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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“While Zelle is both free to the user and instantaneous, it costs the participating bank between $0.50 to $0.75 per transaction” https://www.bankdirector.com/issues/strategy/zelle-costs-bankers-money-venmo-can-make-bankers-money/ … That’s 250x more expensive per transaction than the public European bank transfer network…
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The Federal Reserve charges $0.82 per wire transfer https://www.federalreserve.gov/paymentsystems/files/pfs_feeschedules.pdf … $25 resell fee at Chase https://www.chase.com/content/dam/chase-ux/documents/personal/checking/ABSF-en.pdf … $25 at Citibank https://online.citi.com/JRS/popups/PT_CAP_BasicBanking_.pdf … $30 at Bank of America https://www.bankofamerica.com/deposits/account-fees/ … $30 at Wells Fargo https://www.wellsfargo.com/fetch-pdf?formNumber=CNS2013&subProductCode=ANY …
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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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