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Wire transfers are not common (other than Direct Deposit). Yes, banking apps can scan and deposit checks. Most banks offer a paypal like feature to send money
by jawngee 12y ago
Wire transfers are not common (other than Direct Deposit). Yes, banking apps can scan and deposit checks. Most banks offer a paypal like feature to send money to people. People prefer paypal to using those services though.
I sometimes still get paid by clients using checks, but most have switched over to direct deposit or paying with credit cards.
International wire transfers are another beast due to the IRS and all the regulation around it. You need their bank account, ABA routing number, name, branch address, etc. I wire funds to Vietnam all the time, but there is a limit to the frequency and amount that I can do. It also will raise flags with the IRS, which is something to avoid.
Paper checks are suspected to go the way of the dinosaur in the US by 2028.
The UK is also a big check writing country too, fwiw.
And, honestly, checks aren't a pain in the ass. It's probably the same amount of time/effort as logging into a website and sending money, except for the time it takes to mail it or deliver it by hand.
- stephenr 12y agoAnd then wait for it to clear, hope it doesn't get lost, order a new cheque book, etc. Edit: did you notice what I said about transfers in Thailand: instant. I can, within about 90 seconds, send money to a person or business at any other bank in the country. A cheque is only "basically the same time" if your scale for comparison is years. Cheques are absolutely a pain in the ass, and you're kidding yourself if you think the us isn't woefully behind the times in terms of banking. I thought thailand was bad when I tried to setup a foreign currency account, but it's like Star Trek era banking compared to amercia
- jawngee 12y agoIf you asked for an opinion but already had your mind made up, why did you even ask? Checks are cleared almost instantly now. When you take a photo of it, it's run through ACH just like a wire transfer is. At most, it takes a day depending on when you deposit it. I never said the US was ahead or behind either, that's something you erroneously inferred. Checks are no longer common, as I said a few replies up. Other than dealing with come clients that still pay by check, I haven't seen one or dealt with them for years. Also, I live part-time in Vietnam, so I know all about wire transfers thank you very much. I also know what dicks Aussie ex-pats are too, thanks for confirmation.
- stephenr 12y agoWell that escalated quickly. If you look again you'll see I didn't ask for an opinion, like "are cheques a good way to transfer funds" I asked for confirmation/updates about a previously documented fact - the use of cheques in us banking.