On 19th June 2014, banking startup – Simple –announced an update that ensure quicker and easier money transfer for its users in the US. The company was recently acquired by BBVA, a 150-year old financial services corporation, for an amount of around $117 Mn.
“Speeding up external transfer times has been a long-standing goal of ours. When you apply for a Simple account, you’re signing up for the promise of a better banking experience. Waiting 5 - 6 days to transfer money isn’t just inconvenient, it’s disappointing,” wrote Simple, in a blog statement.
- Only 1 business day is required for moving money to external accounts.
- If the user sends a transfer from Simple before 7 pm PST, his money will arrive in the receiving bank following morning. That’s 75% faster than before, says the company.
- Several banks charge a fee for transferring your money to external accounts, and only offer accelerated transfers at a premium.
- Currently, Wells Fargo and Bank of America, for example, charge upto $3 to move your money to another bank.
- If you want that money to arrive the next business day, the fee shoots up to $10 per transfer.
- Simple tells us to note that it costs banks less than a cent to send an ACH transfer.
- The company says that it does not believe in unnecessary fees. External transfers to and from Simple will remain free for customers.
Simple Promises Easier Transfer Flow:
Their external transfer process has an improved interface which according to Simple, makes it a lot easier to see where your money is going and when it’s going to get there.
Some key changes as listed on Simple’s blog:
- Updated visual cues to give you a clearer sense of where you’re moving your money.
- Improved language around transfers to make setting up account links and submitting transfers easier.
- Listed dates for when the transfer amount will be deducted from your account and when it will arrive. Having a timeline for when you’ll be able to access your money helps you make better spending decisions.