Wow, this sounds insane. Here in the UK they have recently improved the electronic transfer system so that money appears in the other account (clears) in 2 hours or less (practically instantly for accounts at the same Bank). I do not know whether large bank transfers using BACS or CHAPS incur a fee but most people happily send money to other people electronically as few people have cheques anymore. The banks seem to have stopped issuing cheque books, and no shop that I know of will accept them, so it effectively killed cheques. The older generation probably struggle without them.
They have recently pushed out the mobile payment system called PAYM (someone obviously got paid a fortune to think of pay + mobile, eg. pay + m ... . . paym) where you can send money to anyone else with their mobile number. They need to have registered their mobile number with their bank for this to work (and not all banks have signed up to the system) but it should make sending money really easy.
People seem to use Paypal a lot for sending money around but they're greedy with fees so I am keen for this PAYM system.
They have recently pushed out the mobile payment system called PAYM (someone obviously got paid a fortune to think of pay + mobile, eg. pay + m ... . . paym) where you can send money to anyone else with their mobile number. They need to have registered their mobile number with their bank for this to work (and not all banks have signed up to the system) but it should make sending money really easy.
People seem to use Paypal a lot for sending money around but they're greedy with fees so I am keen for this PAYM system.