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Comment by smcf | Hacker News Reader

Didn't get a mention in the article but Singapore's PayNow is magical. Direct bank-to-bank transfers that operate instantly 24/7, and for free. QR code-based so it's not uncommon to pay at retail outlets with this method; some shops will only accept PayNow or cash, because they're free. You can also pay directly to someone's NRIC (national ID number) or mobile number so you don't have to tack in their bank details or get a QR code from them.

Honestly the only thing that isn't perfect about this system is that there's no hyperlink standard. If you want to pay a PayNow QR code on your phone, you have to screenshot the QR code and then share it to your banking app. Would be nice if you could just tap the QR code. Other than that it's hard for me to imagine a better payment system.

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We have the same here in Luxembourg (name is Payconiq). It starts being accepted a bit everywhere. We scan the QR code with our banking app and it sends the money instantly. Some providers (telcos, electricity, etc.) started putting QR code on their invoice. Very convenient. Otherwise we pay nearly everything by bank transfer.

In México, we have SPEI. Allows free instant transfers between bank accounts (with some exceptions). We employ an 18-digit code (CLABE), and debit card numbers are also permitted. You can add a phone number to your bank account to receive money transfers with it. SPEI supports push and pull, the latter being less common. SPEI can be utilized to remit payment for certain credit cards and specialized services. CLABE 18-digit codifies the bank, account location, account number and a verify digit. SPEI is managed by a subsidiary of the Mexican central bank. For a country where many things work slow a clunky, SPEI woks surprisingly well and fast. We really missed it when we tried to send money outside of Mexico.

Canada has that too, it's great!

Did you mean interac? If not, could you provide more context please?

Probably Interac E-Transfer, yeah. I can’t think of any other. I use it all the time. Free. You send it to an email address, and then the recipient accesses it through their bank account with the password you gave them. Max $3000. Can sometimes take 10 mins to appear so it’s not great if you’re standing there trying to buy an CX990 elliptical from someone…

It is not universally free unfortunately.

Which banks still charge for it? Tangerine, Scotia, and RBC have it for free at least.

Simplii is also free.

I think Royal and Desjardins charges

I have the basic $4 RBC account and it's free for me.

Free for Desjardins too.

I don't know about the banks but some credit union accounts have a fee for it.

Czech republic too! \o/

What is the transaction size limit though?

S$200,000 (~US$150,000) per transaction in principle; some banks impose lower limits.

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