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The Idea
An online service that allows you to send money directly from your bank account to a friends/family bank account.
I thought of this idea when I was...
Lots of banks allow you to send money online from your bank account to other bank accounts within the same bank. Problem? Not all of my friends and family members have accounts within my bank. Paypal sends the money the money to another paypal account, but again not of all my friends and family own a paypal.
Comments Posted
u can trancfer to other accounts..i mean other banks
Well yes but you have to own the bank accounts. At Bank of America you can send money online outside of the bank to other bank accounts that you own. The bank accounts must belong to you. So you are not able to transfer money to friend’s bank accounts outside of the bank unless you wire money offline.
This is already common throughout Europe. I can't imagine they do not have this in the US. Are you sure this isn't already possible?
I dont belive so.
I find that quite remarkable. Never knew that.
its very common man! even in india!
well fossiloflife, tell me one or two us banks that allow you to send money to a friend (not your other bank account outside the bank) not within the bank. Tell me a bank that allows me to send money from my bofa account to a friend at suntrust?
If it's correct that this is impossible. Is it then maybe possible for American citizens to use foreign bank accounts(for example UK or Swiss or whatever), so that they can transfer money to anyone?
Well I do not belive that its likely that an american would open up an account in the UK to send money to another account thats why we have paypal. The problem with paypal is that it sends the money to another paypal account and not the users bank account. You would have to then withdraw funds.
My friends and family members email money to eachother direct from online banking all the time, and we all use different banks (CIBC, Royal bank, Scotia). It made Christmas shopping for Mom and Dad very easy with sisters living in different cities.
I'm in Canada and I assume that if we can already do this with no hassle then it works the same in the US.
one word paypal
Laracee, how long does it take to transfer the money from one bank account to the other?
Great, another mechanism for scammers to try to suck away funds from innocent people.
interac money transfer does this.
ok i really donnu of US bamks man!
*banks :)
Been done...
This is definitely possible in Europe and I do it all the time. At the click of a couple of buttons in my online banking portal I can send money to anyone, as long as I have their bank details. It even keeps track of people I have paid before so I don't have to re-enter their bank details the next time.
Like some others above, I would be very surprised if this weren't already possible in the U.S also.
What happens when it's time for your "friend" to recredit your account? Or does your service do this automatically? If it is done automatically, then how does it work? Sounds like revolving credit. Works until a person comes up empty handed then someone is left paying the bill. Thoughts?
Fidel is this question directed for the social lending concept?
Why compete with Paypal?
I will not try to. The key is to debit and credit bank accounts without paying have heavy fee, or require the recipient to open an account. The solution will open require the sender to open and setup an account. The sender just needs to recipient bank account number.
Not easy to make it work. You have to do it per country/state and then negotiate with all the banks who are most probably already engaged in discussions or not interested in going ahead.
If they are interested, chances are they will cut out the middle man - you and do it themselves.
3 letters ACH
I am in Canada too, and you can't do that with most bank without some third party or you owning both accounts...
PayPal anyone?
This will be very difficult to implement. Basically you have to get each and every bank to agree to be part of it - the only other way is to go through some third party system, and then you have little advantage over PayPal. After all it's not THAT much of a hassle to set up an account. Either way, there are MAJOR security issues to think of.
One more reason living in the UK beats the US, I guess ;-)
most banks allow you to do this
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