Mfw the rest of the world just has bank transfers
this post was submitted on 02 Sep 2025
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nearly every bank in the US uses Zelle which lets you send money to another persons account with no fees, just using their phone number. for some reason people just prefer to use stupid shit like venmo.
But it's a fucking 3rd party app that skims. Nothing in the USA is just straight forward. There's always someone making a buck off of your service.
Saunt Neal Stephenson predicted this and so it has come to pass.
most banks have zelle built into their own app. yeah zelle charges the bank a fee when you use it, but typically you aren't paying any, unless you use a really shitty bank.
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Nearly....but some don't. And that is the problem. Other countries have bank transfer figured out and not dependent on voluntary adoption from a 3rd party service. I was very surprised when I learned how behind the US is on banking, even compared with some "3rd word" countries.
American tourists still get upset when they can't swipe and sign the receipt, and rant about how insecure chip and tap cards are.
I am so glad I don't work retail anymore.
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Working at Walgreens the amount of fuckers with apparently tons of money needing to load their chime or cashapp is fucking insane. Like do you dumbfucks not have bank accounts.
By their appearance I am convinced its all drug addicts or drug dealers. But it is insane. I only thought cashapp was kids or I have used it for Facebook market.
It just shocks me the amount of people using these things as their main source of storing money. Like my ex who uses Paypal.
Probably not true for ALL of them but there's plenty of people who can't open bank accounts. People with bad credit/overdrafts, criminal history for fraud, undocumented immigrants, the homeless, etc
Wait, you can't open a basic chequing account with bad credit? I've never heard of this before.
It's not really credit score it's a seperate system. Basically if you ever default on a bank account then you wind up in the CHEX system and you're basically fucked for a long time when it comes to opening bank accounts. Defaulting on a bank account will put you in the CHEX system and ruin your credit score but a bad credit score alone won't put you in the CHEX system.
My mom did it in the past where she had a bank account go severely negative due to predatory overdraft fees and she abandoned the account rather than paying it. 5 years later she still couldn't open a regular checking account anywhere without having someone cosign on it.
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Right, I'd just get their account number and sort code, and can transfer securely for free, normally immediately or at least within 2 hours if their bank also uses SWIFT, which they all do.
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Actual question: why don't Americans just transfer money using a normal baning app? I just have to open the app of my bank. Enter the IBAN, name and amount, confirm and the money will be sent pretty fast. No need for either party to use any third party app.
We don’t have IBAN. Worse, we have routing and account numbers that CAN be used for an ACH transfer but many banks are disabling this functionality on personal accounts because people kept falling for scams.
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American banks use ACH, and requires both a routing number (a bank identifier) and the account number.
But theres a reason to prefer a transaction service over direct ACH. And that is settlement time. A service like zelle, the transaction is done in real time as in the money will appear in your account within an hour. But ACH does batch settlements, and that can take up to 3 days (though its ussually a day) before the money appears in your account.
Europe manages it instantly, or in rare cases that I've never seen in under 10 seconds. Honestly, three days is sad, its 2025, do they print it and put the boxes on a plane?
They transfer nightly xml files over FTP. It’s a whole thing.
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This is madness. Im Australian banking with CBA (a popular bank) and I can send 20k to my mum's bank account at ANZ (another big bank) and she receives it in her account in 30 seconds or less.
We even have a thing called PayID which links your account deets to a mobile number or email address, and so if I go out to dinner with friends and we want to split the bill, I just tell them to PayID my mobile number and I get it within 30 seconds, no 3rd party FinTech required.
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The evil trinity of American excellence:
-
Healthcare System
-
Banking System
-
Temperature Units
I didn't know just how fucked up it all was until I moved to Canada.
Also:
- Car dependency
- Tax filing companies
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Floorp is actually my browser of choice, it’s kind of like the Vivaldi of firefox
I accidentally floorped my underwear the other day when I sneezed too hard.
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Too bad there's never been some sort of federated infrastructure for managing monetary transactions. It would be an awesome thing if it existed, and people definitely wouldn't just naively bandwagon against it and simply call it a scam if it did.
There is, it's called SEPA instant payment, and every single bank uses it. The tiny catch is that you have to be in Europe for it.
Also called payid. Instant payment, every single bank supports it, can register your phone number, email address, business number to your account so anyone with one of the Jose details can pay you. Tiny catch is you have to be in Australia
Also called Pix. Instant payment, every single bank supports it, can register your phone number, email address, business number or get a random key to your account so anyone with one of the those details can pay you. Tiny catch is you have to be in Brazil (Btw I heard we are exporting it to other countries)
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I pull out a crisp $5 bill from my wallet and hand it directly to the other person.
I call it HumanPay.
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Laughs in PIX
Visa and mastercard are actively trying to shut pix down, fuck those guys, I only use pix now
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Serious question to Americans: why don't you pay your friends in cash instead of dealing with this bullshit?
I do. It's literally the only reason I carry cash around. I'm not comfortable banking on my phone.
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I'm harping on my friends to set up autodeposit. There is no reason to manually accept money, just let people give you money when they want.
If you need to log in, it's because you are giving somebody money. Way harder for people to scam if that's the case for everybody.
I do like that banking apps warn you that your payment might be a scam, but the number one rule I have after 25 years in computers is that nobody reads anything. Ever.
If they've opened that app and it's a scam then they're getting scammed. No amount of scary messages is going to stop that. They think the FBI takes iTunes vouchers ffs.
How much of this stuff is made up? I know Venmo is real, but a lot of the rest sounds like parody names.
Everything after Zelle is made up
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I hope this isn’t advocating for consolidation or a duopoly in the fintech space.
It best be advocating for interoperable standards that are not controlled and profited from by a limited number of rent seeking corporations.
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you dont need to install zelle it came free with your fucking bank account
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Easier to just give your friend a BJ and call it even. Several if it’s a big bill.
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I just go into my bank app and use their phone number for a transfer ¯\_(ツ)_/¯ takes like 15 seconds from me opening the app to them having the money
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