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International bank transfers never so fast..


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Ok , just sharing some very interesting experience. I'm a Dutch guy, living in Southeast Asia for 6+ years. Every now and then I transfer money from my local bank account to my Dutch account. Yesterday, Friday (!), I transferred funds from two different accounts from to different banks to my Dutch account and today (!) funds from both accounts have arrived already? Maybe even yesterday as it's Saturday obviously... I have NEVER seen a transfer go through even remotely this fast before... Can it be my bank(s) are using Ripple products? Or has SWIFT just become a 21st century thing?

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My bet is they are faking it to appease their customers. Faking as in the settlement did not go that fast, they simply change the numbers in relevant accounts so the customer is happy. Maybe they are even doing the administrative work for payments after 17:00 on a work day, talk about innovation. Banks are getting sweaty palms because Ripple is proving the world that the world of payments is archaic. The banks are making great efforts to superficially serve the end user, but they are doing **** all for the Internet of Value.

/rant

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Could be either SWIFT GPI or Ripple. Both of them can do nearly instant payments. CIMB, I know, uses Ripple in the ASEAN region. 

As for ING:

https://www.swift.com/news-events/press-releases/major-global-transaction-banks-are-live-with-swift-gpi

Quote

SWIFT announces today that global transaction banks are actively using SWIFT’s new global payments innovation (gpi) service, which opened for live payments in January 2017. ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, Standard Chartered Bank and UniCredit are live with SWIFT gpi, exchanging gpi payments across 60 country corridors. Numerous additional banks will follow in the coming months.

Edited by Archbob
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Just because funds are available does not mean the transfers have settled. The second I deposit a check into my account a portion of that check is attributable to my balance immediately even though It can take 5 business days before the bank actually receives any of that money.  And that is for a domestic check.  Basically banks have a bunch of IOU's going back and forth and up in the air.  It's easy to see how this can cause huge counter party risk depending on the amounts.

Edited by Eric123
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1 hour ago, Benchmark said:

My bet is they are faking it to appease their customers. Faking as in the settlement did not go that fast, they simply change the numbers in relevant accounts so the customer is happy. Maybe they are even doing the administrative work for payments after 17:00 on a work day, talk about innovation. Banks are getting sweaty palms because Ripple is proving the world that the world of payments is archaic. The banks are making great efforts to superficially serve the end user, but they are doing **** all for the Internet of Value.

/rant

haha

faking it like coming, coming, done?

next thing ya know everyones saying 'I want what Sally's' having'

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14 hours ago, Archbob said:

Yeah, I've transferred several times to Russia years ago and they always showed up within 24 hours.

The difference is here that I make these transfers for years already and they always take 3-4 days. Now, suddenly, both transfers clear in a day...

 

Thanks for all your feedback people, will try it again soon.

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