Ridiculous Banking Fee's

[Bardman]

Our "beautifull" banking system @ work.

I ordered 2 nice pances from a tailor which I befriended in Thailand. I transferred 4000 bath (108 euro's) and ask the bank to let me pay for the transaction.... Boy did I regret that

The billed me for 32 euro's, only for the transfer, but now the best part, the guy in Thailand only recieved 3900 bath!? So eventhough I paid the FULL transaction, they still deducted 100 bath from this poor guy's account!!

This remains the biggest chance for crypto. There should be a global organization dedicated to promote bitcoin as a means to transfer funds in low wage countries. This guy is gonna try bitcoin next order, simply because I explained it to him as a way to avoid those ridiculous high costs for creating numbers in a computer out of thin air...

In short, how could we as a community promote this. If you look at the enormous marketing budgets from services as paypal or western union, with their same ridiculous fees, how can we make a fist to something like that?

What are your ideas?

Oh boy, banks.. The fees, ok i can understand it, every bank has similar fees but the -100 bath? That's actually robbery, you should have made a complaint because that is not fucking normal.

[Gyfts]

You don't use it, simple. You "boycott" their services and promote something that goes directly against it...(Bitcoin  )

To add to this, any type of service, whether it be PayPal or Western Union, has extreme fees sending international payments. Between conversion fees with currencies and cuts the service takes, you're looking at a major cut in all outgoing transactions. Nothing compared to the miners fee, though.

[maku]

You don't use it, simple. You "boycott" their services and promote something that goes directly against it...(Bitcoin  )

To add to this, any type of service, whether it be PayPal or Western Union, has extreme fees sending international payments. Between conversion fees with currencies and cuts the service takes, you're looking at a major cut in all outgoing transactions. Nothing compared to the miners fee, though.

It will be a good way if all people were aware of the problem. But people are being oblivious and kept in the dark. They are living in the scheme of economic slavery and we need to teach them that old system is not helping them and instead is robbing them from their money. If 10 or 20 people boycott bank services it won't be enough...

[Amph]

what bank account do you have? because with deutesche bank i'm paying zero on everything on every transaction and on every withdrawal from any atm

the only fee is associated with conversion rate, when you want to deal with different fiat money, but this is normal

Well, your 'no fee' privileges are limited for sure. They are restricted to be only in your country or maybe Eurozone in Deutsche bank feel generous.
If you try to pay for something you buy far away - maybe like Op in Thailand - I am sure that the fees would be devastating.
And secondly there are are different rules for supposedly the same Bank located different countries, so Deutche Bank in France could have different fees that in Greece etc.

yeah you're right but i would not buying anything outside from euro, and not because of the fees(which can rise to 25 euro or around that) but because of the customs that might blocks my items and force me to pay much more than a mere 25 euro...

[Furio]

You don't use it, simple. You "boycott" their services and promote something that goes directly against it...(Bitcoin  )

To add to this, any type of service, whether it be PayPal or Western Union, has extreme fees sending international payments. Between conversion fees with currencies and cuts the service takes, you're looking at a major cut in all outgoing transactions. Nothing compared to the miners fee, though.

You state it so simple, but the reality is that a fraction of the population has acces to equipment capable of Bitcoin mining or transfers. Most people in Thailand don't even have a computer, so your option isnt a option my friend, not everybody can accept, trade and exchange Bitcoin.... Still a long way to go Boycotting is simply not allways a option...

[Gyfts]

You don't use it, simple. You "boycott" their services and promote something that goes directly against it...(Bitcoin  )

To add to this, any type of service, whether it be PayPal or Western Union, has extreme fees sending international payments. Between conversion fees with currencies and cuts the service takes, you're looking at a major cut in all outgoing transactions. Nothing compared to the miners fee, though.

You state it so simple, but the reality is that a fraction of the population has acces to equipment capable of Bitcoin mining or transfers. Most people in Thailand don't even have a computer, so your option isnt a option my friend, not everybody can accept, trade and exchange Bitcoin.... Still a long way to go Boycotting is simply not allways a option...

Not necessarily Bitcoin mining, but just accepting Bitcoin. You can accept Bitcoin from a mobile phone if needed. The point I'm making is no one is forcing you to use the services of PayPal, WU, ect. If you don't like the fees, don't use it, and use Bitcoin instead. If you don't have a computer or mobile phone, fees should not be your worry. I a state like that I doubt the person would be sending and receiving transactions (internationally) frequently enough for fees to even make a notable difference. As far as the whole boycotting goes, I didn't mean this in a literal sense as you should go and "protest" or something along those lines. PayPal and WU are huge companies to where they don't need the business of the OP to make any difference to them. In a bigger picture though, sometime in the future when public acceptance of Bitcoin exists, these companies will have a rough time competing therefore they'll be forced to adjust fees and such.

[AtheistAKASaneBrain]

what bank account do you have? because with deutesche bank i'm paying zero on everything on every transaction and on every withdrawal from any atm

the only fee is associated with conversion rate, when you want to deal with different fiat money, but this is normal

Your confusing this with IBAN transfers, those are free within the EU, international banking transfers sadly, no I understnad conversion rates, but over 30 euro's, really!?

I think you mean SEPA transfers. I think even then you have to pay some fee. Banking infrastructures are huge monsters that need a lot of cash to be maintained. Im sure you are paying one way or another if indirectly throught fees, through somewhere else. Everyone pays the banks if you use a bank.

[Furio]

You don't use it, simple. You "boycott" their services and promote something that goes directly against it...(Bitcoin  )

To add to this, any type of service, whether it be PayPal or Western Union, has extreme fees sending international payments. Between conversion fees with currencies and cuts the service takes, you're looking at a major cut in all outgoing transactions. Nothing compared to the miners fee, though.

