I don't see anything in PSD2 that prevents direct person-to-person transfers between banks. SEPA (https://en.wikipedia.org/wiki/Single_Euro_Payments_Area#Char... ) already requires banks to allow free transfers (with a few rare exceptions).

In Lithuania all you need is IBAN number and receiver's name for in-country transfer. Money are pushed around 3x a day.

It's more or less the same in whole SEPA area. Receiver's bank details (name + swift + address) are needed for international transfers though. I know for a fact that's all I needed to make payments to Poland and Germany. I received transfers from other EU countries with these credentials too.

You're not talking about the PSD2 thing in Europe, are you?

In the EU country where I'm from, you do pay a percentage fee each time you make a transfer to an account from a different bank.

That's simply not true. SEPA explicitly states that all SEPA transactions should cost the same amount of money. Either your bank is ripping you off, or you're not using SEPA.

Clarification: that is to say for the same originating party. Different banks can charge whatever they like, but always the same amount for any SEPA payment, regardless of the target bank.

Hey, come and tell my bank in Cyprus. I am getting ripped off for literally hundreds of euros in fees every month on SEPA charges. I actually looked into this when they were finally forced to offer SEPA (still a hidden thing in their online banking) transfers, and I noticed they charge the same as for SWIFT. When I brought it up they said "if you make a big deal about it we will close your account"

Where does it say that? EC 924/2009 only says that the cost for a cross-border transfer must be the same as a corresponding national transfer, not that it must be a fixed amount. Furthermore, it leaves at the discretion of the national regular what a "corresponding transfer" means.

What would be the difference between "the same" and "a fixed amount"? If it is "the same" for all transfers, would that not be a "fixed amount"?

It's not the same for all transfers. It's the same for a cross-border transfer as for an equivalent national transfer. Meaning that they can charge a percentage of the transfer, rather than a fixed amount, as long as they charge the same percentage for a national transfer.

And that is partially why the thing in the article is so great: simply go to a German bank where there are no SEPA fees in the Euro area and be done with it. Lithuanian banks will realize at some point when their customers flee to other European countries.

that's already possible (single market etc.). It's just not widely used because people rarely trust banks without a local branch.

Where is that? SEPA room?

In germany all SEPA transfers are free

Lithuanian there.

SEPA (both intra-country and SEPA-wide) transfers cost money. FFS, even in-bank transfers cost money. €0.10-0.40, depending on transfer direction, bank and wether done online or in-person. But banks are happy to wave fees if you signup for a discount package (debit card + iban acc + free withdrawal + free transfers) or eligible for premium account for one reason or another.

In Germany most SEPA transfers from consumer accounts are free (but there are exceptions). Many if not most business accounts charge per transaction.

That's wrong.

It's not. Should I send you my business contract with a German bank?

"All transfer are free for my particular contract with a specific bank" is not the same as "In Germany all SEPA transfers are free".

I don't pay for SEPA transfers either. But they're not all free in my country.

Quoting the SEPA-Wikipedia page: "Banks and payment institutions still have the option of charging a credit-transfer fee of their choice for euro transfers if it is charged uniformly to all EEA participants, banks or payment institutions, domestic or foreign."

Which my bank does.

Can you do both SEPA transfers and direct debit for free on that business account? If yes, I would be very interested. What's the name of this magical bank and do they take new customers?

In the UK you can do this and the payment is settled in the beneficiary's account within minutes.

FWIW, there are services in the US that allow you to do this. I've done it with Wells Fargo, for instance. It might not be as standardized as in some other places, though, and I agree with your general frustration over the state of banking and financial transaction practices in the US.

Its so strange that the US still uses checks.