Hacker News Reader

The US is the US, but in places like the EU and Australia, consumer level inter-bank transfers are now taking a few hours, minutes or seconds, at a price between free and less than $1.

It's sort of a constructive proof that you don't need crypto currency, if that's the justification for its existence.

View on HN

"I can get from A to B on foot. I can even ride a horse and be there 10x faster. It's sort of a constructive proof that you don't need cars."

it's really mind boggling to me they take $1 at all. Why? Banks have a myriad ways to make money instead of taxing consumers (and overwhelmingly the small fish). It's 2019 and cash has 0 cost to transfer.

In the UK, the Faster Payments Service enables near-instant transfers (usually a few minutes) that are typically free to the consumer. This network has been operating for more than a decade.

[0] https://en.wikipedia.org/wiki/Faster_Payments_Service

yet it costs me $10 to send $500 to the UK and $39 to send to the US. And even more to receive.

Try http://transferwise.com/, that's what I usually use.

not available for the kind of businesss payments i want

Reply on news.ycombinator.com