Bitcoin Forum

Why have no exchanges set up a Person2Person payment? You can transfer your money from your ING account to anyone else's ING account and get the money instantly.

Was this tried or checked into and people had a bad experience?

How much does it cost to keep an account with ING? That might be the limiting factor.

ExchangeBitcoins.com offered it before they shut down their exchange. I used it and it worked fine. It's an ACH transfer so you still have ACH delay of 2 to 3 business days. If the money is collected in an ING account and going to another ING account, the transfer is instantaneous. But there are restrictions, max amount is $5K per day I think. Plus, the service may only be for personal accounts, not business accounts. It's a good service and I'd like to see more exchanges offer it for deposits, withdrawals or both.

It would be too much of a hassle. Say the receiving end of the coins "didn't receive them", who would be in charge to return the credit then?

there were web sites like these in the early days but I never hear of them anymore, I do not think many people used them.

Why are you talking only about ING? Doesn't every bank allow that?

Every bank that I ever had an account in allowed that.

Because this thread is about ING...not a "Person2Person" Bank of America account.

The limiting factor is the time it takes to maintain multiple bank accounts.

I see Intersango has an account at Chase. I guess client could use Chase's quickpay service to deposit money to Intersango. But currently neither Mt Gox nor TradeHill allow deposits or withdrawals via ACH, do they?

Despite what Chase may advertise or claim about their Quickpay product, the payments are definitely reversible just like Paypal.  Not good for bitcoin trades imo.

Having looked at all the options it is my opinion that ACH credit transfers carry less risk than dwolla transfers if the recipient is diligent.

All dwolla money comes from ACH transfers at some point, but you cant verify any of the information you have to simply trust dwolla.

Paxum is in a similar situation since you cant tell how funds were added, however their identity requirements and requirement to sign an ACH authorization slip make fraudulent transfers less frequent but still technically possible.

A lot of the banks are doing things which are simply swappers around ACH, popmoney, quickpay, and person2person, all of these services significantly increase the time for transactions to clear and tend to filter the information sent with the transfer making it more difficult for the receiving party to do their due diligence.