Apple says that beginning August 26, the cost of making an Instant Transfer for P2P will increase to 1.5% (previously 1%) of the transfer amount. Every transfer in the Euro SEPA zone is free. Does Apple have anti-consumer behavior in the US?

Apple Cash, Apple’s peer-to-peer payments service that works with Apple Pay and iMessage, received a couple of small updates on Thursday. It’s now possible to use Instant Transfer with both Mastercard and Visa debit cards, according to macrumors.com.

Previously only the latter card could be used, so the addition of Mastercard means Instant Transfer is more accessible to users who want to quickly transfer money from an Apple Cash balance to a bank account without having to wait for the transaction to be processed.

Apple says that beginning August 26, 2021, the cost of making an Instant Transfer will change to 1.5% (previously 1%) of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $15.

If users don’t want to use Instant Transfer, they can also transfer money to their bank account using ACH and receive it within one to three business days with no fee.

European consumers can’t believe that for an instant transfer Apple charges the transaction.

„Every transfer in the Euro SEPA zone is free by law and most of them are instant now as well. I can transfer from my Belgian account to my German account instantly, and for free. Wild how behind the US is in banking (…) American banks get away with all type of anti-consumer behavior.” – says Remy149.

„Pretty much every bank transfer in the UK now is instant at any time of the day any day of the week. Free.” – added Lihp8270.