Turbo transfers to the US are currently not exactly “turbo” (> 24h). How about integrating with the RTP (real-time payments) network, for instant transfers?
Looks like US banks are finally entering the 21st century, and real-time payments are becoming a thing. I received this email from my bank a couple months ago:
We’re writing to let you know that we will soon be connecting to the Real-Time Payments(RTP®) System, which will allow you to receive real-time payments into your HSBC Bank USA, N.A. checking and/or savings accounts 24 hours a day, 7 days a week, and 365 days a year.
What is the change?
- HSBC will now accept payments initiated from another bank through the RTP system. The RTP system is a system that moves funds denominated in USD, from one account to another account in real-time. Both sending and receiving accounts must be located within the United States.
- The RTP payments will be credited within seconds, and these transactions will be reflected on your statement.
- HSBC does not offer the capability to send an RTP payment at this time.
- If a payment is initiated from another bank through the RTP system, you will now receive that payment in your checking and/or savings account immediately.