Why do money transfers between bank accounts take many days?

Question

Why do money transfers between bank accounts take many days?

In: Other

Answer 1

They don’t unless you are in the US.

The US banking system’s way of processing transfers is very old (paper check old) but because it works and people are used to it there hasn’t been enough pressure to replace it.

There are some kinds of money transfers that do process near-instantly (for example between bank accounts inside the banks that are part of the Zelle network) but this is the exception, not the rule.