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0 pointsweb43y ago0 comments

that limit depends on your bank. for large transfers you will often need to visit your branch in person which can be a multi day process.

and yes UK faster payments system is great but it is not yet the backbone of global payment processing. the world is larger than the UK and as we continue to connect globally online and become more digitally nomadic there will be more need to pay users outside of a UK-to-UK bank system.

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FireBeyond3y ago

If you're the kind of person that regularly wires six digit sums in and out of your personal account, I suspect that one, if not both of the following are true: 1) that you've chosen your banking institution with a view to being expedient in such transfers, and 2) are on a known basis with sufficiently senior branch/bank personnel as to help establish parameters with them on legitimacy of such transfers.

web4OP3y ago

yep. the rich tend to be given access to better banking services than the poor: higher limits, direct line of contact with a bank manager, additional services. when your account reaches a certain wealth threshold the bank will step in to ensure you have a better experience than the poor.

banking is a radically different design philosophy than a protocol where all addresses and transactions are treated equally regardless of wealth, class, and other social factors like race and family connections.

FireBeyond3y ago

It is self-fulfilling in regards to your point though.

"Oh, that's not a useful system, because there are limits."

"Well, when you get near those limits the bank starts to work with you so those are still not roadblocks."

"Oh, well that's just because they prefer the rich to the poor."

No, you miss the point. At lower amounts, it's a non-issue because you're not hitting limits. At the point where you are hitting limits, it's facilitated to smooth those things. End result is that there should be few issues, regardless of amounts.

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0 pointsweb43y ago0 comments

that limit depends on your bank. for large transfers you will often need to visit your branch in person which can be a multi day process.

0 comments

FireBeyond3y ago

web4OP3y ago

FireBeyond3y ago

It is self-fulfilling in regards to your point though.

"Oh, that's not a useful system, because there are limits."

"Well, when you get near those limits the bank starts to work with you so those are still not roadblocks."

"Oh, well that's just because they prefer the rich to the poor."

1 more reply

j / k navigate · click thread line to collapse