American banks are really terrible with this, and I just don't understand why.
I live in Sweden, but I get paid for work I do for a U.S. company. Both my employer and I have Bank of America accounts in the states, and my employer sending a wire to my BoA account takes longer to process than me sending a wire from my BoA account to my Swedish bank.
So it takes longer to send a wire WITHIN THE SAME BANK thank it does to send internationally halfway around the globe. There's really something truly deeply wrong with U.S. banking.
Meanwhile, here in Sweden, cheques don't exist and everyone uses wire transfers to pay each other, pay rent etc. They're always free, can be done online, take seconds within the same bank, and half a business day between banks. And this system has been in place for literally decades.
I live in Sweden, but I get paid for work I do for a U.S. company. Both my employer and I have Bank of America accounts in the states, and my employer sending a wire to my BoA account takes longer to process than me sending a wire from my BoA account to my Swedish bank.
So it takes longer to send a wire WITHIN THE SAME BANK thank it does to send internationally halfway around the globe. There's really something truly deeply wrong with U.S. banking.
Meanwhile, here in Sweden, cheques don't exist and everyone uses wire transfers to pay each other, pay rent etc. They're always free, can be done online, take seconds within the same bank, and half a business day between banks. And this system has been in place for literally decades.