mo agothere were some exceptions though, like in Greece, where banks charged for every sepa transaction. not sure if that's still the case.
- Symbiote 1mo agoI have an account in Denmark which charges for outgoing transactions, 3 DKK. (€0.40.) I think I have the choice to pay a monthly fee, nominate it as my official account for receiving my salary, or pay for the transactions. I choose the last option as it's a backup account, and I make perhaps 1 transaction per year.
- xioxox 1mo agoI don't use Wero, yet, but I'm not really convinced when I read about it. Firstly, it lets anyone lookup the name associated with a phone number or email address, which is a privacy nightmare. Secondly, only a single bank account can be used with a phone number or email. This just seems badly designed.