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I keep hearing about these high transaction fees but I've never seen them. When I send the equivalent of tens/hundreds of thousands of USD I pay a few cents of
by alphydan 9y ago
I keep hearing about these high transaction fees but I've never seen them. When I send the equivalent of tens/hundreds of thousands of USD I pay a few cents of a dollar. It does take a few hours, sure. But what would it take in a fiat currency: walk to the bank, explain why you are sending so much money, set-up the order, wait a few days. No doubt with fees in the hundreds of dollars.
So as far as I can tell fees are still ridiculously small. Large transactions are usually not that urgent.
- lsseckman 9y agoAre you actually sending that amount around?
- lsseckman 9y agoAre you actually sending that amount around?
- JumpCrisscross 9y ago> But what would it take in a fiat currency: walk to the bank, explain why you are sending so much money, set-up the order, wait a few days. No doubt with fees in the hundreds of dollars. When was the last time you sent a wire? For accounts with $15,000 minimums it's usually free, can be set up from your phone and, depending on your bank, either clears within minutes or by close of business.
- alphydan 9y agoGood point. I assume you are talking about national transfers (within the same country) and during the week? What is your experience wiring $X0,000 abroad as a consumer?
- JumpCrisscross 9y agoMy last international wire was for $60,000. It arrived same day in Switzerland. I set it up from Citi's iPhone app and paid nothing for it.
- alphydan 9y agoI assume using this? > Citibank, which offers free international wire transfers to other Citi accounts through the Citibank Global Transfers service. There is a major caveat. If you need to send money to someone who doesn’t have a Citibank account, the fee is a steep $35.