Bitcoin Forum

This is why we need bitcoin. I am soo sick of these central bank mafia scum controlling our finances.!!!

I just did a international wire transfer and the banks cuased me to loose $700 because of how the make a huge 3% margin with the conversion of the money from one country currency to another.Imagine those bankers sitting there in their Jacuzzis relaxing while their computers move money getting $700 or much more from all the people who send money.
D@mn mafia!!
What would you do with $700 for free??

These banks are building the own destruction by robbing people like that.It is very arrogant they should be in jail for theft and fraud.
This is why we need bitcoin!! If I used the ightning network I could have done the transaction for some pennies!

Sometimes banks are very annoying and all arranged by banks, I hope for the future bitcoin will be the money of the future as money that is used officially worldwide.

Here in the Philippines there are some banks who are really the worst. Many are complaining why their balanced deposits are becoming lesser and lesser and it is even more than the required remaining balance. There are withdrawals in their accounts in which they did not make. Also the interest in your deposit is too small and when you make a transaction in the atm machine there are surcharges which is bigger than the interest rate of your deposit.

That's just criminal mate.

And you're one of millions of people getting ripped by the banking system everyday.

This is EXACTLY why the crytpo world needs to be widely adopted and implemented.

And the sad thing is the government who is supposed to be the justice, ya right.They do nothing to stop the thefts. But this is because they are all together.Think, why does every county have a central bank? EVERY COUNTRY has a location of this european bank fraud because it is a giant conspiracy and no one stops it, If you do not investigate you will be deceived

Well you have nothing to do with it but to accept the fact that banks are so greed, annoying etc. even if people saying that we need bitcoin and crypto for what? Real money? Stop dreaming, it will never happen unless all people can use internet and mobile phones or any gadgets where wallet can be installed.

More often they the caused of biases, unfairness and greed.

This right here is the reason why satoshi nakamoto has designed bitcoins. Because the banks can charge us huge amount for transfers especially if its internation transfers. Bitcoin knows no currency so no need for conversion when you transfer. This makes it easier and more secure.

Is that in the US?

I've noticed that American banking is stuck somewhere in the 19th century compared to Europe where everything is fresh, shiny and often free.

Or it could be anywhere else other than the EU. We're rather lucky with all the tech tossers throwing new types of banking at us all the time.

I have noticed this too actually.  I mean, how long did it take for the security chips to make it on the credit/debit cards and for stores to actually accept them?  It took the longest time ever.  And not only that but people where bitching the whole time too because it was a minor inconvenience to be told that you have to insert the chip rather than swipe.

Things are always slower in terms of progress here in the good ole US. :(

It's a total disgrace. And when you realise how pathetic bank transfers there are and how much ATM use costs you also realise that BTC serves a useful purpose that simply isn't called for in Europe.

In the EU there's masses and masses of innovation when it comes to banking. It's getting faster and more convenient all the time. It's still built on the same old crud of course but at least they attempt to be convenient.

What the hell mate ? There is something wrong with that bank obviously!
Why can the fee so high? Bank system sucks.
Bitcoin and cryptocurrency are the best choice for us. no bank system can control bitcoin and crypto.

I understand the point and benefits of helping people bank in a more convenient way, but not only that but using Bitcoin would be way more secure than a bank if you are thinking about it in both being a retailer being paid in Bitcoin or just someone sending money across the pond... not to mention much cheaper.

I think the banks have already gotten the hint that Bitcoin is the way to go, hell... they are already putting in tons of money for their own "blockchain research".  It'll be soon when they have to realize that they have to rely on the sheer numbers of hash power that Bitcoin has in order to transact in a secure way.

Its the same here in South east asia and everything was slow if you're talking about financial transaction. It could take days to do local transaction with different bank if your transaction nominal is more than $10k. Not to mention the international transactions can take longer than that and also we're talking about conversion rate of each currencies. Here you even get to choose if you want to do faster transaction, then you can use another financial transactions with "additional fees".

Maybe it would make sense to investigate it some more and maybe rise a complaint? Maybe there was some error on the side of your bank or this other bank? It seems the fee was really drastically high.

Once you go properly international everything seems to stop. Getting money from the UK to the US can sometimes take weeks and cost $50-$100. If it was somewhere like Java or Tajikistan I can't imagine how sluggish that can be.

That's why I presume the people who are sceptical about Bitcoin's possibilities never have to deal with getting money across borders. It's truly like night and day compared to banking.

Your only option in many cases is quasi Hawala like Western Union and that simply won't work for significant amounts.

Yeah I can't really complain about banking here in my country (Belgium), with SEPA it's just cheap and easy to send payments to any country in Europe.
Also banking + bitcoin is pretty well developed here too. I can just go to a Dutch exchange (Bitonic), pay with my debit card and receive Bitcoins instantly, without any transfer costs.

