When I bought my apartment in Spain, I had to get a Cashier's check for both the deposit and the final purchase.
There's apparently still some utility in them in parts of Europe. When I challenged it (I had to pay 80 EUR for the check!) I was told that a bank transfer could be reversed or canceled, and that Cashier's checks prevent that from happening.
I don't see this situation changing until the banks get together with the central bank and create a unified escrow system to replace Cashier's checks.
As of now, they don't see the benefits of changing to a new system outweighing the costs.
There's apparently still some utility in them in parts of Europe. When I challenged it (I had to pay 80 EUR for the check!) I was told that a bank transfer could be reversed or canceled, and that Cashier's checks prevent that from happening.
I don't see this situation changing until the banks get together with the central bank and create a unified escrow system to replace Cashier's checks.
As of now, they don't see the benefits of changing to a new system outweighing the costs.