real-time money transfers within US

[CaptHaddock]

This month a consortium of 30 large US banks has launched Zelle, a free, real-time money transfer system.  So, in terms of timeliness the US banking system is now catching up with the Thai banks.  USAA Federal Savings Bank is one of the participating banks.  The option to do a transfer via Zelle has now appeared in the USAA mobile app under "Transfer."   I haven't done a Zelle transfer yet myself.  Apparently, you only have to enter the email address or phone number of the recipient.  Perhaps at the initial stage only those with accounts at a participating bank can receive transfers, but I don't know. 

 

Anyway, a useful development for us expats even if we won't necessarily use it frequently.  Would be nice if Bangkok Bank were to become a Zelle participant.

[tonray]

hmmm...sounds a lot like Paypal

[CaptHaddock]

40 minutes ago, tonray said:

hmmm...sounds a lot like Paypal

I trust the banks a lot more than I trust Paypal.

[JimGant]

Probably "real time" between the US and Thailand isn't in the cards for awhile. But I was pleasantly surprised to see that an ACH transfer request, at 4:00PM Thai time on Tues, 27 June, arrived in my Bangkok Bank account at 9:09AM Wed, 28 June. Almost as fast (or, now, maybe the same) as a SWIFT wire transfer. And, of course, a lot cheaper. This was with USAA -- recognized as a faster ACH operation than, say, Bank of America -- so your mileage might vary. Nevertheless, with USAA,  having a one-day money transfer option, via ACH, to my Bangkok Bank account is nice. And, USAA allows you to raise the daily sending limit well above the canned $5000 amount (I sent $30k Tues, with no problem).

 

 

[CaptHaddock]

16 hours ago, JimGant said:

Probably "real time" between the US and Thailand isn't in the cards for awhile. But I was pleasantly surprised to see that an ACH transfer request, at 4:00PM Thai time on Tues, 27 June, arrived in my Bangkok Bank account at 9:09AM Wed, 28 June. Almost as fast (or, now, maybe the same) as a SWIFT wire transfer. And, of course, a lot cheaper. This was with USAA -- recognized as a faster ACH operation than, say, Bank of America -- so your mileage might vary. Nevertheless, with USAA,  having a one-day money transfer option, via ACH, to my Bangkok Bank account is nice. And, USAA allows you to raise the daily sending limit well above the canned $5000 amount (I sent $30k Tues, with no problem).

 

 

How do you raise the daily limit?

[JimGant]

Quote

How do you raise the daily limit?

I did this several years ago with a phone call. I'm not sure if I asked definitively for $30,000 -- or that is what they offered. Also, I've been a member since 1967, and that maybe had something to do with it. Another member on this forum who requested a raise was only allowed $15,000. He'd been a member of USAA for much less time than me, 'tho I'm not sure if that was why only $15k (which still isn't a terrible cap).

[CaptHaddock]

2 hours ago, JimGant said:

I did this several years ago with a phone call. I'm not sure if I asked definitively for $30,000 -- or that is what they offered. Also, I've been a member since 1967, and that maybe had something to do with it. Another member on this forum who requested a raise was only allowed $15,000. He'd been a member of USAA for much less time than me, 'tho I'm not sure if that was why only $15k (which still isn't a terrible cap).

I once tried to raise the limit in a phone call to USAA and was rudely refused. 

[Pib]

9 hours ago, JimGant said:

I did this several years ago with a phone call. I'm not sure if I asked definitively for $30,000 -- or that is what they offered. Also, I've been a member since 1967, and that maybe had something to do with it. Another member on this forum who requested a raise was only allowed $15,000. He'd been a member of USAA for much less time than me, 'tho I'm not sure if that was why only $15k (which still isn't a terrible cap).

Me got it raised from $5K to $15K.  Called USAA advance to talk what was req'd...simply could not get raised by a simple phone call....they said a written request by mail, fax, or ibanking secure mail and they would consider my request to raise the limit.  I sent a request via USAA ibanking secure email with a paragraph of justification asking for at least $15K but $20K preferred...the request was approved for $15K within 48 hours.

[Pib]

Info on ZellePay like how it works...and yeap as of today USAA is on the limited list of banks currently using it...total of 9 banks using it right now but they are major banks.  The site also shows 25 more major banks as of today to participate soon.   But with thousands upon thousands of banks and credit unions in the U.S., it may be while before Zelle is possibly used by many U.S. banks/credit unions

https://www.zellepay.com/

 

And above webpage also expands how to receive funds via Zelle if your bank doesn't use Zelle yet.   Apparently you will need to register with another website called clearXchange (now owned by Zelle) where the person could receive the funds and then it will take 1 to 2 days to get the funds transferred to the receiver's  non-participating bank but with no fee.

https://www.clearxchange.com/faqs

Edited June 30, 2017 by Pib

[CaptHaddock]

The credit unions will be participating in Zelle transfers through a pre-existing network for credit unions.  So, once Zelle rolls out to the credit union network it could be implemented rapidly by the CUs themselves.

[Pib]

Seems like this new system will really reduce fees (profits) for banks/credit unions, as many charge a fee for even ACH transfers that many banks do for free.   Small credit unions are usually the worst when it comes to charging fees for transfers.  And with banksters being fee-oriented I'm somewhat surprised any bank/credit union offering a transfer system that reduces the amount of transfer fees (profits) they collect.   Maybe this is really just a Trump campaign promise which won't come true/will end up being radically different from promised.   

[CaptHaddock]

1 hour ago, Pib said:

Seems like this new system will really reduce fees (profits) for banks/credit unions, as many charge a fee for even ACH transfers that many banks do for free.   Small credit unions are usually the worst when it comes to charging fees for transfers.  And with banksters being fee-oriented I'm somewhat surprised any bank/credit union offering a transfer system that reduces the amount of transfer fees (profits) they collect.   Maybe this is really just a Trump campaign promise which won't come true/will end up being radically different from promised.   

Apparently, the banks developed Zelle in response to the challenge from Venmo.  They will lose money on Zelle, but presumably that's preferable to whatever further preemption Venmo and others might have up theirs sleeves.  Maybe banks will go the way of newspapers and travel agents eventually.