Re:N26 will be leaving the UK
by raverbashing on Wednesday February 12, 2020 @02:26AM
(#22306687)
Rest of the world: looks like Zelle most of the time (some occasions it's +1 day)
Banks in Europe: There might be a fee in some cases but I don't remember paying one (or it's <$5). Rent or similars are just recurring SEPA payments (it's a push - not a direct debt)
But can people (not business) initiate ACH transactions?
Re:N26 will be leaving the UK
by inferiorhuman on Wednesday February 12, 2020 @03:12AM
(#22306900)
But can people (not business) initiate ACH transactions?
Yes. I used to do it to move money between checking accounts at different institutions. I don't think I've ever had an account that charged for ACH transfers. Meanwhile Zelle isn't supported by exactly one financial institution I use (but not one I use for banking).
Zelle: effectively instant, requires both banks to be on the network, free. Relatively new and many people who could use it don’t.
ACH: a few days, effectively ubiquitous, very small underlying charge infrequently marked up to ~$3 by the bank.
Wire transfers: not quite instant but close during banking hours, effectively ubiquitous by institution but often a pain for retail users to access due to risk profile, underlying cost is about $5 and often marked up to $15~$20.
The UX of the P2P payment apps is much, much better than any of the above, and would be what I’d reach for for a transfer in the $X0 range contingent on my counterparty being likely to use apps.