80 hours to send money
A bank transfer can take more than 80 hours to reach its destination, while MB Way does almost the same in just one second. Banks have instant transfers, but they charge for them. Should they?
There is something about banks that bothers me. We say technology moves at breakneck speed, but bank transfers take an eternity. It is downright absurd: if I order a transfer on a Friday night, it only arrives on Tuesday morning. The money spends three days in limbo, as if it were marinating.
Meanwhile, if I use MB Way, SIBS’s payments app, I can transfer up to 750 euros at a time to another Portuguese account in just one second. If the amount is larger, I can still transfer it in several instalments, as long as it does not exceed 2,500 euros a month.
AI translation from the Portuguese. First published in ECO on 7 April 2022.