Same for cashing out Bitcoins, I can send my Bitcoin to a Dutch exchange and have the money on my bank account the same day.

Just another reason as to why cryptocurrency should be embraced, with the speed of the blockchain technology, such slug is never experienced, and if there is a delay it cant be as long as the banking system, with BTC the transaction speed will be faster and far cheaper

They don't care since you got to go through them to use your fiat, you have to have bank account to send and receive money to and from other people. As not many are even willing to pay you by cash. Banks were made with purpose and have been comfortable and still are, when cryptocurrencies get mainstream and they are slowly going unnoticed then we will hurt them bad.

Some banks also collecting too much fees, they will collect fees by thousands. Some banks do  not collect more  than fees, it is fix charges, even how much you will send to other person. Even when you deposit your money into tha banks if you do not maintain the minimum balance , they will deduct  again your deposits . But  when you maintain your minimum deposit, the interest is just very small 1 percent. So the banks is only  to save your money  there with maintaining balance with small interest. Not like in bitcoin, less fees, no deductions and no third party.
 
 

This is indeed very annoying and this is one of the reasons why people prepare storing their cash or wealth to cryptocurrency and precious metal if this do not change and the emerging market on cryptocurrency, we will soon see less people using bank transactions.

This kind of banking issue is never new. Youre right about how Bitcoin was created. To eliminate the traditional banking system and its greediness. It was created for us to have a financial freedom, free from ridiculous high transaction fees. But its sad to say that we cant get rid of it, since the bank is part of our system financially.

Indeed, sometimes transfering money across countries can take weeks and compared to bitcoin it only a matter of hours. I used western union before but i think it roughly the same only a slightly faster and it cost more than banking also i'm not reliant giving a high amount of money using western union for transactions.

On an even brighter note, there are always better ways coming out in terms of enabling on and off ramps of fiat to BTC and vise versa.  Take a look at localbitcoin.com or bisq.io for ways to deal without a centralized exchange service and give it a go a couple of times to get used to it.  I believe it is really important to get acclimated now as opposed to later because I feel as time goes on there will be more and more incentive to do only P2P transactions to avoid regulations nations might force on its citizens.

The fact that we can't "get rid of it" is an interesting one that relates a lot to economics.  Here's an article from 2014 that proposes problems of a deflationary currency like Bitcoin that you can see why we would somewhat "need"? banks and other regulatory oversight in the economy:

https://www.economist.com/blogs/freeexchange/2014/04/money

Here they pose questions about how you would deal with increasing populations & wages, etc.

Actually, banks are bound to do so to survive. I am feeling sorry hearing the loss of $700. And I think, people should grab cryptocurrencies and adopt with blockchain technology that reduce human works and unwanted bank charges also.

I once asked a banker friend of mine why these banks charge an exorbitant amount of fee whenever someone wants to send money from point A to B. His answer? It's fast, reliable and there's nothing better around to do transfers just like what banks do. Then I asked him, if wire transfers are the 'ideal' way to send money to someone over distant places, then why do money remittance centers exist? He didn't know the answer, yet tried to change the topic at that moment. You see, in this time and age, there are lots of alternatives that could save you money without losing--or better yet, improving--the quality of service you'll be receiving. Remittance centers and bitcoins are great alternatives, and you aren't losing security, effuciency and reliability either, but you can save a lot of money. Why people still allow banks to scam them and complain is beyond me.

This is exacly how the system wants it. They help rich people get richer and all low and middle class exacly where we are. This is exacly why I wish we will keep our decentralised currencies. I am trully sorry about you leraning this the hard way... This decentralisation is a first glace of our freedom in a very long time and I hope it says like that.

BR

This is why banks hate crypto and are trying to FUD it to the floor. If we take control of our own finances and send coins instantly for a low fee, no-one would use their extortionate bank services any more and they will have to cash in their lambos for micras

This is horrible mate, have you checked the terms if it's possible that you were overcharged which I feel is the case. Obviously bitcoins would have helped you a lot, it's sad that it's not allowed to do it officially. It's only a matter of time before people realise that bitcoins can help them tremendously.

Banks started charging enormous fees a few years ago because basically there was no competition for them. If you were sending Bitcoin you would pay a few cents for the whole transaction depending on the number of inputs and outputs. Hopefully, it is a matter of time before people will close their bank accounts. Banks charge way too much for their services even though they earn a lot of money every year. Cryptocurrency exchanges charge about 0,20% for exchanging, but you don't have to use their service. You can simply trade with someone else.

