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Comment by Geee | Hacker News Reader

Why is it exactly that online wire transfers aren't used in the US? As an European, I've not been in a bank since the 1990's, and never written or cashed a check. On the other hand, it's impossible to live without a bank account here. Your bank account is the only place you get paid to, whether it's salary or social security money. Also, you need it to pay your bills or transfer money to your friends.

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Electronic ACH is often used in the US, which is basically the equivalent to an electronic check. Actual wire transfers usually have fees associated with them both to send and receive (~$25), and are thus more rare.

Not often. Harris Bank doesn't even let you initiate an ACH transfer from the website; you have to call or go in.

Much of Europe pays for POS transactions with free, fast bank transfers from their smartphones in lieu of credit and debit cards. No checking account, routing number, and 3 business day verification crap.

To add another reason -- most Americans hear more about wiring money being used to defraud you out of your money than they hear about it being a useful financial tool. I have never heard any bank (or credit union) employee even mention sending money to another bank. Most banks won't even let us put money into another person's account without several pieces of information about the other person, and that person's permission.

Maybe because it's local (it's a credit union IDK how that is different from bank) but my bank lets me transfer my money to other accounts in their bank. Recently they even added that to their online services (it might have been there and I never noticed).

Transferring from them to BoA or another institution likely wouldn't work but I have no expectation that it would (at least not without meeting in person etc).

Because inertia. I expect the greater success overcoming it in Europe is somewhat due to the smaller regulatory units (that is, countries) being serviced by a smaller number of institutions. In a lot of countries, if a handful of large banks say something is so, then it is. That pretty much won't work in the U.S.

The last time I did a wire, it was to send a 6-figure amount to Washington Mutual (RIP) to pay off a mortgage.

I logged into WAMU's web site to find out the amount and procedure, printed off the reply, and took it to the bank. The nice lady in the banking lobby took my printout and did the transfer. The fee was $15, IIRC, in 2007.

Wire transfers do entail some extra work, because the transaction is cleared in real time, whereas ACHs and bill-pays and paper checks are cleared (or bounced) in large batches that are processed daily.†

†http://www.depositaccounts.com/blog/difference-between-wire-...

I once was attempting to receive a wire transfer from a company for some consulting work I did. After failing to complete the transaction a few times, I found out that the credit union I'd kept my checking account at for years didn't even have the ability to accept the kind of wire transfer that was being sent. I had to create a one-off savings account at a bank to handle the transaction.

Perhaps that has something to do with it.

I've only ever tried to wire money (online or in person) once in my life. That was online through Chase's web site a few years ago when I wanted to wire $15k USD. I remember it being a huge PITA (due to all the information needed) but I had no problems doing it. I think they called me to verify but I might even be wrong about that.

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