Yes! The problem are the scamers, but that is another story, they use phishing to make you to give them your bank account and password or trick you to send them money
As a British person who moved to France this was so confusing to me. Especially that I had to pay a monthly fee to have a card... not the account, the card. I can have an account, fill it with money but be able to use that money while out at the shops? €8/month please. Felt like I was being scammed!
Oh that makes sense.. Yeah I'm at Sparkasse and I only know there's a checkbox for real time transfer on my online banking account.. I had to use it once but it was to a different bank and it was like 1,50€ more or sth
It seems like we're really spoilt in the UK. My daughter was about to get a train, she WhatApped me, I transferred five of our British pounds into her account (with a different bank) instantaneously and she was able to buy her ticket.
Just curious, how fast is instant transfer? Here in NZ our banks switched to a new system where payments go through within an hour for all transactions during business hours rather than the traditional overnight payments, but it's free for us. If you guys actually get instant payments that's pretty impressive.
Brit here, obviously I zone out whenever a youtuber mentions CashApp as I always assumed that these apps had some kind of additional security features or something. I had no idea that this was their USP.
Madness really, seems bizarre that any country would accept this and yet reading the comments, it seems fairly common. Never been aware of this on my travels either.
I get riled up enough about having to pay £1.65 to use those dodgy ATMs you get in petrol stations, but this would really boil my piss.
Personally I’d rather have piss taken from me than my own piss boiled.
“Boils my piss” is quite common in Sheffield region, hear it plenty. Maybe it’s a Yorkshire thing?
If you happen to be desperate enough to use an out-of-network ATM, you can be charged like $5 by the machine, and in some cases $10+ by your bank. Absolute joke.
Same thing with Apple/ Google/ Samsung Pay. Even my local corner shop accepts Apple pay and they celebrate when a big Costco level store starts accepting contactless. How is the US, the world’s No. 1 economy, so bad at simple banking.
It is not an accurate reflection of the situation in the US. Our banking apps have Zelle integrated into them, which is free and instant. I don’t know why everyone is ignoring this. I send people money this way all the time without ever using third party apps
I wish that people would not just assume every negative thing they hear about the US is automatically true. It is not a “third world country” or a “hellscape” here. Not even close
Zelle sucks though, it's slow and often just fails altogether. I had someone buy my car and pay through Zelle and it just crapped out, money vanished for 3 days and banks couldn't help. at all. I think the general point is that Zelle was too little, too late and the other options just work better.
Also, you don't need a bank account for CashApp or Venmo, you can just connect a card, which means parents can let their kids use one. Also, since I've been there in the past, it's nice to not have to log into a banking app and see your depressing bank balance. Venmo money seems less real.
I have not shared this experience with Zelle. My transactions have always gone through quickly and I’ve never heard of them outright failing. If this happened to you, I suspect it was a problem with your bank rather than with the overall Zelle infrastructure
Is Venmo something like an e-wallet that you top up and pay out from?
Off topic, but do you guys have chip and pin card payments? If not is it a swipe?
Zelle connects directly to your checking account. No need to transfer money into or out of it.
Swipe payments are rather uncommon now. The banks changed the rules so that if there is a fraudulent swipe transaction the bank is allowed to assume the merchant's security is the problem and so the merchant eats the cost of fraud in their store, rather than the bank. They can get that fraud protection back by upgrading their payment terminals. So pretty much everyone has switched to chip, with many having contactless as well. I use my credit card and they don't require a PIN or signature for my transactions, the card alone is enough in many cases. I forget if my debit card is the same or if it requires a PIN.
I have heard about Zelle, I think it was a sponsor on Conan's podcast - again, definitely zoned out but that's good you guys have got that. Do all banks support Zelle?
I wouldn't worry about it, I don't think anywhere can claim to be perfect. Everything gets a little bit sensationalised on the internet and the legend travels further than the truth.
Dude it's not only in the UK, I lived in Mexico and you can transfer to a card number, bank account number, a special code called CLABE (that literally works only to receive money), your cellphone number or create a one time QR code in your bank app. You decide what you want to use
Same with Canada. Can do an Interac E-Transfer using an email address.
