The Bankwatch

Tracking the consumer evolution of financial services

Poland – interbank transfers replace cheques

I have been getting a fair bit of updates to the list of online banks post, so I am updating it as we go.  I am going to stick it in the sidebar for reference.

One of the updates was from Michal in Poland, and as part of that update, here is a summary of how financial transactions between people occurs there.

It’s a different banking world 😉 We don’t have to use PayPal. We send money to another bank account via wire transfer and don’t use checks or bill payment. Everyone uses their bank account number.

Transfers between banks can be done 3 times a day and you have this money the same day on another bank account! And it’s very cheap – free or only 0,15 $ (about 0,5$ for companies, but you can find cheaper). Although only 2/3 Poles have a bank account, online banking is very strong.

Thanks to Michal – PRNews


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Written by Colin Henderson

December 1, 2006 at 07:42

2 Responses

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  1. You don’t have to just go to Poland for such conveniences, Canada has a world-leading realtime inter-bank money transfer service ( Interac E-Mail Money Transfers) that service is on track to complete something near 5 million transfers this year for total volume in the range of 1.5B CAD. EMT in in Canada costs more ( typically $1.50 flat fee) than the polish service but still that’s far less than the % charged by Paypal and about on par to the average fee for an ATM withdrawal.

    (disclosure though I don’t presently work for Interac or any bank in Canada, I do always have a soft spot for EMT as I did play a central-ish role in designing the service some years ago now)

    Thomas Purves

    December 1, 2006 at 15:29

  2. Thomas …. thanks for the comment and reference.

    There are similarities, but I believe one fundamental difference with the European, Australian & Japanese experiences, is the action of sharing account numbers to make the transfer, and the simplicity this brings. It seems North Americans are less willing to do that.

    EMT as you know, is based on shared email addresses, and passwords.
    (disclosure – I had some involvement in the EMT implementation too)


    December 1, 2006 at 15:40

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