[golergka]

> In the US, sending money to another person's account, especially as an individual, is a difficult process, often requiring giving long account and routing numbers that many of us were told not to give out. It also takes several days to process, and sometimes has fees of $25-30. Also some banks have limitations allowing you to do transfers only to accounts where the name matches.

Wow. Here in Russia you only need a phone number, and when you enter it all the banks that recipient uses are automatically shown to you when you, it takes about 5 second and is completely free.

[codedokode]

It's not "completely free". If you transfer more than 100 000 roubles/month (~ $1360) then it costs 0.5% of the amount. There are also limits of about several hundreds of roubles per month.

If the recipient wants to withdraw the cash in less than 30 days after receiving the payment, the bank may request documents that prove compliance with anti-laundering regulations. If you fail to provide such written documents then the bank will charge a fee of about 5-10%.

Also it is not secure because anyone who has your phone number can learn in what banks you have accounts. And if you have an account in Sberbank, anyone can lookup your name by your phone number. Very convenient for criminals and scammers.

[pixl97]

>If the recipient wants to withdraw the cash in less than 30 days after receiving the payment, the bank may request documents that prove compliance with anti-laundering regulations.

The US is similar with amounts over $10,000. Structuring transactions to avoid that number is also forbidden.