In Europe “everyone” uses bank account numbers to move money.
* Friend owes you $20? Here’s my account number, send me the money.
* Ecommerce vendor charges extra for card payment? Send money to their account number.
* Pay rent? Here’s the bank number.
However, in the US people treat their bank account numbers like social security, they will violently oppose sharing them. In internet banking the account number is starred out and only the last two/four digits are shown. Instead there are these weird “pay bills”, “move money”, “zelle”, tabs, that usually require a phone number of the recipient, or an email. But that is still one additional layer of complexity deeper than necessary.
Why is revealing your account number considered a security risk in the US?
In: Other
I am pulling this info from deep in the recesses of my memory, so it may not be right.
BUT!
American banking establishments refuse to adopt the same SWIFT protocol as banks around most of the rest of the world. It has long been a source of consternation.
Others have mentioned that you can send money using account numbers, and most banks will have a SWIFT or IBAN service that you can use, but it is not free to use, or part of your account’s core functioning. It’s a premium add-on service. This is the big difference. SWIFT and IBAN transfers throughout the rest of the world generally incur zero processing fee and are immediate. In America, you’re likely going to be charged a heft sum to send AND receive money this way, and you’ll probably have to wait for a batch process overnight for the money to go through.
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