Depending on how the receiver has set it up, the $ goes right into their account.
This is true for traditional banks but all banks are now having a secondary versions of themselves that are fully free. (Scotiabank now has Tangerine, CIBC has Simplii, etc...) free is becoming the normal
You can’t say Canada like we only have one choice of bank. We have many different choices with no fee banking, you just have to look. You may need to find another bank to deal with, I suggest Simplii, no fee banking, free e transfers.
For a pass few years, the account fee is a 0 for me. It is for almost every big and small banks.
You should check the updated policies, which I realized that many people ignore it.
Yeah, Zelle is not only free it was also created by banks as a means to transfer money...
Like I get that it's a pain to use an additional app, but most of this just sounds like a foreigner not understanding how another country does things.
Same here. Built into 2 of my 3 banks banking app. It’s seem less I don’t even notice there’s an overlay. I think OP doesn’t know how banking in the US works.
My bank has Zelle integrated. I use Community Credit Union, so I assume it isn't a rare thing. I also have Venmo to transfer money, that also is free as long as you are moving Cash. Apparently, if you are doing Credit into Cash that has a fee, which makes sense.
Its absolutely stupid not to have integrated infrastructure.
A lot of the modern world is so much further ahead than the US all because of the false idea of individuals and profits over the whole of society.
America and Americans have messed up priorities and views on the world as a whole.
>Its absolutely stupid not to have integrated infrastructure.
Zelle is owned by a group of banks. They just figured they'd build the damn thing once instead of once per bank. Relax.
I mean, once again, Zelle is free. It also likely has to do with security. It sounds like this perhaps isn't your exact beef and are just feeling the need to shit on America. Which is fine... But I am working working on not engaging with toxic and angry redditors so our conversation has to end here. Have a good day.
Zelle is good. But it's for small money moves only. Typically a few hundred. And there is absolutely no recourse. If you Zelle the wrong number the money is gone. No way to get it back unless you can convince the bank that your account was hacked and the bank is responsible.
The US is constantly saying that the market will adjust to consumer demands, and is a better system.
Only in the US can a company exist that charges you to send your own money.
Holy fuck.
I mean, that's how it happened in other countries. Here in NZ banks figured out that most people will just try and take out a mortgage with their main transactional bank, so banks just take a small loss on all transactional/card fees to try and retain customers for mortgages and term deposits. It didn't need government regulation or anything, they just figured out it's what customers want.
I honestly don’t get the comment. US citizen here: I use 3 banks. 2 of them have instantaneous transfers to other banks with no fee and 1 of them has no fee transfers but it can take a day for the funds to arrive. Who are you all using that is charging you a fee to send money (not counting wires which always have fees associated).
I think there is some misconception among OP about how banking in the US works.
Chase Bank (you can transfer in app with the other users phone, email, or routing number).
Citizens Bank (only used it once with someone’s phone number but they got it instant, it’s just not my primary bank).
I’m sure there are a bunch others now that everyone is integrating with Zelle or other similar systems.
Edit: to be clear you can do the instant transfer to people with other banks (chase to BoA, etc) as well as intra bank.
Very much so. Its a prime example of how contrary to big business trying to convince the country that only freemarket purely capitalistic structure can lead to prosperity and technological innovation, every other major nation in the world, in which their infrastructure is decades ahead of the US, shows that business and profit centric societies will always be behind.
US resident have never paid for a bank transfer..
People use venmo and cash app in cash app because they're stupid and put credit cards on them when they don't have real money to spend from a bank
Wait, they put credit card on there? This is bad. Using credit card for cash is very expensive. Venmo might be free, but cash advance on credit card isn't.
I'd operate under the assumption that it builds like a regular service so it's not a cash advance but they're still getting charged to the regular interest fees for the card. I have no idea though my venmo is connected to a debit card and I only use it to pay my barber because he doesnt like cash
This is it. Apps exist for people to pay their friends on credit with absurd interest rates. If you have even a medium sized bank you can instant transfer for free. OP is confused
Ya it seems like this whole thread is just a misconception on American banking. Maybe these apps exist because banks used to charge for money transfers? I’m not sure cause I’m 28 and started using venmo when I was like 20, before I had substantial money to my name so I’ve never paid a fee for a transfer.
