In my native Sweden people can send money to each other directly from their own bank accounts via a mobile app instantaneously for free over the Swish network. The limits are up to a temporary maximum amount of approx. 18 535 USD (150 000 SEK) and down to a minimum amount of approx. 12 cents equivalent (1 SEK). More than half the population are using it already [1].

Bank wire transfers within the entire EU is regulated by the SEPA framework which basically means that banks are not allowed to charge more for a intra-EU transfer than a transfer within the same country. This allows me to send money between my EU bank accounts for a fee that is usually between 1-3 EUR and never more than that. The transactions take one bank day to clear in my experience.

Currently, the EU equivalent of Swish is being rolled out. It's called "SEPA Instant credit transfer" [2] and will work pretty much the same as Swish, except with coverage over the entire EU.

The money is insured [3] and faulty transactions can be reversed with due process in many cases. [4]

It's unfortunate you have to have these experiences with your banking system - it does not work like that all over the world, however.

Also: Can someone please enlighten me on what we need "the blockchain" here for?

[1]: https://medium.com/@etiennebr/swish-the-secret-swedish-finte...

[2]: https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

[3]: https://ec.europa.eu/info/business-economy-euro/banking-and-...

[4]: https://www.metro.se/artikel/det-h%C3%A4r-g%C3%A4ller-om-du-...