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Banks are still cheap when it comes to large amounts.
by m00dy 6y ago
Banks are still cheap when it comes to large amounts.
- nikolay 6y agoAnything over $4K is cheaper and faster with banks like Mercury, which takes just $20 for wires.
- fadesibert 6y agoDepends on your definitions of cheap and large. Some banks are very good at FX in the 5,6,7 figure range. Others aren't. Fidelity, for example, charges no fee but a 1% spread, which is a "hidden" fee. FirstRepublic charges .01% (and thats because we are "small" by institution standards ~50k / transaction). Most banks are badly set up for consumer size transactions, unless they are by default multi currency (Revolut and Starling come to mind). The traditional banks may be "no-fee" - but some have charged as much as 2%. Still nothing on the ultimate rip off - the foreign currency ATMs at airports - fee +5+% spread...