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After years of hesitation, the savings banks now also offer instant remittances. But the payment system costs – and will hardly prevail against PayPal.

Instant payments: Too late and too expensive

After years of hesitation, the savings banks now also offer instant remittances. But the payment system costs – and will hardly prevail against PayPal.

Instant payments: Too late and too expensive
Content
  • Page 1 — too late and too expensive
  • Page 2 — only one hurdle: cost
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    Hermann-Josef Tenhagen is editor-in-chief of consumer portal "Finanztip". Here he analyses new instant payment, which can use around 50 million savings banks customers since Tuesday.

    It takes up to six days to transfer from a bank zurnächsten – if you try it on green Thursday. So far, anyway. But this example of customer oblivion of German banks UndSparkassen is soon a part of past.

    The reason: From Tuesday 50 million customers of German savings banks can use DieBlitzüberweisung. This promises instant payment, seconds Überweisungvon one account to anor, 365 days a year, 24 hours a day.  About half of all current accounts in Germany are thus quickly reachable from DieserWoche. The customers of HypoVereinsbank have DieseMöglichkeit a little longer. Deutsche Bank intends to follow next November, with popular banks and Raiffeisen banks also planning a similar offer.

    No question: Many customers who use PayPal have only a tired smile. But savings banks are now starting to catch up. The technology is promising: without great detours, KundinnenFreunden and family can quickly send money – and y can have it immediately. Unlike with PayPal, you can also withdraw money OhneUmwege immediately.

    Transfer to tax office in seconds

    Craftsmen and retailers can thus pay companies and delivery can go out three seconds later. And if you're late in tax return, you can send money to government account just before midnight, Sofernauch is instant-capable. The MünchenerFinanzamt, for example, has an account with HypoVereinsbank, which, as mentioned above, was Ganzvorn. It introduced instant payment last November, when European Central Bank opened new payment method in 34 SEPA countries.

    But not all tax offices have an account with HypoVereinsbank. What we would be at heart of problem: really fast transfer only if sender and receiver use new way of sending money. The customers of HypoVereinsbankkonnten Send as fast as y wanted: if recipient did not also einenZugang to instant payment, ir computer showed a kind of error message in online banking and referred m to normal slow Überweisungsweg. Dennbislang, number of German credit institutions that take part has been limited.

    That is why new payment highway is also far from being implemented eight months after introduction. The experience is "quite promising", explains HypoVereinsbank cautiously. Even in advertising for expensive exclusive account that SchnelleDienstleistung includes free of charge, instant payment is not mentioned.

    Prefer to pay with PayPal

    So many customers, especially adult online shoppers, pay Selbstbei to hypovereinsbank more likely with PayPal. And US group's a lot of money to be offered prominently as a payment system at all online retailers, preferably at number one. Among online merchants, PayPal has largest share as a payment. For common numbers of pub among friends or collecting money for a gift, DieAmerikaner offer more possibilities per app.

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