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See, that’s what the app is perfect for.

Sounds perfect Wahhhh, I don’t wanna
voxette-vk
voximperatoris

Forget Bitcoin: I could mail someone physical gold coins in a shorter time than it takes to fully transfer money from one bank account to another.

I just don’t understand why this is…

argumate

antiquated systems? transfers are typically overnight or in some cases close to immediate within Australia, but international can be anywhere from 24-72 hours depending on the banks involved.

voximperatoris

I just don’t understand what the bottleneck is. Are they using the Pony Express to deliver the request from one bank to the other?

I can take a picture of a check and deposit it into my bank account overnight. That’s about the fastest thing I can think of involving banks.

Anything else, such as withdrawing money from any kind of online service (such as Paypal or whatever) takes at least 3 business days. It even takes 4 business days for my dad to send me money electronically—and he uses the same bank!

This post was prompted by the fact that I was just told by Amazon that withdrawing $13.49 from Mechanical Turk (yay, surveys!) would take 5-7 business days before it is actually spendable in my bank account. ?!?!

mitigatedchaos

Don’t they collect interest on the money while they wait to transfer it?  

Supposedly it would be in their interests to transfer money faster, but since everyone does it, and a faster money transfer presumably would not get them a significant number of new customers because it isn’t particularly glamorous, what’s their incentive to do better?  

Not that I haven’t always been annoyed at it, too.

capitalism