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JAC
Joined: 24 Jul 2005
Posts: 3469
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 Posted: Tue Feb 19, 2008 5:47 pm Post subject: |
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| CPUShack wrote: | I lve that it takes 2-5 days to transfer some 0's and 1's.
What are they using? Eniacs? |
Just about.
It's no joke dude.. the cheque deposit clearing cycle is 5 working days, that is 5 full working days before the money it in my account. I dont draw on deposits until 10 days after I have made them! (add in the weekends!) There are changes in the UK coming in this year I think to reduce the cheque clearing cycle.
Inter UK bank transfers typically take 3 days now. Its crazy!
UK -> Europe transfers are a pain in the backside.. most people have to go into their branch and fill out international transfer payment forms. It can not be done online.
That is why Paypal is the preferred method for buyers in the UK! |
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CPUShack
Joined: 16 Jun 2003
Posts: 34259
Location: State of Jefferson, USA
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| Posted: Tue Feb 19, 2008 5:50 pm Post subject: |
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yah for sure, its unreal how long they take, its that middle man that has everyones money for 5 days in the moddle thats making a killing.
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Qwerty
Joined: 20 May 2005
Posts: 3141
Location: Germany
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| Posted: Tue Feb 19, 2008 5:56 pm Post subject: |
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| CPUShack wrote: | I lve that it takes 2-5 days to transfer some 0's and 1's.
What are they using? Eniacs? |
But it's still much faster than PayPal. 
If I try to transfer the money from my german PP account to my german bank account it takes only 7 DAYS !!! (and about 5 days in the opposite direction).
The money is transferred between different banks in different European countries. There is no permanent electronic connection between them. Large banks initiate international transactions every day, and the small ones wait 2 or 3 days before they connect to a bank in another country. In the worst case you must wait 5 days, but in most cases the money arrives in two days.
The banks in the same country are connected - that's why the money arrvies very fast (best time I have seen was only 5 minutes).
PayPal is a single international company. All the so called "PP money" stays on the same server in the USA. The 0's and 1's must be moved between the PP database's cells. |
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wepwawet
Joined: 18 Mar 2004
Posts: 3019
Location: Seligenstadt - Germany
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| Posted: Wed Feb 20, 2008 1:20 am Post subject: |
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yeah, banks do connect not every day. lol
if they get mones they connect within seconds everywhere.
donjt they have an internet connection?
there is no technical reason, it is only a way to make money.
holding all wire transactions only a few days is a billion euro business.
because at the end of each business day all banks make the same online connection: to a central bank to park all money they actually have. including your wire transfer. to get some little percents.
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john25
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| Posted: Thu Feb 21, 2008 2:37 am Post subject: |
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We ordered a piza online the other day, used paypal to pay and 1 hour passes no pizza.. so ring the piza place and it`s showing unpaid? Turns out paypal aren`t passing the money onto them straight away..
we probably would of waited 21 days for the pizza had we not chased it up  |
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Qwerty
Joined: 20 May 2005
Posts: 3141
Location: Germany
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| Posted: Thu Feb 21, 2008 5:30 am Post subject: |
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| wepwawet wrote: | yeah, banks do connect not every day. lol
if they get mones they connect within seconds everywhere.
donjt they have an internet connection?
there is no technical reason, it is only a way to make money.
holding all wire transactions only a few days is a billion euro business.
because at the end of each business day all banks make the same online connection: to a central bank to park all money they actually have. including your wire transfer. to get some little percents. |
Don't laugh!
Of course the banks do have an internet connection, but as you certainly can imagine they don't use Internet Explorer and Outlook for transactions. There are dedicated interfaces and protocols for transactions between banks. Unfortunately each country defined it's own communication standards. Some national interfaces are more and some are less compatible with each other. 
A friend of mine works in a large bank, he explained me how the international wire transfers work. The transaction data must be converted into the appropriate form. In some cases the conversion can be done automatically, in most cases the operator's attention is required. As I said before - most large banks do it daily, the small banks wait until a couple of transaction requests arrives.
Some national banking systems are fully incompatible with each other. In that cases the bank's employes have no choice but to pack the data into an Excel spreadsheet and transmit it to the destination bank !!! - I'm not joking !
These manual conversions slow down the transfer speed considerably. (Another important reason - the banks earn money by holding payments  )
That's why the SEPA is introduced. (SEPA - Single Euro Payments Area) One of many improvements introduced by SEPA is the standardization of the interbanking communication.
Here is the link to the Wikipedia article about SEPA.
http://en.wikipedia.org/wiki/Single_Euro_Payments_Area
| Wikipedia author wrote: |
... Reduction of (costs of) cash money and of costs of payment transactions at the side of payment providers and banks – both are considered as the biggest losers of the SEPA standardization process. |
That's why eBay started to press it's European members into PayPal !
Because of SEPA most residents of the EU don't need the PP crap (and suffer the fraudulent chargebacks) anymore. |
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