It's not a banking industry problem. It's an obsolete American banking industry problem.
EU didn't innovate their way, it was regulated into place.
The trick with an unsexy thing like low-cost bank transfers is finding a way to make it attractive to consumers at the time they select a bank.
Few people, not nobody. I picked my bank because they don't charge for incoming and outgoing wires. (Downside: no Zelle.)
This very same symptom can be seen in US and Canadian ISPs: there is just not enough money in certain markets for them to compete against each other, and they don't, so the government should definitely step in.
Perhaps the government stepping in is better for the societal “greater good”, I’ll have to think about this and come to a personal conclusion.
From what I hear in Germany, instant transfers always cost extra unless your bank account has a high fee. But that might just be us.
I have been reading about instant transfers and I think the banks don't have to pay for individual transfers, they pay a fee for being part of the SEPA system. If that is correct, then every cent you bank charges you for an instant transfer goes directly to their pockets.
I have been reading about instant transfers and I think the banks don't have to pay for individual transfers, they pay a fee for being part of the SEPA system. If that is correct, then every cent you bank charges you for an instant transfer goes directly to their pockets.