The magnitude of these problems is not entirely visible from the standpoint of wanting to transfer 100$. To have a clearer view, imagine wanting to transfer 1 million dollars to someone as a business to another business. Now, to make things more painful, imagine the businesses are in different countries. Depending on the countries the businesses are form, the time frame we are looking at starts somewhere around two weeks and could take up to more than a month. The transaction fees may vary around 2% or 3%, which would be roughly 20000$ or 30000$.
Now how about transferring 10 million or 100 million? I think you’re starting to get my point, it’s much more time, and much more money, not to mention the friction you are going through.
From what I had researched, large transfers (even 1 million +) cost a 15-30 dollars transfer fee on average depending on the bank. Intermediary banks also take a small fee if they have to get involved. I don't know of a bank that charges 2-3% on transfers, that would be ridiculous. In addition, depending on how quickly you want the transfer to arrive at its final destination it takes between 2-3 business days to about 5-6 business days. Either way, you might want to look into this before you make your claims factual. Having said that, I myself love the idea of bitcoin and would be more than happy to use it over traditional banking.
Thanks for the feedback. I have just checked again with my bank and it seems the data is indeed a little different than what I thought. The transfers from 1 million+ will take theoretically from 3 to 6 business days with the possibility of extending that period to another 3 -5 business days for security investigation purposes. As for the fees they seem to charge some 0.2 % or roughly 2000$ 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.
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.