Has Brazil Invented the Future of Money?

Re:Has Brazil Invented the Future of Money? by sschueller on Wednesday July 23, 2025 @06:59AM (#44657771)

In Europe at least Switzerland instant IBAN to IBAN costs money. This is because they want to protect the similar payment service called TWINT which charges a high percentage to vendors and is owned by a group of banks. The conflict of interest is a huge issue.

These middle men are not needed and their fees especially not. If I taxes pay for the SNB which is supposed to guarantee that payments can be made then they should also do that for digital transactions, not only cash.

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Re:Has Brazil Invented the Future of Money? by zihotki on Wednesday July 23, 2025 @07:58AM (#44658217)

According to the regulations, https://www.ecb.europa.eu/paym/integration/retail/instant_pa... , equality of charges must be implemented before 9 January 2025 for member states and before 9 January 2027 for non-member states. And SEPA is a euro only. So conversion fees will apply for Switzerland.

There is also another thing in the works based on SEPA instant payments - Wero ( https://wero-wallet.eu/ ) but it will take some time to implement all functionality and roll it out.

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Re:Has Brazil Invented the Future of Money? by Youden on Wednesday July 23, 2025 @07:42AM (#44658076)

Instant IBAN to IBAN in Switzerland doesn't inherently cost money, the cost is just a cash grab by the banks.

BEKB offers a free account with free instant transfers. Hypothekarbank Lenzburg offers free instant transfers on their standard paid account.

Outside of Switzerland, instant SEPA transfers are typically free.

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