10 years ago
6
Bitcoin is going to be huge
There seem to be some really annoying problems with the money systems we use today. And the fact is, we are so used to the status quo, that we stopped recognizing problems, and consequently stopped...
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From your article..
From what I had researched, large transfers (even 1 million +) cost a 15-30 dollars transfer fee on average depending on the bank. Intermediary banks also take a small fee if they have to get involved. I don't know of a bank that charges 2-3% on transfers, that would be ridiculous. In addition, depending on how quickly you want the transfer to arrive at its final destination it takes between 2-3 business days to about 5-6 business days. Either way, you might want to look into this before you make your claims factual. Having said that, I myself love the idea of bitcoin and would be more than happy to use it over traditional banking.
Thanks for the feedback. I have just checked again with my bank and it seems the data is indeed a little different than what I thought. The transfers from 1 million+ will take theoretically from 3 to 6 business days with the possibility of extending that period to another 3 -5 business days for security investigation purposes. As for the fees they seem to charge some 0.2 % or roughly 2000$ for one million with the possibility of other intermediary banks adding some small fees as well. Will correct that in my article too. Thanks!
Can you link me to a source that confirms that banks indeed charge a percentage on wire transfers as opposed to a flat fee? I understand that certain companies affiliated with banks may charge a small % based fee, but never heard of banks charging these types of fees on wire transfers.
I did not find a written source, that's why I called my bank directly. They answered all my questions.
good article!