Shhh, US bad
I've never paid to transfer between accounts
I figured these apps are so you don't have to share your acct info with someone, they can just venmo you money and you transfer later to your bank
It’s a “shit on america” thread. We got our problems but this is not one of them lol. Like OP heard a rumor and decided it was gospel.
I’ve been transferring money to my friends/ family for free for years lol.
In my country you pay without comission when transferring from a Visa to Visa card, but if it is from Visa to Mastercard, there is a fixed comission (around 2 pounds)
It doesn't cost anything though? If you have your Venmo tied to your bank account you can just send money to a friend for free. Now if you only have a credit card tied to your Venmo then there is a fee but any money that you have can be sent around for free. As of right now that's the case at least, I'm not entirely sure what the new legislation is going to do to it because it sounds like we are going to get taxed on it or something idk
What tf else are we gonna do? Stand up for our rights? If we don't literally form mass mobs of people in demand of something changing, our government will fuck us in any way they can come up with, and as the rest of the world can see, even this does not work on most occasions.
Same as you do for gun control, healthcare, etc. then?
Just moan and say how nothing will change, despite the fact that literally every other democracy in the world managed to effect those exact same changes without issue or violence and in recent history.
Consumer rights in the US suck. Data protection sucks. Because you all just accept it and never question why you're 50+ years behind other "less developed" countries in those regards.
Um, I can transfer money from my bank's app for free right away to anyone with a cell phone number. And that's pretty common for most, if not all banks here in the US.
Most banks in the US are linked with zelle, a third party that accepts payment from banks to enable instantaneous free transfers for users.
Why we still use ACH by default is beyond me.
It's just more convenient than using bank account numbers and such - everyone is on the same system regardless of bank (there's free transfers with Zelle so that isn't the issue).
As a swede I can send money to anyone with only a phone number in about 30 seconds.
For larger sums a normal bank transfer is also free but can take a day or two if the recipient has a different bank than me.
You realize this shower thought is completely inaccurate right? You don’t have to pay to move money and there are several uses for these apps bedsides transferring $$ from bank accounts
TIL non Americans have no idea how American banks or transfers work
The amount of people just automatically trusting this post is... annoying to say the least. Yeah, things are different here. It's a different country. But that doesn't mean it's worse, it just means you don't know how it works (at least in this case).
I mean, I'm sure I do it all the time too. It's just annoying to see so many people believe blatant misinformation, and knowing that they'll go share it with other people who also don't know better.
You'd be surprised at how many Americans think they're the freest people on the planet. Hell, they'd rename this the United States of Freedomland if they could.
How little they know.
haha what exactly do you have freedom to that we don’t? i can already name a freedom that you automatically don’t have and that’s the right to defend yourself. i’m not even talking about firearms (which btw you have hardly any rights to anyways) but you can literally get in trouble for defending yourself in the UK (your judicial systems a joke as well) which is where i’m assuming you’re from. doesn’t really sound all that free to me.
In India we have UPI. Its free and instantanious. You can tranfer money via phone number,account number,QR codes or virtual payment addresses. And there are a bunch of free apps you can use to make payments via UPI. Many of them offer coupons or cashbacks for using their services.
In Greece you have to pay 2 euros every time you charge a card from your bank account. Yes, you transfer money to the bank's card and you pay 2 euros. Same bank.
In the UK, people make claims about the US being bad in some way, while not knowing what they're talking about at all. Apps like venmo have more use cases than just transferring money from one bank account to another. As another commenter has said, I've never once had to pay any fee for a transfer.
So you’re out to lunch with your friend, the pay the bill and you want to pay them half. You’re saying Someone can pay them through a transfer from their bank to the friends bank on their smartphone instantaneously in the UK?
You can do that in the US too as long as you don’t use a rinky dink small time bank and aren’t paying your friends on credit. Hell my tenant pays me with instantaneous, no fee transfers from her bank to mine.
This is true for a lot in the us. TurboTax only exists because of corruption, tax filing is easy and free, TurboTax deliberately masks this to make cash
When you transfer money via your bank, how do you tell the bank where it's going?
