In the near future online purchasing will become less and less hassle. The technology exists to be able to process transactions instantly. For example, when I send a bank wire it takes a few days to process. One day this will not be the case. It will be nice when everything happens instantly with no hassle. When I am sent money, I should not have to wait 2-3 days for it. But I guess this is done because, the longer your money is held, the more time the company has to make money off of your money. So maybe this will never change. I feel like it will but who knows..
Yeah, that's a fact, the longer they keep your money the more they can profit from it. As long as the big bank lobbies exist the governments will never end with that, we can only hope something happens though. As for online purchases, it's immediate already.
All the banks have to make money so I don't think this will ever change, though I do hope it can takes less than 2 or 3 days one day. I was a bit surprised yesterday though. We used to have to wait for exactly 3 days when we were sending money from Scotland to my country no matter what time it is in the past (using Western Union - bank transfer). But the day before yesterday, we sent some more money from my husband's bank in Scotland to my bank here before 7pm in my country and it arrived at lunch time yesterday. That means it took only a day to arrive. I'm happy that Western Union is improving, so I hope PayPal does too soon.
I think the reason banks hold onto money for a bit of time is probably to ascertain that the transaction is legit. If someone complains that the money was sent by mistake to you, they can halt the transaction in time before you get the money. I don't think it's such a bad thing because if you were the sender of the money and sent it accidentally to someone you didn't want to, you could get your money back if the person you sent it to has not withdrawn it from their account. So, sometimes it's just not about the profits banks make. They care about their customers because if they lose them, whom will they make money from?
I think it's because bank transfers have to be normally checked by a person to ensure that it does not have any shady background to it, but over here Smart Money and G-Cash offer instant money sending, like as instant as sending a text message. I think it is just right and justified that bank transfers take a bit longer to process because they handle large amounts of money. When the money is already in your account, then you can now avail of instant money sending or receiving with the companies that I have mentioned.
I believe that day will come, but it will probably cost some provision. I just hope this will happen soon. I hate waiting for transactions.
So that is why it takes a few days to get your money? So they can make money off of it? Well I had no idea that was why. I guess they have to make money too. I wish I had come up with the idea for pay pal!
I have sent money from an online business I do to my bank and it has taken 3 days which is bad but the fee's are crazy, it is all most not worth it unless it is a large amount of money.
