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.
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.