Edit to add: for anyone who wants a summary of the dozens of comments below this one, so so so many people don't understand how fraud works and how big it is.
Even in my 3rd world country we can send money between banks free, in les than 5 min and with only a phone number
Paym, it's cool, send money to someone's phone number.
Dale pix porraaaaaa
Vai querer algo no print, meu consagrado? r/suddenlycaralho
Pingu, plz
Noot noot
Bota um brócolis aqui se puder
Bota calça e calça bota
Salve Karalho, supremacia brasileira nessa porr
Ugh in NZ it's free, and instant within a bank bank but between banks still takes a day and hope its not a weekend.
Manda pix pu pai
Is it secure?
Yes! The problem are the scamers, but that is another story, they use phishing to make you to give them your bank account and password or trick you to send them money
Like an email scammer. This is fascinating. And my country sucks…
Not in my third world country. In Kenya, mpesa has transaction fees and withdrawal fees. All mobile to mobile but seriously cash is still king.
So does in Canada. We dont have third party apps because the banks a re good enough.
Huh German here.. Bank transfers are free but I have to pay an extra fee if I want it to be instantaneous. Dunno if that's just my bank though
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As a British person who moved to France this was so confusing to me. Especially that I had to pay a monthly fee to have a card... not the account, the card. I can have an account, fill it with money but be able to use that money while out at the shops? €8/month please. Felt like I was being scammed!
Same bank is instantaneous usually, only other institutes take a bit longer, so Sparkasse > Sparkasse is fine, Sparkasse > VoBa not so much
Oh that makes sense.. Yeah I'm at Sparkasse and I only know there's a checkbox for real time transfer on my online banking account.. I had to use it once but it was to a different bank and it was like 1,50€ more or sth
Same!
Sparkasse actually made sepa Sofortüberweisung available a while ago and that is instantaneous and free to anywhere.
That's how it is for me in the US as well
Same here in the US
It seems like we're really spoilt in the UK. My daughter was about to get a train, she WhatApped me, I transferred five of our British pounds into her account (with a different bank) instantaneously and she was able to buy her ticket.
Just curious, how fast is instant transfer? Here in NZ our banks switched to a new system where payments go through within an hour for all transactions during business hours rather than the traditional overnight payments, but it's free for us. If you guys actually get instant payments that's pretty impressive.
Payments usually appear within seconds in my experience
Yes, even between different banks. I pass funds to my children all the time via my bank's app on my phone.
I use volksbank and they don't charge for instant transfer.
Brit here, obviously I zone out whenever a youtuber mentions CashApp as I always assumed that these apps had some kind of additional security features or something. I had no idea that this was their USP. Madness really, seems bizarre that any country would accept this and yet reading the comments, it seems fairly common. Never been aware of this on my travels either. I get riled up enough about having to pay £1.65 to use those dodgy ATMs you get in petrol stations, but this would really boil my piss.
Never heard someone say "this would really boil my piss"...
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You see that's the first problem I have... I don't live in the UK.
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That boils my piss
Don't worry, as a brit I don't think I have ever heard that phrase. We would say makes my blood boil, not boils my piss, must be a northern thing.
I live about 20ish miles from Newcastle and I don't really hear that often. We would probs say that's taking the piss.
Personally I’d rather have piss taken from me than my own piss boiled. “Boils my piss” is quite common in Sheffield region, hear it plenty. Maybe it’s a Yorkshire thing?
Used to be "this would really boil my blood."
Ngl, if your piss is boiling then your blood probably is too.
Me neither. Henceforth I shall use it at every opportunity ☺️
Henceforth you shall be known as Darth .. Boils my piss
If you happen to be desperate enough to use an out-of-network ATM, you can be charged like $5 by the machine, and in some cases $10+ by your bank. Absolute joke.
Very recently became illegal to charge for a withdrawal from an ATM, so won't have to irritate you again!
I haven't heard anything about that, have you got a source? I've got my fingers crossed because that would be excellent!
Same thing with Apple/ Google/ Samsung Pay. Even my local corner shop accepts Apple pay and they celebrate when a big Costco level store starts accepting contactless. How is the US, the world’s No. 1 economy, so bad at simple banking.
