>You transfer the money to them, and then they send a transfer directly from the bank of recipient
Since few years banks also provide APIs for redirecting to transfer form prefilled with payment processor details, so you don't have to enter them manually.
> Transfer money between accounts, make external payments using Faster Payments, and manage your payees, standing orders, and Direct Debits all through the Teller API.
What will the fees be on sending/receiving money?
Scraping data from your own bank account seems rather uninteresting to me. I assume sending/transferring is limited to domestic banks. Is this the case?
It does but it also requires the payee to give away personal information (e.g. routing and bank account number). It also means the payer needs to get this information before they can send money. This is essentially EFT payments but simplified. Instead of needing banking information from the payee you can just send it to them using their email address, phone number or Facebook.
A lot of ways. And the banks reconcile the cash movement behind the scenes. As I understand it, in a simple example, if you send $1k to someone. And someone at their bank sends $1k to someone at your bank, there's nothing that the banks need to do other than record it.
This has not been my experience. It's quite easy to send money to any bank account even in another Bank. The online portal at my bank is pretty easy to use
>Do you really just use your bank's app to transfer money to anyone, though?
yes, in canada the process to transfer money to somebody is to go to the "e-transfer" section in your bank's app or website, enter the email address to send to and an amount, and hit send. you don't need to know account numbers or anything like that.
If you send it to an email address that doesn't exist, does the transfer go through? If so who ends up with the money?
It's been a while since I sent funds to a new address but I am pretty sure my bank's UI provided protection against that, and now when I send future funds to the same account, I just pick them from a drop down box instead of entering it manually.
You're talking about bank transfers by paper order, right? That's different, because you don't give the order paper to the recipient of the money (who should then cash/deposit it at their own bank), but to your own bank, which will wire the money to the receiving account.
Is that still widely used? I think manual transfer orders have largely been replaced by direct debit (companies taking the money you owe them straight from your bank account).
Since few years banks also provide APIs for redirecting to transfer form prefilled with payment processor details, so you don't have to enter them manually.
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