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A comment on Apple in Talks with US Banks to Develop Mobile Person-To-Person Payment Service. Parent comment

Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by seekingcharlie on Wednesday November 11, 2015 @06:30PM (#10550173)
This still astounds me.

I'm Australian but also hold a US account. The difference in ease between the two is insane. I cannot believe how difficult it is to simply wire money from a US bank account. In Australia, you can make a free transfer entirely from web/app and it will be received, often the next day.

It's no wonder why Paypal/Venmo are so huge in the US...

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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by Veratyr on Wednesday November 11, 2015 @06:37PM (#10550211)
Not only that, in Australia to pay rent you can just set up BPay or an automated transfers. You can also wire your deposit to most landlords.

In the US they want cheques and money orders. It's insane.

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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by alastair on Thursday November 12, 2015 @03:27AM (#10551958)
FYI the Australian Payments Clearing Association is building a new payments platform to enable instant transfers and is expected to be operational by the second half of 2017:

http://www.apca.com.au/about-payments/future-of-payments/new...

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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by mixmastamyk on Wednesday November 11, 2015 @09:10PM (#10550856)
In NZ it is immediate if same bank, 10pm that night if different. That few hours though can be nice if you change your mind.
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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by lancewiggs on Wednesday November 11, 2015 @10:46PM (#10551186)
On my New Zealand business account we can see transactions turn up every hour - that's how often they are cleared between the major banks. And my personal credit card balance on my mobile app changes seconds after I make a purchase.
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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by rahimnathwani on Wednesday November 11, 2015 @08:58PM (#10550818)
"In Australia, you can make a free transfer entirely from web/app and it will be received, often the next day."

In the UK or China, it's minutes/hours, as long as you do the transfer before a certain time.

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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by seekingcharlie on Wednesday November 11, 2015 @09:52PM (#10551004)
Sorry, should edit that - it's immediate for us in Australia if you have transferred to a certain person before OR if you use the same bank.

It's the next day for external banks / people that you haven't transferred to before.

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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by rahimnathwani on Thursday November 12, 2015 @01:37AM (#10551646)
"It's the next day for external banks / people that you haven't transferred to before."

OK - so you're still a touch behind the UK and China ;)

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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by seekingcharlie on Thursday November 12, 2015 @11:39AM (#10554202)
Agreed. Still miles ahead of the US! ;)
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Re:Apple in Talks with US Banks to Develop Mobile Person-To-... by sjwright on Thursday November 12, 2015 @12:01AM (#10551393)
And I believe the big four banks are working on increasing that to four clearances per day.
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