Banks charge a percentage of the transferred amount you are doing. Cause they know these international money exchangers charge a hell of a lot to do these for their customers.
I am not saying it is right for them to do but they should let the customer know and be aware of the service charge they are going to charge you before initiating the transfer.
$700 is no joke and it is highway robbery if you did not realize how much they charge since it is their money maker sort of like a cherry on the cake as they say when it comes to intnl money converting to the banks.

$700 is very expensive for a $20,000 remittance, but I understand this is the case in some countries. Hopefully when bitcoin is adopted widely, we are able to send bitcoin than using such expensive services.

Just out of curiosity, how is the P2P Bitcoin exchange market there?  Have you ever tried using Bisq.io or localbitcoins?  I'm curious because if SEPA is that easy and pain free, then I could imagine doing P2P exchanges in Europe would be just as painless and would have to ask you why you go to centralized exchange sites in the first place? 

Centralized exchanges are what link your personal identity to your wallet address, which therefore can be traced to every transaction you send from there forth.

Unfortunate man, Banks are honestly one of the sleaziest business proposals out there they loan money they dont have hoping that people will repay their loans before that money is needed in cash form

Wire transfer cost very high. if you are in a low rate of USD you still can make more money in your country but if you loose 700 USD for fee? That is a leech. Bank suck your asset. That is why they hate bitcoin and cryptocurrency, We can move money with small fees. That will take some banks business field, They will loose their income so they approach govt to ban crypto.

The way they stole money in this case was changing between one currency to another  each bank charges a fee of about $50 to do the transfer and the receiving end also charges something but not $50.The fees I dont care about $50 ok but then when they change your money to another currency they give you a low value so that is where the loss is and that is criminal and it is stealing 

Actually, banks are bound to do so to survive. I am feeling sorry hearing the loss of $700. And I think, people should grab cryptocurrencies and adopt with blockchain technology that reduce human works and unwanted bank charges also.

One of the biggest advantages of cryptocurrencies is the reduction in bank commissions. Even to me years ago for some transfers from Australia the bank applied shameful commissions.

Bank transaction charges and fees are really very painful. I see that they are charging poor uneducated people in my country and making money out of their ignorance. We certainly need this changed.

even when the bitcoin fees were very high, you could pay with $700 more than one bitcoin transaction. it is really a effrontery, what banks themselves allow.

And you did not notice that most exchanges too take very large commissions, sometimes I need to make small transactions but the commission is higher than the transaction itself (

Banks are the biggest scams in the entire history. No matter how you look at it, they scam you in every way. Cryptocurrency is indeed the solution to end their scamming feats.

Bank can be extremely frustrating, imagine bank making as much as $700 on a single transaction. Cryptocurrency is the liberator and I am sure it will rescue us from this cheat as we will be able to transfer fund to any part of the world at a minimal cost.

I don't even see any reason why the charge is so overpriced that's why sometimes I see banks as opportunists. People trust the bank with their money but these bank charges overprice service to their customers.

Wow that's huge amount dude, did the bank side ask you first that you will pay $700 as payment administration fee ?
If they aren't, it's a robbery.
The world is need to know and spread bitcoin to the world and make it global currency !

I advise you to invest money in Socratus because it guarantees the protection that in the future will bring you income and not only income and there are still steep bonuses

This right here is the reason why satoshi nakamoto has logo bitcoins. Because the banks can charge big amount for transfers fees and especially if its international transfers. so no need for translation when you transfer. This makes it very easier and more powerfull secure.

This is why bitcoin will eventually make the bank outdated on the long run. How can the bank charge $700 over a single transaction. If such transactions had been made ij bitcoin, the highest amount of transaction fee you will be charged will still be below $25.
It's hightime bitcoin became the global currency it's meant to be.

This is why bitcoin will eventually make the bank outdated on the long run. How can the bank charge $700 over a single transaction. If such transactions had been made ij bitcoin, the highest amount of transaction fee you will be charged will still be below $25.
It's hightime bitcoin became the global currency it's meant to be.

That's why we should support the decentralized bitcoin and stop creating its black reputation. Banks are doing nothing but stealing our money!

700$? Where do you live? In UK I didn't used banks to transfer money to EUR country. And fees not 700 for sure, like 50 GBP max.

I think we should not send bitcoin using such expensive services. The cost of transfer is very high. Because it's a leech. We can remit money for a small fee.

If you are the low in USD, you can still earn more money in your country but if you lose $ 700 for the fee? Bank sucks your property. That would take some banking business, They would lose their income so they approached the govt banning crypto. Fees I do not care about $ 50 ok but then when they change your money to another currency, they give you a low value so that's where the loss is and that's the crime and it's steal

I can buy a new gpu with that money dude. Never taught bank fees can go that high. That was super insane. Your government must be to poor that why they need an super extra money by eating super large fees like that. At my country we has limitations for the fees when it involve a huge money transaction. Just imagine how muct the fee they can get from 1 million with that fees. Bank sure very super rich.

