A real time bank to bank payment transaction costs: €0.002 in Europe https://www.ecb.europa.eu/paym/target/tips/html/index.en.html … $0.045 in the United States https://www.theclearinghouse.org/-/media/new/tch/documents/payment-systems/rtp_-pricing_02-07-2019.pdf?la=en … That’s a 20x price difference
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The Fed charges 400x more for instant funds transfers than the ECB. And Wells Fargo charges 12,500x more… What’s the point of a “free market” if basic services are expensive?
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To be fair, the Fed does have discounts available for wire transfers. Drops from $0.84 to $0.165 if you have over 90k transfers per month. Still 80x ECB. They do use an interesting incentive scheme if your volume is above average. Still 16x ECB. https://www.frbservices.org/resources/fees/wires-2020.html …pic.twitter.com/6czhpFDOyx
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Oh but don’t forget they’ll waive the wire fee if you sit with a banker and get cross sold stuff for an hour first
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The friction in this system is nuts
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