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Help me understand, was 1 billion dollars actually transferred? Wouldn't a normal bank wire of the same amount cost less than that, say $25?
by jiveturkey 7y ago
Help me understand, was 1 billion dollars actually transferred?
Wouldn't a normal bank wire of the same amount cost less than that, say $25?
- parliament32 7y agoYes and yes. A bank wire is the opposite of pseudo-anonymous though, especially with this kind of amount you'd have all sorts of eyes on you.
- freeone3000 7y agoMy bank charges a percentage for wires over a certain amount.
- SilasX 7y agoYes, if your time -- needed to provide the thorough documentation for such a huge transfer -- is worth nothing.
- Daniel_sk 7y agoI am not sure how bank handle such large transactions (100 milion+), but transferring millions is very cheap or for free - at least with standard IBAN within EU.
- djsumdog 7y agoA large corp-to-corp (or even person-to-corp) transfer does have a lot of money involved (accounts to figure out taxes, lawyers if it's for buying or selling major assets, possibly international tax experts, maybe even an escrow service if it's between say a EU company and a Chinese company where they might not trust the other nations court systems). And then the bank might charge a fee too, although I suspect with accounts that large, banks would do what they could to minimize fees since that much capital helps them with loads/interest.
- beefield 7y agoAnd these other costs would not apply in bitcoin world?
- whb07 7y ago$1 Billion USD at current prices. Having said that in the current SWIFT or any other legacy payment rail, there is no finality in transactions until 30+ days. Not only that, is that you would have the Eye of Sauron quickly looking at you for moving such quantities especially if it were a private individual or some smaller group that isn't all registered with the powers that be.