It's like robbing people with legal terms and those banks are milking us with their own rules. No doubts banks had the highest revenue and now they are all against this cryptocurrecy as they will lost their incentives if all people will use bitcoin as the mode of money transfer.

The traditional banks have always exploited customers. The banking sector has always been a very profitable venture when well managed since the ancient days when it was first introduced. I believe we are still in that era where customers are always exploited of their hard earned money. Blockchain technology can help curb such issues of high charges.

but what you would find. is this
wire transfering $20k from your bank to an exchange would come with costs
the exchange then would do a 0.3% swap for fiat to crypto
you would then withdraw crypto to a wallet. exchange charges you a withdrawal fee
you then move the crypto to another address(or recipient would move it to a exchange) thus another fee
they then would convert crypto into their native fiat and be charged a exchange fee
then they would withdraw fiat to their bank account and be charged a wir transfer fee

add all that up and i guarantee you it wont be 25cents.. it would still be hundreds of dollars.


i personally live off bitcoin. i dont touch fiat.
even if my banks dont charge wire transfer fees in my country(uk)

so OP end solution is, stop being reliant on FIAT. and ask the person you send funds to to not be reliant on fiat. then stick with just btc

$700 for moving money internationally? Why would you not first convert to bitcoin?

The future is already here mate.

Wow! a huge profit on the part of the bank, however 3% is so big enough i think, if we can suggest banks to just get a 0.5% profit only maybe that will be good on both hands. As for the transactions made by the investors everyday, banks can earn millions.

Believe me mate most of the governments in this world doesn't care for their citizens and all they want is our precious money and most of the time it goes directly to their pockets and this money help them to live a luxurious life. This is the sad truth about the reality in our government and monetary system and the legendary "Satoshi Nakamoto" gives us hope that this system should stop and we have choices and we are not slaves of these greedy people that steal our money. Bitcoin and the blockchain system gives freedom to everyone who chooses it and its one of the reason why most of the corrupt governments in this world don't want this kind of decentralization and technology in our monetary system because it will be impossible for them to steal money from their citizens again and this will give them a real pain in their butts because they'll lose one of their main sources of income. 8)
Big respect to the one who started this revolution and whoever this guy behind the screen name "Satoshi Nakamoto" you've done an awesome work sir and soon the whole world will realize the real usage and benefits of using the technology you have created. "Hats off" :)

Unfortunately this is why Bitcoin isn't taking off in Australia.

We have instant (several seconds) transfer between banks in Australia which is also free.

International transfer to the UK (our most popular destination with existing family.) is about $20.

It's amazing I think Australia's banking system is the most advanced in the world.

But the downside is no one here really cares about Bitcoin, as there is very little point to owning it in Australia.

WOW, 700 $ is very big for a fee, really if you use bitcoin, you won't lose 700 $, the fee for bitcoin alone is only 1% .. It's cheaper if you change bitcoin to doge.

Yeah just introduce him to btc so you can have a peer to peer transaction and everything will be fine. That $700 is huge just for a wire transfer and it's killing the society.

Though people are reluctant about bitcoin since it's volatile but they didn't bother to think the money deflates as so with the higher inflation, so what's more acceptable then?

Since the coming of bitcoin must people have switch from using bank for transferring of huge money across countries, send money using the bank have it huge cost and at times it may take days before the transactions will go through and with a huge transactions fees but the case is different with bitcoin with a small fee you send money to any one and at any where in the world fast and secured.

I wonder which country you are living? This is is really huge ammount of money actually $700 means robbery! The blockchain and the cryptocurrency system found to solve this type of matters. And why didn't you use cryptocurrency to send money? Didn't you have the chance to use it? Or your reciever don't know about it? Sorry  for your lost..

I think why Bitcoin is so important we can see here now. If you did this transaction with BTC, you could pay about only 3.25 $.

You may not pay with some crypto coins like NEO!

There's little time left to use Bitcoin this way. Soon the whole world will see it as a value of money, and I think this will hurt the banks a little bit. But it would be wrong to pity them. In the age of technology, it is not ethical that they still receive very high fees for money transfer.

LOL... this is not a one-off incident. I am a resident of Indonesia and whenever I visit Singapore or Thailand, they change somewhere around 3% for the conversion to SGD or THB from IDR. What we can do about it?

Bring your crypto with you and then try localbitcoins in the country where you going to travel.  ;D. I'm remember a guy travelling with his bitcoin or something exchanging it through locals. And he says he met a lot of crypto enthusiast because of it so it might work.