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The same is true of any foreign currency. I could send $150 million in Russian rubles to my sister, and she wouldn't be able to do jack with it until she finds

by mehwoot 13y ago

The same is true of any foreign currency. I could send $150 million in Russian rubles to my sister, and she wouldn't be able to do jack with it until she finds someone willing to give her dollars for it. With the amount of money involved, getting it all converted at once would be extremely difficult. That's exactly the point. If you had $150 million in rubles, you could transfer it for only a nominal fee ($20 for my bank, although you can get a lot cheaper if you regularly did transfers like that) to any account in the world that could hold rubles. Exactly the same with bitcoin. The only real cost in transferring sums of money is either extreme convenience, transferring to a country with an extremely poor banking service or exchanging currencies. None of which bitcoin solves yet.

valleyer 13y ago
> If you had $150 million in rubles, you could transfer it for only a nominal fee ($20 for my bank, although you can get a lot cheaper if you regularly did transfers like that) to any account in the world that could hold rubles. I have no counterproof, but I find this hard to believe.
- mehwoot 13y ago
  I've only transferred / had transferred internationally sums around 50-100k, that was just a nominal fee. http://www.stgeorge.com.au/online-services/business-banking/fees-charges http://www.stgeorge.com.au/online-services/business-banking/... Telegraphic Transfer (TT) Request $20.00 per transaction or item Pretty sure that would be fine up to ~$1 million. Anecdotally I know TT happen for sums in the range of $10-$100 million (there was a case where ~$150 million was stolen by a rogue TT in Australia to overseas bank accounts).
- fancyketchup 13y ago
  If you had $150 million in rubles, you'd almost certainly have an account with the private banking side of whichever bank you use. Private accounts generally come with perks like free wire transfers. Source: Someone I trust who works in Private Client Services at JP Morgan (not sure if other banks offer free wires, but I'd be surprised if they don't).

by mehwoot 13y ago

valleyer 13y ago

> If you had $150 million in rubles, you could transfer it for only a nominal fee ($20 for my bank, although you can get a lot cheaper if you regularly did transfers like that) to any account in the world that could hold rubles. I have no counterproof, but I find this hard to believe.

mehwoot 13y ago
I've only transferred / had transferred internationally sums around 50-100k, that was just a nominal fee. http://www.stgeorge.com.au/online-services/business-banking/fees-charges http://www.stgeorge.com.au/online-services/business-banking/... Telegraphic Transfer (TT) Request $20.00 per transaction or item Pretty sure that would be fine up to ~$1 million. Anecdotally I know TT happen for sums in the range of $10-$100 million (there was a case where ~$150 million was stolen by a rogue TT in Australia to overseas bank accounts).
fancyketchup 13y ago
If you had $150 million in rubles, you'd almost certainly have an account with the private banking side of whichever bank you use. Private accounts generally come with perks like free wire transfers. Source: Someone I trust who works in Private Client Services at JP Morgan (not sure if other banks offer free wires, but I'd be surprised if they don't).