Why does money transferred online take days to turn up?
- Category: Banking
- Written by News.com.au
In the age of the instant everything, why does the money I transfer electronically disappear from my account immediately, but take up to five business days to reach its destination?
I can’t help but imagine a giant multinational conglomerate conspiracy as I watch my funds fly off into the abyss of nothingness for days before my debts are settled at the other end. Where did they go? And importantly, who is earning interest off of them while they’re unavailable?
Though not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.
