Personal Finance

47 readers

1 users here now

US-centric community for content related to consumer retail banking, credit, & investment.

founded 1 year ago

MODERATORS

Depositing money into someone else’s bank acct over-the-counter is possible in the US -- but what about Europe? (slrpnk.net)

submitted 1 month ago* (last edited 1 month ago) by [email protected] to c/[email protected]

3 comments fedilink hide all child comments

If you need to pay someone in the US, it’s interesting that you can walk into the bank used by the recipient and make a deposit into their account. You just need to know their account number and IIRC that even works with cash. There is generally no fee. Sometimes tenants and landlords have that arrangement.

Anyone know if that’s possible in Europe? Does it depend on the bank? I know the conventional way in Europe is to bring cash into the post office, and the post office will take the cash and transfer the money to the recipient. But there is a transaction fee and I think a restriction as well that the payer must be a resident. Can a payer go direct to the recipient’s bank and get service, ideally without a fee?

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 1 points 1 month ago* (last edited 1 month ago)

I assume you’re talking about the US, right? Guessing on the basis that Europe does not seem to have credit unions AFAICT.

The ID requirement may be fair enough.. something we have to live with if it’s a legal obligation. But in Europe it’s a bit of a disaster because the post office doesn’t just accept any ID. It must be from the EU and must have a chip that their system can read, so they can collect your residential address and track payers digitally. Of course that all breaks down if the ID doesn’t have a chip, or the chip does not have the info the system is trying to extract. Then the post office just refuses the money. Staff are becoming more and more helpless when digital systems cannot handle various scenarios.