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Author Topic: instant bank transfers thoughout whole europe next year reality.  (Read 1056 times)
davis196
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September 28, 2016, 12:13:36 PM
 #21

at this point it takes at least 1 business day to get money from one bank to a bank in a different country in europe. what do you guys think about this? will it be a positive or negative change? i actually like it since i can send money from my bank account to an exchange within europe instantly, and basically the same goes up for when you request a withdrawal.

I don`t care if bank transfers are instant or take 1 business day.

Maybe this will be convenient for some people.

Maybe this will make money laundering easier than before. Grin

Just kidding.I don`t know,really.

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pawel7777
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September 28, 2016, 01:09:57 PM
 #22


Wire transfers and card transactions are certainly not the same thing, but other than that your post is full of contradictions. You say that I can't use cards to send money directly to someone else. I don't quite understand what you mean by sending money directly...

How do you actually send money to other non-business individual (i.e. small loan to a friend) using debit/credit card? Afaik you could do this 'indirectly', by using 3rd party (paypal, Circle etc).


Quote
...and how it is different from wire transfers in this regard, but not only do I see the monies get credited to my bank account (linked to my card) within minutes, I can as well spend these sums immediately

Are you a merchant? If not, again, how do you accept credit card payments? If I wanted to pay you $10 with my credit card right now, how do I do it?


Quote
And then you yourself confirm that the recipient accepts payment instantly. How come? Yes, the transactions may get settled some time later, but what difference does it make for me? Further, what's the purpose of chargeback if I can spend the money received this way right away? In the past, I once used chargeback successfully myself, but it was initiated against a company, not an individual...

You don't claim chargeback from individuals, because individuals don't have facility to accept card payments.
From my experience, card txs are not always immediately recorded (already stated one extreme example of tx taking 2 weeks to show in statement). Usually it would change 'available funds' amount immediately (except for weekends) and appear in statement on a later date.
It doesn't matter if bank allows you to spend unsettled amounts. When customer successfully claims chargeback, they would still take that amount from your account, possibly putting you in debt, this won't happen with bank transfers.

Quote
Yet further, if merchants are paying for transactions made with payment cards (which may well be the case), why prices remain the same whether you pay with a bank card or through a wire transfer?

Prices of goods/services are the same, but many merchants, or even government institutions (ie DVLA), or airlines, would charge you extra for paying with card (mostly applicable for credit cards). Some won't accept credit cards at all, some would require minimum amount spent etc. Around here, many local newsagents would charge you ~£0.50 for paying debit card etc.

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September 28, 2016, 01:30:28 PM
 #23

I think banks are under pressure to improve their service in face of fintech and cryptocurrency competition. In the age of the Internet, faster transfers are overdue. Notice that instant transfers are still only working in Europe.

Of course this won't help banks to gain any ground against Bitcoin. Not only are Bitcoin transactions easier to accomplish (scan a single address), but especially they are not subject to the goodwill of any institutions. In the times to come, financial repression and monetary devaluation will increase fast-paced. Banks are bound to the fiat world. When fiat gets out of favor because of financial repression and hyperinflation, their demise is a certainty. They can't compete with an automatic decentralized network in terms of efficiency anyway.

ya.ya.yo!
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September 28, 2016, 02:13:49 PM
Last edit: September 28, 2016, 02:30:57 PM by deisik
 #24


Wire transfers and card transactions are certainly not the same thing, but other than that your post is full of contradictions. You say that I can't use cards to send money directly to someone else. I don't quite understand what you mean by sending money directly...

How do you actually send money to other non-business individual (i.e. small loan to a friend) using debit/credit card? Afaik you could do this 'indirectly', by using 3rd party (paypal, Circle etc)

When sending money from my card to someone else's card (or even my own card in another bank) I enter the recipient's card info (card number, card holder's name and expiration month/year) as well as how much I want to send into the respective fields in the web form of my account in the bank, and then this amount of money appears on the recipient's card balance in the other bank just a few minutes later. Needless to say that this amount is fully spendable right after you see it, and I've done exactly this an umpteen number of times (such transfers make sense when, for example, a bank offers a sizable cashback for online purchases). In fact, I'm even curious why you would ask that. On the other hand, when sending money through wire transfer (in the same country) the money first gets credited to the sending bank account in the Central bank, then the Central bank credits it to the account of the receiving bank, and only after that the latter credits the money to the recipient's account (maybe, I missing something here). So the money still doesn't get sent "directly" when using wire transfer...

At least, in the sense you mean it

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September 28, 2016, 02:20:27 PM
 #25

where is the news, you didn't post anything? if it's true it will be nice, but there are cost to maintain this so you will pay for it i guess, and anyway i'm more interested if they fix the damn "week end we do not proceed anything" lol
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September 28, 2016, 02:32:53 PM
 #26


When sending money from my card to someone else's card (or even my own card in another bank) I enter the recipient's card info (card number, card holder's name and expiration year/month) into the respective fields in the web form of my account, and then this amount of money appears on the recipient's card balance in just a few minutes. I've done this numerous times, I'm even curious why you ask me this.

That's first time I hear of personal bank account providing such option. Which bank is that, if you don't mind me asking? Sounds really odd, as you're not supposed to share such details with private individuals (who don't comply with Data Protection Act etc), not to mention it's more complex than standard transfer.


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deisik
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September 28, 2016, 03:10:46 PM
Last edit: September 28, 2016, 04:33:24 PM by deisik
 #27


When sending money from my card to someone else's card (or even my own card in another bank) I enter the recipient's card info (card number, card holder's name and expiration year/month) into the respective fields in the web form of my account, and then this amount of money appears on the recipient's card balance in just a few minutes. I've done this numerous times, I'm even curious why you ask me this.

That's first time I hear of personal bank account providing such option. Which bank is that, if you don't mind me asking? Sounds really odd, as you're not supposed to share such details with private individuals (who don't comply with Data Protection Act etc), not to mention it's more complex than standard transfer

In fact, this is a typical option of any bank that I'm familiar with (and I have accounts in roughly a dozen banks). I mean card to card money transfers. Well, I just checked it out, and you actually need to know only the card number in order to make such a transfer. The more detailed info is needed if you are paying with a bank card in an online shop. See for yourself here. Also note that the transfers are instant and not reversible. I don't use Sberbank services, but as I said, all banks offer similar options here. And they don't necessarily use wire transfers but the transfers are nevertheless almost always instant (so it doesn't matter how they make it possible)...

Sometimes you have to wait a few minutes until the funds get credited to your card account, but most of the while they are pretty close to being real-time

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January 03, 2017, 01:28:30 PM
 #28

With the technological advancement there is no doubt that there will be instant bank transfer .it will be just like bitcoins .but bitcoins will not last long like bank transfer would last.

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January 03, 2017, 03:25:50 PM
 #29

Can someone provide a link to this new legislation?
It would be interesting to read as I can't imagine that they'd apply this to larger transactions of a more significant amount due to the various checks that they have in place to make sure that the money being sent is in fact 'kosher'. I'm sure the larger ones will still have more of a delay while these checks are made...
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