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> how expensive it would be to do it in a normal banking situation No idea about the billionaires, but I can shift £5k from a current account to another curren
by isostatic 7y ago
> how expensive it would be to do it in a normal banking situation
No idea about the billionaires, but I can shift £5k from a current account to another current account with another bank for the princely sum of £0.00
- hurrdurr2 7y agoAre you talking about wire transfers? In the US both banks would charge a transaction fee.
- gnur 7y agoProbably, it's the same in The Netherlands, wire transfers are instantaneous and free.
- graton 7y agoNormal ACH (Automated Clearing House) transactions in the US tend to be free. I can move money from one bank to another bank without any fees. It usually takes anywhere from 1-4 days. This is moving US dollars. Not sure what the cheapest way to move USD to EUR is and likely not free.
- monocasa 7y agoDepends on the bank. Wells Fargo nickels and dimes you on this kind of stuff for instance.
- hoffs 7y agoSEPA has a fee of 41 euro cents.
- Symbiote 7y agoSEPA has a fee of "the same as a national transaction within your country", so in many countries it's free.
- mikeryan 7y agoThis is largely dependent on your account type and bank. There are many types of accounts that will not charge for wires or will only charge on one side (incoming/outgoing) of the transaction. I don't pay outgoing wire transfer fees on my business account.
- isostatic 7y agoAnd there’s the nub, elsewhere in the world we don’t have that, and we don’t typically have bank fees - on the contrary the banks pay us.
- donalhunt 7y agoTry doing 100K in EUR/USD/GBP... It's likely not free (but probably not outrageous either)... Last time I did something like that the transaction cost was small (< €10) but the human element was large due to approvals (think i was in the bank over an hour and it involved 4-5 bank staff to make it happen). Anti-money laundering processes cost money and many of the crypto-currencies ignore this for now / pass the problem to the fiat ⇆ crypto exchange operators. On the flip side, I saw a payment go through for one our suppliers today. $50 invoice. > $25 processing fee because it was a european bank processing a USD transaction. :/
- AdamGibbins 7y agoI can transfer 100k in GBP free too. BACS limit is £250k. Once I exceed that I have to fall to CHAPs which will cost me about £25 and has no limit. Banking is mostly free in the UK.
- danielmg 7y agoBacs limit is £20 million per item but is 3 day clearing. The £250k limit is FPS (instant clearing) I believe, or your bank.
- AdamGibbins 7y agoYou're correct, sorry. AIUI there's a higher limit for corps/govs too. Banks often have lower limits than these but I've no doubt they'll lift them if there's need. For those not familiar, FPS offers 2h (normally instant) transaction speed.
- xvilka 7y agoHaving bank transfers in 2019 so slow is outrageous. It's the time when trading bots produce millions in a split second. But bank transactions require hours and days. And they dare to call them fast!
- 7y ago
- djohnston 7y agobut with bitcoin it's borderless. there are no free int'l wire services.
- justincormack 7y agoThere are in Europe in the euro zone.
- djohnston 7y agook.. the euro zone also has borders.
- pavel_lishin 7y agoI can toss a nickel at my friend for free.
- jankiehodgpodge 7y agoWhat this misses is that these transactions for better or for worse are completely non reversible. You simply cannot do that with a bank transfer as given a good cause transactions can always be delayed, diverted or stopped.
- isostatic 7y agoYou’re thinking of bitcoin. I’ve reversed bank transactions before. And just today https://www.bbc.co.uk/news/world-us-canada-49643015 https://www.bbc.co.uk/news/world-us-canada-49643015
- megaremote 7y agoGreat. Now trying doing a billion. There are limits.
- isostatic 7y agoYou get paid to transfer a billion. The internet alone is measured in hundreds a minute. It’s rather moot as people and companies don’t keep a billion sitting in the same bank account.