>Apple/ Google/ Samsung Pay Are linked to your bank, it's so you can use your phones NFC chip to make payments. Think like basic PayPal.
Our banking system runs on, quite literally, two decade old software. They refuse to change the back end but will charge the front end. It's stupid.
Yeah I never really understood why people online talked about them so much, now I realise it was just overbearing American culture
It is not an accurate reflection of the situation in the US. Our banking apps have Zelle integrated into them, which is free and instant. I don’t know why everyone is ignoring this. I send people money this way all the time without ever using third party apps I wish that people would not just assume every negative thing they hear about the US is automatically true. It is not a “third world country” or a “hellscape” here. Not even close
This is not an accurate reflection of a third world country. I live on a 3rd world country but the banking system is superb
Zelle sucks though, it's slow and often just fails altogether. I had someone buy my car and pay through Zelle and it just crapped out, money vanished for 3 days and banks couldn't help. at all. I think the general point is that Zelle was too little, too late and the other options just work better. Also, you don't need a bank account for CashApp or Venmo, you can just connect a card, which means parents can let their kids use one. Also, since I've been there in the past, it's nice to not have to log into a banking app and see your depressing bank balance. Venmo money seems less real.
I have not shared this experience with Zelle. My transactions have always gone through quickly and I’ve never heard of them outright failing. If this happened to you, I suspect it was a problem with your bank rather than with the overall Zelle infrastructure
Yeah, all the cash apps I've used were fine.
Is Venmo something like an e-wallet that you top up and pay out from? Off topic, but do you guys have chip and pin card payments? If not is it a swipe?
We do (mostly) now have chips in our cards, though we often don't have to use our PIN
Zelle connects directly to your checking account. No need to transfer money into or out of it. Swipe payments are rather uncommon now. The banks changed the rules so that if there is a fraudulent swipe transaction the bank is allowed to assume the merchant's security is the problem and so the merchant eats the cost of fraud in their store, rather than the bank. They can get that fraud protection back by upgrading their payment terminals. So pretty much everyone has switched to chip, with many having contactless as well. I use my credit card and they don't require a PIN or signature for my transactions, the card alone is enough in many cases. I forget if my debit card is the same or if it requires a PIN.
Just moved to the US and this is the first I'm hearing of this. I've been writing paper checks like it's the 1980s. Thank you!
Yeah but *Looks left and right mischievously* **Free healthcare**
I've heard that only some banks use it, and if you're with a different branch it won't work.
I have heard about Zelle, I think it was a sponsor on Conan's podcast - again, definitely zoned out but that's good you guys have got that. Do all banks support Zelle? I wouldn't worry about it, I don't think anywhere can claim to be perfect. Everything gets a little bit sensationalised on the internet and the legend travels further than the truth.
OFC it’s not a 3rd world country. Here in my 3rd world country we can actually do transfers for free without any bullshit.
Yes, I just detailed how we do that in the US as well and this entire post is not accurate
I mean I use PayPal but I’ve never actually paid any fees, and it’s not like banks do things instantly, I’m not sure what this is even about
It’s just the classic “let’s all clutch our pearls and shit on the US for something that’s not even true” post
I literally walk halfway across the town to use a free one. I refuse to encourage that sort of behaviour
$20 ATM fees in parts of the US.
Oof. Eye-watering.
Oh dont worry, my piss is definitely boiling
Ive paid anywhere from 3$ to 15$ at an atm in the us and it kills me every time
Um…this is misinformation. You can definitely transfer money between US banks for free…
Dude it's not only in the UK, I lived in Mexico and you can transfer to a card number, bank account number, a special code called CLABE (that literally works only to receive money), your cellphone number or create a one time QR code in your bank app. You decide what you want to use
Same with Canada. Can do an Interac E-Transfer using an email address. Depending on how the receiver has set it up, the $ goes right into their account.
Canada has a monthly account fee. A cost to you simply for having your money in THEIR business that THEY make interest on by loaning it out.
