Why, Is It In Europe Not Possible To Send Money Transfer In Real Time Like In Thailand?

[Sandman77]

Hello!

Can someone explain me the reason why inside Europe a money transfer need 2 or 3 days, until arrived on the other account!

I wonder that the Thai banks not also want make money with this, and send it in realtime!

When I send payment from PayPal Europe to a Thai bank account last year I wait around 5 days!

In the Internet I read Thai bank international rated down , because of to much corruption , now the waiting time sometime one week!maybe PayPal hold also the money Back who knows ?

Interesting would be, to send money with money brokers or other online paying company's , to the same account ,and stop the time how long to wait!

A Swiss man told me, he wait only 3 days for his monthly pension , until it arrived in Thailand!

Are the Any other country's, in the world where can send money in realtime like in Thailand?

Sent from my iPhone using ThaiVisa app

[Upnotover]

England.

[happynthailand]

USA

[Pseudolus]

Because their banking system takes interest on the transfers. So, the money goes from you into their central pot, gets invested, interest earned on it, and then passed on. It's not a lot for each transaction but by cripes it adds up when you do it for 3-4 days for ever transaction. Effectively, they have an account for want of a better word that with no transactions going through would have a balance of 0, but with millions of transactions going through it is has a constant balance of millions if not billions of bucks. It is the interest on this they want.

Edited July 20, 2012 by Pseudolus

[sosisbesar]

The Netherlands (but at higher fees)

Edited July 21, 2012 by sosisbesar

[Darrel]

Worth pointing out that in the UK one can make electronic transfers from just about any bank account to just about any bank account, for any sum from 1 GB penny up to 10,000 GB Pounds, These often arrive instantly and even the very worst banks manage to do it within 24 hours. This is totally free of charge.

[IMA_FARANG]

I once had to transfer funds quickly from my U.S. bank to a Danish bank....to buy an airline ticket to return quickly to the U.S. because of family emergency.

It took about 3 hours for the entire transaction to clear....taking into account the about 6 hour time differemce bewtween the time zones (Denmark and U.S. east coast).

I had to pay for the original wire transfer request from the Danish bank to my U.S. bank...and my U.S, bank cleared and verified the details by an international phone call to the Danish bank....the U.S. bank charged me for that call.

3 hours for that transfer from a small regional U.S. bank to that Danish bank can't be called slow, can it?

[ddpffft]

i think 7 days is the maximum time permitted, to delay transactions...

paypal to a thai bank account takes 7 days, even if the paypal account is registered with paypal-thailand...

i would like to know, if it also takes 7 days, when the account owners name is thai...

(when a transaction is delayed by paypal, you can see this in your account which states "pending", otherwise it goes immediately out to the bank account)

Edited July 21, 2012 by ddpffft

[TheWalkingMan]

Aside from the banks earning interest, there is no reason that I know of for transfers not to be completed within hours.

[4evermaat]

England.

USA

Good to know england has sped up its banking transfers. But USA, how can you make an instant account-to-account transfer to a non-same bank? Wire transfer is the only way, and some banks used to be so cheap they would wait until 4pm to send out the wires "all at once" vs sending them as soon as the request is confirmed. ACH typically take 2-4 business days to arrive. USAA was one of the fastest banks i've seen at posting incoming ACHs when they see them. Most banks wait until midnight to post transactions. Edited July 23, 2012 by 4evermaat

[Feeld]

In the UK at least the issue of how quickly a bank makes a transfer has its roots in the days prior to electronic banking when a cheque took at least three and sometimes four days to clear, over time the banks got like that because it meant they could "play the float" (invest your money for their benefit). But the promised cost savings of electronic banking meant that the banks would have to spend less on cheque clearing facilities whilst continuing to keep the three/four day clearing times, eventually APACS said enough and now we see some concesionary transactions being made in real time, free of charge.

But it's clear that the banks want their cake and eat it too, they want to do away with paper based cheque processing because it costs them a lot of money but they want to retain their ability to "play the float", that's why real time transactions over £10k will still cost you money. Just to put this into perspective, it's been about thirty years since electronic banking was first put in place in the UK but only fairly recently that free instant transfers have been allowed across the board! Doubtless banks in many other western countries are similar.