Comments on: Transferring money gets easier http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Weevie http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21469 Fri, 03 Dec 2010 17:48:11 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21469 The Custom House division of Western Union (based in Victoria, BC) is a great service for international money transfer. You can set up wires, electronic funds transfer (account to account) or mail checks. The fees are quite competitive with banks.

]]>
By: TinyTim1 http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21437 Thu, 02 Dec 2010 16:30:43 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21437 Giving out your bank details is not necessarily risk free, as Jeremy Clarkson would be happy to explain…
http://en.wikipedia.org/wiki/Jeremy_Clar kson
Search that page for “Diabetes UK”.
I am glad to say he allowed them to keep at least one month’s direct debit.

When I moved to the US from the UK I genuinely asked to speak to a manager rather than the monkey on the phone who was telling me that “bank transfers” meant someone at the bank wrote and mailed a cheque on your behalf.
As so often the case, the monkey was right…

]]>
By: lwolle http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21432 Thu, 02 Dec 2010 15:36:43 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21432 Felix,

Transferring money in Canada between two people is anything but free. The cost is at least $1.50 and since most transfers are for amounts less than $100, it’s actually quite expensive.

]]>
By: ErnieD http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21427 Thu, 02 Dec 2010 03:36:32 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21427 Please keep in mind that these are the same organizations that couldn’t figure out how to transfer mortgages to MBS trusts and then can’t even find the mortgage notes for assets worth hundreds of thousands of dollars. Why would you expect them to be able to transfer $50 properly?

]]>
By: ARJTurgot2 http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21425 Thu, 02 Dec 2010 02:18:46 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21425 Following up on my previous, I also pay almost all my regular bills on-line via my credit union, and that is also pretty much frictionless. I think the only check written in our house is to the wife’s hair-dresser, and I ain’t getting involved in that.

Really, I can’t explain what Felix is talking about, other than he lives in a very strange place, that has some very strange customs, and the rest of us visit the museums there maybe every decade or so, and otherwise try to go through Chicago or Miami or Dulles or non-stop.

]]>
By: ARJTurgot2 http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21424 Thu, 02 Dec 2010 01:46:26 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21424 Wellll, I can’t speak for banking practices in such significant metropolises as Nu Yawk, but my credit union (bellco.org) out here in South Succotash gives me unlimited wire transfers at no cost based on my combined account balances.

I can initiate them via web and wait a day, or call cust-serv and get them done in an hour. They call and check if I do an international, and past a certain dollar level for domestic, but never had a problem paying for things in NZ, or Costa Rica, or Argentina or otherwise bailing out the urchins.

Was a little weird the first time, but the reported complexity of this international finance stuff is way over-rated.

]]>
By: dbsmith1 http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21422 Wed, 01 Dec 2010 22:44:48 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21422 Another poster claims that PayPal provides: “well-defined, non open-ended standards for payment finality and related buyer and seller protections”. I call bullshit.

A year ago I sold a computer on eBay, which essentially forces sellers to accept PayPal. My buyer paid by PayPal and I shipped the computer. A week or two later I got an email from PayPal trying to re-claim the entire payment.

Since I’d sold the computer in good faith, shipped it to the address PayPal gave me and banked a payment PayPal told me was from the buyer (at that address) I told PayPal to take a flying leap. Luckily, I’d already transferred the money from my PayPal account to my regular bank account.

It took PayPal over two months to remove the charge-back from my account (I couldn’t use PayPal for anything for all of that time). PayPal never did explain what the problem was, or how it was resolved.

PayPal’s fees are high and their customer service sucks. My advice to everyone is to NEVER leave any balance on deposit with PayPal — you can never be sure when they will try to take it back.

]]>
By: FrankAshe http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21421 Wed, 01 Dec 2010 22:34:58 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21421 This is one of those pieces of information that come up every so often that are almost impossible to believe. This ability for on-line transfers is so ingrained here in Australia that people get hassled if they don’t use it – they’re just slowing down the system. Almost all my consulting fees I earn get directly put into my account by my clients.

]]>
By: Mike.Gayner http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21419 Wed, 01 Dec 2010 19:00:22 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21419 OK to expand on my point above – LOL @ how ridiculous some of the comments here are. So if you want to transfer moeny between accounts in USA the bank actually prints a physical cheque and sends to to the counterpary? Seriously, what year is this, 1991? For at least a decade here in New Zealand we’ve had the ability to transfer money online or via phone banking to any other account in NZ instantly, with no fees, totally electronically.

Seriously America, if your banks spent less time bankrupting themselves and more time serving their customers you wouldn’t look so primitive.

]]>
By: Mike.Gayner http://blogs.reuters.com/felix-salmon/2010/12/01/transferring-money-gets-easier/comment-page-1/#comment-21418 Wed, 01 Dec 2010 18:56:35 +0000 http://blogs.reuters.com/felix-salmon/?p=6364#comment-21418 I can’t believe how primitive the US banking system is. How embarrassing for all you Americans.

]]>