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The question is - why are online transfer mechanisms expensive? Wire transfers should be much cheaper than checkques. In Poland (although we're a much smaller
by kolinko 14y ago
The question is - why are online transfer mechanisms expensive? Wire transfers should be much cheaper than checkques.
In Poland (although we're a much smaller country), wire transfers cost from free to 30 cents (doesn't matter how much you send, you could wire $1M and still pay 30 cents), and take from an hour to a working day to process.
- veyron 14y agoWire transfer and CHIPs both go through the NY Fed system. The banks send requests and money is drawn from or credited to the individual bank's account at the fed. Here are the specs: http://www.frbservices.org/campaigns/remittance/files/fedwire_funds_format_reference_guide.pdf http://www.frbservices.org/campaigns/remittance/files/fedwir...