this post was submitted on 27 Jan 2025
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It depends on the bank and the amount you are trying to move.There are banks that might take a week (five business days) or so though very rare and there are banks that might do it instantly. I once used a bank in the US to move money and they sent a physical check and this was domestic not international.
Edit: I thought he meant a week not weeks. Normally a max of five working days.
Wire transfers are how you handle actual big money transfers and it doesn't take weeks.
International transfers do take time, domestic is instant. International transfer typically take 1-5 days.
1-5 days isn't "weeks".
Oh, I thought he said days not weeks. If it takes weeks they probably suspect you of money laundering.
Big money is being held because of anti-money laundering, not because of technology.
Money is held so that interest can be earned on the float.
I am not taking about money being held, I talking about regulations and horrible banks not technology. Yes, the current technology allows you instant transfer, but it still depends on the bank. For example some banks allow free international transfers while others require a small fee, some banks you can do the transfer online while others you have to go to the branch in person. You don't have to go through a bank with crypto, sometimes it is faster and it is definitely more private.
The data on the blockchain is not private.
However data can be encrypted before it hits the blockchain and it can also be cryptographicly manipulated in ways that remain private.
Agreed. Privacy on the blockchain is an optional extra. On newer generations the option exists by design.
Look up Monero, it is a crytpo currency that as far as I know no one has been able to trace.