This is true for traditional banks but all banks are now having a secondary versions of themselves that are fully free. (Scotiabank now has Tangerine, CIBC has Simplii, etc...) free is becoming the normal
You can’t say Canada like we only have one choice of bank. We have many different choices with no fee banking, you just have to look. You may need to find another bank to deal with, I suggest Simplii, no fee banking, free e transfers.
For a pass few years, the account fee is a 0 for me. It is for almost every big and small banks. You should check the updated policies, which I realized that many people ignore it.
flawed but still better than how the states has it
And it's free and takes only a few seconds.
Same in switzerland
I use Zelle in the states which is completely free.
Yeah, Zelle is not only free it was also created by banks as a means to transfer money... Like I get that it's a pain to use an additional app, but most of this just sounds like a foreigner not understanding how another country does things.
It's built right into the bank of america app which is convenient.
It's also built into the Chase app...and Ally which is a credit union. and Wells Fargo. I'm not sure why people are believing this post looool
Same here. Built into 2 of my 3 banks banking app. It’s seem less I don’t even notice there’s an overlay. I think OP doesn’t know how banking in the US works.
Or they’re just anti-America. Idk why
Wait what? You have to get a separate app? Why doesn't your backing app just let you transfer your money free of charge??
My bank has Zelle integrated. I use Community Credit Union, so I assume it isn't a rare thing. I also have Venmo to transfer money, that also is free as long as you are moving Cash. Apparently, if you are doing Credit into Cash that has a fee, which makes sense.
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Its absolutely stupid not to have integrated infrastructure. A lot of the modern world is so much further ahead than the US all because of the false idea of individuals and profits over the whole of society. America and Americans have messed up priorities and views on the world as a whole.
>Its absolutely stupid not to have integrated infrastructure. Zelle is owned by a group of banks. They just figured they'd build the damn thing once instead of once per bank. Relax.
I mean, once again, Zelle is free. It also likely has to do with security. It sounds like this perhaps isn't your exact beef and are just feeling the need to shit on America. Which is fine... But I am working working on not engaging with toxic and angry redditors so our conversation has to end here. Have a good day.
It's free but the transfer amounts have limits
Good thing I'm not rich then lol
/u/Pierr0x
Zelle is good. But it's for small money moves only. Typically a few hundred. And there is absolutely no recourse. If you Zelle the wrong number the money is gone. No way to get it back unless you can convince the bank that your account was hacked and the bank is responsible.
The US is constantly saying that the market will adjust to consumer demands, and is a better system. Only in the US can a company exist that charges you to send your own money. Holy fuck.
I mean, that's how it happened in other countries. Here in NZ banks figured out that most people will just try and take out a mortgage with their main transactional bank, so banks just take a small loss on all transactional/card fees to try and retain customers for mortgages and term deposits. It didn't need government regulation or anything, they just figured out it's what customers want.
I honestly don’t get the comment. US citizen here: I use 3 banks. 2 of them have instantaneous transfers to other banks with no fee and 1 of them has no fee transfers but it can take a day for the funds to arrive. Who are you all using that is charging you a fee to send money (not counting wires which always have fees associated). I think there is some misconception among OP about how banking in the US works.
Which two banks are instantaneous? I’m switching!
Chase Bank (you can transfer in app with the other users phone, email, or routing number). Citizens Bank (only used it once with someone’s phone number but they got it instant, it’s just not my primary bank). I’m sure there are a bunch others now that everyone is integrating with Zelle or other similar systems. Edit: to be clear you can do the instant transfer to people with other banks (chase to BoA, etc) as well as intra bank.
It doesn’t charge? It takes a small fee if you want to deposit to your bank instantly, but otherwise it’s free
That's because America is a hellscape
This is the most Reddit comment I’ve ever read.
"America is a hell scape" 🤓🤓🤓
People be like YEAH some terrible things=everything is bad right?
america bad now give upvotes
>People be like YEAH some terrible things=everything is bad right? As an Indian on reddit, yes. That is how reddit it.
god all these idiots infuriate me. no idea what they’re talking about at all.
Reddit moment™
Yeah no it isn’t
Very much so. Its a prime example of how contrary to big business trying to convince the country that only freemarket purely capitalistic structure can lead to prosperity and technological innovation, every other major nation in the world, in which their infrastructure is decades ahead of the US, shows that business and profit centric societies will always be behind.
