Just by the SWIFT Code itself, no. Think of the SWIFT code as the ZIP Code or Postal Code. It will indicate generally where you are, but NOT the exact address. A SWIFT Code will tell me, that you bank at a such-and-such institution, but that is about it. It cannot provide me with your withdrawal/deposit […]
Why, despite having a lead on open API banking and clear data protection laws, might it be tricky to create a Plaid-like startup in the UK or Europe?
Not tricky at all. The thing that worked out very well for Plaid in US was that the top say 25 Banks controlled more than 90% of the accounts held in American Bank (I’m guessing here). In Europe, that number is evenly spread out between the 3,000+ banks that they have. There never was a […]
No. It is not. The Federal Deposit Insurance Corporation (FDIC) covers deposit insurance as held in the bank up to US$ 250,000 per account. Here is what is covered: FDIC insurance covers all types of deposits received at an insured bank, including deposits in a checking account, negotiable order of withdrawal (NOW) account, savings account, […]
Depends on the wire transfer (payment) system in question. However, in most cases, the answer is not necessarily. A recipient usually does not care from whichaccount the Sender sent the money. All they care about is that the money was received. Secondly, you have to ask, what purpose would it serve in providing the recipient with […]
Nope. As of today, PayPal is not supported in Pakistan (traditional PayPal that is) and none of Pakistan banks are connected for PayPal payments.
How is it fair that TransferWise takes 90 working days to refund your money after rejecting your transfer request?
Not fair, but perhaps a little bit of context will help. In typical cases, let’s say if you were originating this transaction via ACH, had it been a fraudulent one, after 90 days you would have no recourse. In the event they suspect your transaction is flagged as fraudulent, they would not let it go […]
Why is it so easy for some companies like Coinbase to deal with both fiat and crypto when it’s virtually impossible for others?
It is not that difficult if you know whom to contact and what it entails. Getting access to the fiat rails (on/off ramp) from your crypto exchange (for example) requires you to run a marathon. 26 miles (proverbial example, with each mile being a milestone). Many are not prepared to run the distance (it takes […]
In this day an age, pretty much the same thing. Just legacy nomenclature still being used. Almost all forms of transfers today are digital in nature when it comes to wires. Nearly all of them are electronic and based on some proprietary messaging network and protocol.
Before banks per se, there weren’t any large transfers. Wealth or value was transferred either through property title deeds or goods being bartered. There wasn’t much of a need to do transfers of money (in those days money was gold, silver, and other precious metals, plus prized commodities). Unless of course one was looting everything […]