What should I know about the exchange rate?
I noticed that whenever I try to move funds between different digital wallets or cash out my earnings from casual apps, the processing times vary wildly. Sometimes the money arrives in my main account instantly, but other times it takes up to five business days for absolutely no clear reason. Why does mobile banking still take so long in this day and age when everything else online happens in milliseconds? Are they holding onto our capital on purpose to generate extra interest?
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The delay usually comes down to legacy banking infrastructure and the number of intermediary clearing houses your data has to pass through before validation. Some apps intentionally slow down standard transfers just to pressure you into paying an extra premium fee for an instant settlement instead. There is a really informative overview of this corporate practice over at https://www.dailynewsconsumer.com/blog/hidden-costs-understanding-fees-fx-and-processing-times-on-mobile/ that you should look into. It clarifies the mechanics behind processing times.