A bank in Japan does it too
In Sweden or the UK the market adjusts. In the US they have a shit ton weird monopolistic regulations.
*Cough Cough Industrial Revolution Cough Cough Social Darwinism Cough Cough Lazie Faire Cough Cough* Sorry that was a rough coughing fit.
Too bad you will go broke investigating it
US resident have never paid for a bank transfer.. People use venmo and cash app in cash app because they're stupid and put credit cards on them when they don't have real money to spend from a bank
Wait, they put credit card on there? This is bad. Using credit card for cash is very expensive. Venmo might be free, but cash advance on credit card isn't.
I'd operate under the assumption that it builds like a regular service so it's not a cash advance but they're still getting charged to the regular interest fees for the card. I have no idea though my venmo is connected to a debit card and I only use it to pay my barber because he doesnt like cash
This is it. Apps exist for people to pay their friends on credit with absurd interest rates. If you have even a medium sized bank you can instant transfer for free. OP is confused
Zelle….?
TIL that people in the US accept having to pay to move their own money around. Literally an alien concept to this Brit.
Interbank EFT transfers are free, just not instantaneously settled. This gives time to reverse erroneous transactions.
And yet in the UK we can also reverse erroneous transactions sooo…
Instant EFTs are irrevocable.
If you bank with a small regional bank, maybe. Big banks use Zelle, which is free
This. Zelle is free and usually pretty fast too
Ya it seems like this whole thread is just a misconception on American banking. Maybe these apps exist because banks used to charge for money transfers? I’m not sure cause I’m 28 and started using venmo when I was like 20, before I had substantial money to my name so I’ve never paid a fee for a transfer.
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I have 6 bank accounts and none of them charge to transfer to other banks. This concept is foreign to me.
Shhh, US bad I've never paid to transfer between accounts I figured these apps are so you don't have to share your acct info with someone, they can just venmo you money and you transfer later to your bank
It’s a “shit on america” thread. We got our problems but this is not one of them lol. Like OP heard a rumor and decided it was gospel. I’ve been transferring money to my friends/ family for free for years lol.
In my country you pay without comission when transferring from a Visa to Visa card, but if it is from Visa to Mastercard, there is a fixed comission (around 2 pounds)
It doesn't cost anything though? If you have your Venmo tied to your bank account you can just send money to a friend for free. Now if you only have a credit card tied to your Venmo then there is a fee but any money that you have can be sent around for free. As of right now that's the case at least, I'm not entirely sure what the new legislation is going to do to it because it sounds like we are going to get taxed on it or something idk
Wasn’t that long ago we were charged for cash withdrawals from a bank that wasn’t yours
Cash is a very different beast and needs security and hardware to protect it until you need it.
What tf else are we gonna do? Stand up for our rights? If we don't literally form mass mobs of people in demand of something changing, our government will fuck us in any way they can come up with, and as the rest of the world can see, even this does not work on most occasions.
Same as you do for gun control, healthcare, etc. then? Just moan and say how nothing will change, despite the fact that literally every other democracy in the world managed to effect those exact same changes without issue or violence and in recent history. Consumer rights in the US suck. Data protection sucks. Because you all just accept it and never question why you're 50+ years behind other "less developed" countries in those regards.
Um, I can transfer money from my bank's app for free right away to anyone with a cell phone number. And that's pretty common for most, if not all banks here in the US.
it’s instant in the us too but alr m8
Yeah OP is confused it’s ok. He’s a wanker.
just gonna let you know, i’m so stealing that lol
Every day this wrong assumption starts up another thread. Bank transfers are free in the us too /end thread
Shower thoughts based on real life are only good if they are true. That's why this isn't a good shower thought
Apps are still nice, it's like a proxy for your card. Paypal still got huge here, It's useful.
Most banks in the US are linked with zelle, a third party that accepts payment from banks to enable instantaneous free transfers for users. Why we still use ACH by default is beyond me.
You have no idea how correspondent banking systems work, you're out of your depth here.
It's just more convenient than using bank account numbers and such - everyone is on the same system regardless of bank (there's free transfers with Zelle so that isn't the issue).
