How popular are instant bank transfers in Europe? (sales, mortgage)
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In my opinion, the United States has a very antiquated bank system. For instance, they have not adopted the IBAN system for wire transfers.
And in my opinion, backed up by years of experience w/domestic US, EU, and Asian banking systems, I totally disagree. BTW, why would the US pick up the EU check routing system?
Let's not lose sight of the fact that it is far, far easier to handle a relatively few transaction sources - unlike the US, which has thousands upon thousands of account sources + multiple time zones.
And in my opinion, backed up by years of experience w/domestic US, EU, and Asian banking systems, I totally disagree. BTW, why would the US pick up the EU check routing system?
Let's not lose sight of the fact that it is far, far easier to handle a relatively few transaction sources - unlike the US, which has thousands upon thousands of account sources + multiple time zones.
I am pretty sure my Norwegian bank disagree . Wire transfers within the EU is very easy. You only need an IBAN and a BIC. It is also very cheap, especially for individuals. My bank does not charge me anything if the payment is in EUR.
I handle transfers to American companies several times a week. It quite easy if they use a large bank. Then I can wire the payment directly to their bank account (bank account number + BIC or ABA). If they use a local bank the transfer has to be sent via one of the larger ones. If something goes wrong you can lose track of the transfer. That is not great.
Three-four time zones should not be a problem. Remember, we live in a high-tech, 24/7 society.
And in my opinion, backed up by years of experience w/domestic US, EU, and Asian banking systems, I totally disagree. BTW, why would the US pick up the EU check routing system?
Let's not lose sight of the fact that it is far, far easier to handle a relatively few transaction sources - unlike the US, which has thousands upon thousands of account sources + multiple time zones.
Relatively few? Given the atomised nature of banking in the USA banks in Europe are geraly larger than their American counterparts. The supertsticious attitude of Americans towards bank transfers is reminiscent of a peasant's reaction after seeing a car for the first time. It's not voodoo, for goodness sake. The system is not going to crash.
Two out of the three times that I purchased items from German businesses, I was asked to wire the funds directly to their bank account. I understood that's because their banks charge a higher rate for credit card transactions which many European businesses would rather not lose that percentage. They tend to place the burden on the buyer to transfer the funds at their own expense. And that's understandable considering their higher tax rates.
Because I didn't know any better for the 1st transaction, I was charged ~$29 by my local bank to convert some Dollars to Euros and to wire the funds. But the 2nd time I searched for currency transfer outfits that provide the same basic service but at a much lower cost. A few that I found were Xoom, Currency Online Limited and Western Union Business which was the one that I used.
Another shop that I purchased items from requested the payment by Paypal.
And whenever shipping goods internationally, I've always insisted on the funds being transferred by Paypal which has never been a problem since they all had a Paypal account in their own country.
They tend to place the burden on the buyer to transfer the funds at their own expense. And that's understandable considering their higher tax rates.
?
The bank charges in the EU are mostly shared (sender /recipient). I do not understand what is has to with higher tax rates. Is not the corporate tax very high in the U.S.?
I am pretty sure my Norwegian bank disagree . Wire transfers within the EU is very easy. You only need an IBAN and a BIC. It is also very cheap, especially for individuals. My bank does not charge me anything if the payment is in EUR.
And it's even easier & cheaper in the states, as so called "check cards" are accepted almost everywhere....
Quote:
I handle transfers to American companies several times a week. It quite easy if they use a large bank. Then I can wire the payment directly to their bank account (bank account number + BIC or ABA). If they use a local bank the transfer has to be sent via one of the larger ones. If something goes wrong you can lose track of the transfer. That is not great.
Again, sure, such "business" is easy when the overall size is limited. Remember, though, there are literally thousands of consumer/small business banking institutions across the US, whilst most EU nations have dozens at most...
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Three-four time zones should not be a problem. Remember, we live in a high-tech, 24/7 society.
??? You're forgetting the baseline time to settle accounts - books aren't balanced on the fly...
americans are tired of silly nonsense posted @ every aspect of life, and end up having to explain the basics to those unwilling or unable to comprehend.
Americans get weirdly defensive when their ways of life are challenged as being inferior, and end up coming out with silly nonsense.
We aren't inferior. Nothing is, nothing ever has been, nothing ever will be. That's why we are a world power. We just don't use weirdly worded sentences.
So, now we got that covered.
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Originally Posted by mayhem_223
lol, no response amazing. So plenty of useless vague questions on this forum like "which country has best economy" but ask for any specifics in a named industry like banking between countries and there is zero response. I'm pretty sure, no one in this forum cares "Why the EMV adoption on credit cards in the US is slow". But Im pretty sure, mass of sheepeople would be quick to answer "what is best country on earth"!
In a bad mood today? You didn't ask anything.
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Originally Posted by tgauchsin
Instant bank wire transfers here in the US are uncommon. They are also prohibitively expensive. The only time I can remember ever having to do one is when I sold my home. Whenever I hear of "instant bank wire transfers" - or Western Union for that matter - I think SCAM!
You can do it between BoA accounts, for instance, and it's free of charge. If I want to give somebody money, I'll write him a check. Or I use the online bill pay option. Yes, it would be nice if it was an option, but Europeans don't use checks and many times I like/prefer using a check. Some countries just handle certain things differently.
By the way, those transfers are not "instant", as stated in the OP. It takes a day.
Last edited by Glucorious; 10-17-2012 at 09:23 AM..
And it's even easier & cheaper in the states, as so called "check cards" are accepted almost everywhere....
Again, sure, such "business" is easy when the overall size is limited. Remember, though, there are literally thousands of consumer/small business banking institutions across the US, whilst most EU nations have dozens at most...
??? You're forgetting the baseline time to settle accounts - books aren't balanced on the fly...
Do businesses use check cards? If so, is not suitable for (larger) companies. All payments are transferred directly from the ERP system to our bank here in Norway. It does not matter if is a domestic, European (IBAN) or an international payment. Our bank and the Norwegian clearing system sort this out.
Number of banks (like DNB, Nordea and so on) in Norway: 132. That is quite a lot for such a small country (5 million people). There are thousands of banks in the eurozone (around 6,800 in 2010).
It is possible to settle accounts several times per day for domestic payments. That is what is done here in Norway.
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. Wire transfers within the EU is very easy. You only need an IBAN and a BIC. It is also very cheap, especially for individuals. My bank does not charge me anything if the payment is in EUR. 
