The situation in Holland is pretty good. Only 1 bank (Postbank) has a system where you can login with a username and password (instead of using a physical authenticator) but you still need to authorize payments etc via your mobile phone (textmessages). All the other banks have authenticators where you insert your debitcard and have to input your 4 digit code to login and make transfers.

Transfers are usually instantaneously except to the aforementioned bank Postbank :-)

For completeness:

You can choose to receive Postbank authentication tokens either on your mobile phone, or a sheet of paper delivered by regular mail.

(also, Postbank has been rebranded to ING Bank, "Postbank" as such no longer exists).

The banks I use in Singapore use dual factor authentication devices or SMS. Not sure if it's mandatory.