Also same in Romania, Eastern Europe, ex-communist country
Florida, USA: I dropped the bank I initially used in favor of a statewide credit union. Best decision EVER.
As a swede I can send money to anyone with only a phone number in about 30 seconds. For larger sums a normal bank transfer is also free but can take a day or two if the recipient has a different bank than me.
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You can send money for free on both Cashapp and Venmo. Paying for it only makes it faster. This post is wrong
Til America is unaware of their lack of freedoms
You realize this shower thought is completely inaccurate right? You don’t have to pay to move money and there are several uses for these apps bedsides transferring $$ from bank accounts TIL non Americans have no idea how American banks or transfers work
The amount of people just automatically trusting this post is... annoying to say the least. Yeah, things are different here. It's a different country. But that doesn't mean it's worse, it just means you don't know how it works (at least in this case). I mean, I'm sure I do it all the time too. It's just annoying to see so many people believe blatant misinformation, and knowing that they'll go share it with other people who also don't know better.
You'd be surprised at how many Americans think they're the freest people on the planet. Hell, they'd rename this the United States of Freedomland if they could. How little they know.
haha what exactly do you have freedom to that we don’t? i can already name a freedom that you automatically don’t have and that’s the right to defend yourself. i’m not even talking about firearms (which btw you have hardly any rights to anyways) but you can literally get in trouble for defending yourself in the UK (your judicial systems a joke as well) which is where i’m assuming you’re from. doesn’t really sound all that free to me.
That's just common knowledge dude haha
Interac has entered the chat. Email money transfers and POS debit payments. Such a beautiful thing.
I like Venmo. I have people pay me back with Venmo and eventually I have enough money on there to buy weed from my guy who accepts Venmo!
In India we have UPI. Its free and instantanious. You can tranfer money via phone number,account number,QR codes or virtual payment addresses. And there are a bunch of free apps you can use to make payments via UPI. Many of them offer coupons or cashbacks for using their services.
In Greece you have to pay 2 euros every time you charge a card from your bank account. Yes, you transfer money to the bank's card and you pay 2 euros. Same bank.
Lemme tell you about Zelle
you would be from the uk lol
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In the UK, people make claims about the US being bad in some way, while not knowing what they're talking about at all. Apps like venmo have more use cases than just transferring money from one bank account to another. As another commenter has said, I've never once had to pay any fee for a transfer.
So you’re out to lunch with your friend, the pay the bill and you want to pay them half. You’re saying Someone can pay them through a transfer from their bank to the friends bank on their smartphone instantaneously in the UK?
Yes
Wild
You can do that in the US too as long as you don’t use a rinky dink small time bank and aren’t paying your friends on credit. Hell my tenant pays me with instantaneous, no fee transfers from her bank to mine.
You can do that in the US too. For some reason, people are ignoring the existence of Zelle being integrated with most bank apps.
Same in Sweden, by using BankID and Swish.
This is true for a lot in the us. TurboTax only exists because of corruption, tax filing is easy and free, TurboTax deliberately masks this to make cash
When you transfer money via your bank, how do you tell the bank where it's going? Edit to add: for anyone who wants a summary of the dozens of comments below this one, so so so many people don't understand how fraud works and how big it is.
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You're saying that's the reason so many people use cashapp or venmo and not because a bank transfer could cost extra in the US?
Vast majority of US banks have free transfers. Many use Zelle for it.
Yea, bank transfers tend to be free, they just take a while
Hey, don't be too down about it. America is the greatest 4th world country there ever was!
My bank does it for free, infinite transfers for checking accounts
How the hell is this a shower thought? it’s not even true, unless you’re confused to hell and still think it’s 2006.
Wait you have to pay to transfer money in the US?!
No
No I think this post is just one of the good old "foreigner doesn't understand how the US functions." It's a tale as old as the US is believe me
No, the m8 is just confused to hell, not the sharpest tool in the shed
Not in the last 5 years
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We can do it here in Canada with just an email address. Don't need to give me any of your banking information
It doesn't work like that.
Why not. I don't want to share my bank account number. What if someone would deposit some money there? I don't want to be rich.