Bank Transfer Speeds

Don’t bank transfers take 3-4 days?

Do bank transfers really still take days in the US?

Because banking in some couuntries actually does work like that.In Europe, since November 2017 banks are moving towards the SEPA Instant Credit Transfer system, which allows transfers in under 10 seconds, between all banks.So if you’re today using a European bank, your transfers might actually work like this.

You really need to change banks if this happens to you. Bank transfers are done in seconds in the SEPA area. Pretty sure there's something similar outside of Europe, too.

But in the US banking is very archaic and so bank transfers are not instant and I think even involve a fee unlike in most countries

Do transfers in the US really take three days, rather than a second or so?

Where are bank transactions so slow? In the EU they take a few seconds now.

Money transfers take less than 10 seconds where I am, don't project your countries antiquated banking systems onto the rest of the world.

In the USA there is no such thing as transferring money immediately between banks

Doesn't happen in the UK anymore, since 2008 most UK banks have been part of the "Faster Payments Service" which means interbank transfers generally happen within 2 hours.At the time it happened banks considered charging for the new faster service as it meant they would lose out on the interest they would otherwise earn from the slower transfer. So I'm guessing that's the same reason US banks are reluctant for faster transfers.