this post was submitted on 27 Jan 2025
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cross-posted from: https://lemm.ee/post/53805638

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[–] [email protected] 29 points 3 days ago* (last edited 3 days ago) (3 children)

It took weeks to move big money around.

Lol this is just either a statement out of ignorance or a complete lie. Wire transfers didn't take weeks. Checks didn't take weeks to clear, and most people aren't moving "big money" via fucking cash app either.

"Big money" isn't paying half for an Uber unless you're like 16 years old.

[–] [email protected] 8 points 2 days ago (2 children)

In europe i can send any amount (like up to 100k ) in just a few days since 20 years, to anyone with a bank account in europe, from my computer or phone.

Also, since 2025 every bank allows me to send istant money to any other bank account. For free.

[–] [email protected] 1 points 2 days ago (2 children)

Because they have to compete with crypto.

[–] [email protected] 2 points 2 days ago

For the istant money from 2025 I Agree, but the bank transfer part is like that since 20 years

[–] [email protected] 1 points 2 days ago

Absolutely my point

[–] [email protected] -2 points 2 days ago (1 children)

So not any amount then. My point stands

[–] [email protected] 1 points 2 days ago

True, never had a need in my life to move such an amount tho

[–] [email protected] 0 points 2 days ago (1 children)

It's not a statement out of ignorance and it's not a lie. Most people don't try to move huge money around so I'll illustrate what I had to go through - I had a huge sum of money I had in an online investing company. I had a very time critical situation I needed the money for, so I cashed out my investments - the company only cashed out via check sent via registered mail (maybe they did transfers for smaller amounts, but for the sum I had it was check only). It took almost two weeks for me to get that check. When I deposited that check with my bank, the bank had a mandatory 5-7 business day wait to clear (once again, smaller checks they deposit immediately and then do the clearing process - BIG checks they don't do that, so I had to wait another week). Once cleared, I had to move the money to another bank, and guess what - I couldn't take that much cash out, daily transfers are capped at like $1500 or whatever they were, so I had to get a check from the bank. The other bank made me wait another 5-7 business day as well, because the check was just too damn big.

4 weeks it took me to move huge money around, and of course I missed the time critical thing I really needed the money for.

I'm just a random person, not a business, no business accounts, etc. The system just isn't designed for small folk to move big money

[–] [email protected] 1 points 2 days ago

It doesn't take weeks to do a wire transfer. You had some one off weirdo situation and you're pretending like it's universally applicable. It took me longer to cash out 5k of doge a couple of years ago than it takes me to do "big money" transfers.

[–] [email protected] -2 points 3 days ago* (last edited 2 days ago) (2 children)

It depends on the bank and the amount you are trying to move.There are banks that might take a week (five business days) or so though very rare and there are banks that might do it instantly. I once used a bank in the US to move money and they sent a physical check and this was domestic not international.

Edit: I thought he meant a week not weeks. Normally a max of five working days.

[–] [email protected] 5 points 3 days ago (1 children)

Wire transfers are how you handle actual big money transfers and it doesn't take weeks.

[–] [email protected] 2 points 3 days ago* (last edited 3 days ago) (1 children)

International transfers do take time, domestic is instant. International transfer typically take 1-5 days.

[–] [email protected] 3 points 3 days ago (1 children)
[–] [email protected] 3 points 3 days ago

Oh, I thought he said days not weeks. If it takes weeks they probably suspect you of money laundering.

[–] msage 4 points 3 days ago (2 children)

Big money is being held because of anti-money laundering, not because of technology.

[–] [email protected] 1 points 2 days ago

Money is held so that interest can be earned on the float.

[–] [email protected] 1 points 3 days ago* (last edited 3 days ago) (1 children)

I am not taking about money being held, I talking about regulations and horrible banks not technology. Yes, the current technology allows you instant transfer, but it still depends on the bank. For example some banks allow free international transfers while others require a small fee, some banks you can do the transfer online while others you have to go to the branch in person. You don't have to go through a bank with crypto, sometimes it is faster and it is definitely more private.