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Some doubts re: Bank Charges (Transfer of Funds)

Some doubts re: Bank Charges (Transfer of Funds)

Old Jan 14th 2015, 1:58 am
  #16  
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Default Re: Some doubts re: Bank Charges (Transfer of Funds)

Originally Posted by Jsmth321 View Post
If you do it yourself via online banking it's $13.50 for up to $2,500 CAD per day, but is only available to 120 countries.
Most banks reduce the outgoing wire transfer fee if done online and credit unions are generally the cheapest for wire transfers (both outgoing and incoming fees).
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Old Jan 14th 2015, 2:08 am
  #17  
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Default Re: Some doubts re: Bank Charges (Transfer of Funds)

Originally Posted by Jsmth321 View Post
My bank in Canada seems to be a bargain as well.

Incoming from international banks:

Under $50 free.

Over $50 $15/USD or CAD depending on incoming currency.

Outgoing:

$20 and up depending on country, add $25 for select countries.

If you do it yourself via online banking it's $13.50 for up to $2,500 CAD per day, but is only available to 120 countries.
Still a rip-off compared to an on-line remitter.
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Old Jan 14th 2015, 2:57 am
  #18  
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Default Re: Some doubts re: Bank Charges (Transfer of Funds)

Originally Posted by Pulaski View Post
Still a rip-off compared to an on-line remitter.
I've never had to wire money via a bank, pay pal is the closest I have ever done....
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Old Jan 14th 2015, 3:00 am
  #19  
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Default Re: Some doubts re: Bank Charges (Transfer of Funds)

Originally Posted by Jsmth321 View Post
I've never had to wire money via a bank, pay pal is the closest I have ever done....
Pay Pal uses ACH so not even close.
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Old Jan 14th 2015, 5:04 am
  #20  
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Default Re: Some doubts re: Bank Charges (Transfer of Funds)

Originally Posted by Michael View Post
Pay Pal uses ACH so not even close.
Yep I know. I have never had the need to wire money, likely never will.
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Old Jan 14th 2015, 8:10 am
  #21  
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Default Re: Some doubts re: Bank Charges (Transfer of Funds)

US and UK banks regard transferring money abroad as a "specialty" service subject to "special" fees. And converting 'strange' currencies is like fishing in a barrel. Ka-ching!

That may help explain why (particularly in the UK) "transfer" services are everywhere. It's an entire industry.

To a certain degree, I can understand it. Unlike most countries, both the US and UK are somewhat "isolated" from the rest of the world, both in terms of currency and common trade (major commercial trade notwithstanding).

Most average Americans and Brits never need to transfer money abroad, and most wouldn't know what another currency even looks like (in some cases, some don't even realise that other currencies exist).

In contrast, for example, a German individual or business is routinely subjected to international trade - and traditionally, routinely had to deal with at least 5 currencies (although the Euro has minimised that nowadays). It's completely normal for most Europeans (Russians, Asians, too) to trade 'abroad' and even now, most still have to deal with other currencies (Dollars, Pounds, Kroners, etc).

Therefore, transferring funds abroad is nothing 'special' for non-US,UK banks. Basic functionality of any account. You don't find many "transfer" services here. Europeans already have it in their online banking - and it's not OTT expensive like in the US and UK. Although for large amounts, a "transfer" service can save significantly.
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