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Started by EWC, January 02, 2019, 09:42:00 AM
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Quote from: chrisild on May 06, 2016, 08:57:05 AMMaybe according to what Yves Mersch calls the Law and Order Camp. He wrote a op-ed for Der Spiegel (German) about the decision. Mersch is a member of the ECB's Executive Board.He emphasizes that the €500 note will continue to be legal tender, and that the ECB also decided to have more €100 and €200 notes produced. Then he writes about three major groups behind the anti cash campaign: the alchemists (negative interest rates), the fintech alliance, and the law and order camp ... and he seems to not be in any of those camps. By the way, earlier this year Doris Schneeberger, head of the ECB's Currency Management Division, stated that less cash does not mean less "shadow economy", and mentioned Sweden as an example.
Quote from: EWC on January 04, 2019, 09:16:18 AMSo - as far as I can tell, in the US - big businesses can use the ACH system - which takes 3 days (!) but is free.Ordinary folk still have to use wires - which will cost $20 to $30 a shot!Since as I understand it - everyone in the UK and Europe can now make direct electronic payments almost immediately and at no cost - probably its important to US citizens to know about this?
Quote from: chrisild on January 04, 2019, 11:24:37 AMHere in Germany only three bank groups (with the Sparkasse group being the biggest one) currently offer outgoing instant transfers
Quote from: Figleaf on January 04, 2019, 12:09:40 PMDon't know about cost in the US. I need to make small payments only and make them by sending banknotes registered. Americans acknowledge that it is the cheapest method.
Quote from: Figleaf on January 04, 2019, 12:09:40 PMGovernment supervision's tasks include making sure that the social tasks (e.g. being accessible for the public, receiving money, making ATM's available, making transfers possible) are fulfilled and at what fees, even though they are loss-making.
Quote from: Figleaf on January 04, 2019, 12:09:40 PMUS political dogma is to minimise government intervention into private enterprise. In that state of mind, services that are normally free in European countries attract a fee in the US.
Quote from: Figleaf on January 04, 2019, 12:09:40 PMRather than having to negotiate fees for every international transactions US banks probably have developed a separate fee schedule for international transactions. This may have irked US enterprises enough for the banks to develop a free domestic payment system for big clients.
Quote from: Figleaf on January 04, 2019, 12:09:40 PMToday, the internet is a great leveller.
Quote from: Figleaf on January 04, 2019, 12:09:40 PMI just received a USD sum from the US that was changed into EUR and sent to my account. Execution time was 2 days and cost for money changing and transfer amounted to about 4%. Pretty good for the US.
Quote from: Figleaf on January 04, 2019, 12:09:40 PMYes, there are differences in cost for domestic transfers. They are a direct consequence of differences in dominating political dogma. The US public can be aware of these differences if they do a little research on the net. In view of their voting pattern, they seem to be happy with the situation.