You state it so simple, but the reality is that a fraction of the population has acces to equipment capable of Bitcoin mining or transfers. Most people in Thailand don't even have a computer, so your option isnt a option my friend, not everybody can accept, trade and exchange Bitcoin.... Still a long way to go Boycotting is simply not allways a option...

Not necessarily Bitcoin mining, but just accepting Bitcoin. You can accept Bitcoin from a mobile phone if needed. The point I'm making is no one is forcing you to use the services of PayPal, WU, ect. If you don't like the fees, don't use it, and use Bitcoin instead. If you don't have a computer or mobile phone, fees should not be your worry. I a state like that I doubt the person would be sending and receiving transactions (internationally) frequently enough for fees to even make a notable difference. As far as the whole boycotting goes, I didn't mean this in a literal sense as you should go and "protest" or something along those lines. PayPal and WU are huge companies to where they don't need the business of the OP to make any difference to them. In a bigger picture though, sometime in the future when public acceptance of Bitcoin exists, these companies will have a rough time competing therefore they'll be forced to adjust fees and such.

I understand what you mean, and you're right for the most part. My point is that not everyone can use this, due to knowhow or lack of resources. I never use Paypal, banks, or Creditcards unless I really have to, and the problem is, I HAVE TO use them so ridiculously much to get anything done abroad....

[Mickeyb]

Our "beautifull" banking system @ work.

I ordered 2 nice pances from a tailor which I befriended in Thailand. I transferred 4000 bath (108 euro's) and ask the bank to let me pay for the transaction.... Boy did I regret that

The billed me for 32 euro's, only for the transfer, but now the best part, the guy in Thailand only recieved 3900 bath!? So eventhough I paid the FULL transaction, they still deducted 100 bath from this poor guy's account!!

This remains the biggest chance for crypto. There should be a global organization dedicated to promote bitcoin as a means to transfer funds in low wage countries. This guy is gonna try bitcoin next order, simply because I explained it to him as a way to avoid those ridiculous high costs for creating numbers in a computer out of thin air...

In short, how could we as a community promote this. If you look at the enormous marketing budgets from services as paypal or western union, with their same ridiculous fees, how can we make a fist to something like that?

What are your ideas?

Yes, this is the very big chance of Bitcoin, not the only one but the big one. For example, poor people in Africa that are 100s of miles away from a bank branch is another nice opportunity.

But yes, banks are getting out of control with their fees. This poor guy needs to go to his bank and tell them if they don't give him his money back and charge him a reasonable fee, that he will change a bank completely. This usually works.

[Epileptic_Neurosurgeon]

Yeah if you're looking to transfer abroad, banks are usually the least attractive option, to say the least.

[AtheistAKASaneBrain]

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

[Furio]

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

If only it was that simple, but the reality is that much of our infrastructure isn't build for bitcoin/blockchain YET!!

[cellard]

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

If only it was that simple, but the reality is that much of our infrastructure isn't build for bitcoin/blockchain YET!!

What infrastructure? The infrastructure is already built (the internet). All we need is keep improving the software, making it more accessible, and make it spread around the world. If anything, the infrastructure is simply nodes.

[Furio]

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

If only it was that simple, but the reality is that much of our infrastructure isn't build for bitcoin/blockchain YET!!

What infrastructure? The infrastructure is already built (the internet). All we need is keep improving the software, making it more accessible, and make it spread around the world. If anything, the infrastructure is simply nodes.

Read what has been wroten in the thread, people in developing countries dont have acces to tech, they only have (oldschool) phones and banks, so no not evrywhere is the infrastructure...

[Amph]

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

let's hope they will embrace the blockchain tech then, so they can reduce their fee and time, and not having stupid excuse to charge you those ridiculous high amount for fees

but something is telling me that they will not change anything on that side, bitcoin or any stable altcoin will always be the better choice for this matter

[Furio]

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

let's hope they will embrace the blockchain tech then, so they can reduce their fee and time, and not having stupid excuse to charge you those ridiculous high amount for fees

but something is telling me that they will not change anything on that side, bitcoin or any stable altcoin will always be the better choice for this matter

Uhm, IBM Apple Samsung and a few banks are allready researching and implementing the blockchain, THIS will de biggest challenge, soon banks or other companies will launch their own "coin", and I thinkl the masses will go for that, since it's "safe", just like the financial crisis....

[Bardman]

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

If only it was that simple, but the reality is that much of our infrastructure isn't build for bitcoin/blockchain YET!!

What infrastructure? The infrastructure is already built (the internet). All we need is keep improving the software, making it more accessible, and make it spread around the world. If anything, the infrastructure is simply nodes.

Read what has been wroten in the thread, people in developing countries dont have acces to tech, they only have (oldschool) phones and banks, so no not evrywhere is the infrastructure...

And even if they did you still need people to accept bitcoin as a payment method, it doesnt matter if you have bitcoins if you can't spend them and lets be honest, right now you cant live just by having bitcoins, you will have to convert them into fiat at some point.

[Hazir]

And you haven't taken into consideration the hidden fees. What I hate about banks is that they will hide behind their Terms and Conditions and I bet most individuals, an average daily user like myself didn't even notice that the fees existed. And you haven't consider the fact that there are millions of users using their services each day and the small amount will really pile up.

If it was a small amount, I wouldn't be complaining, but on a transaction of 100 euro, 32 euro's fee's, what the fuck!? Mafia.....

It's ridiculous and a scam. It's clear now that the banksters have been charging over exaggerated fees with the excuse of "running a bank is expensive, we need to charge customers to keep things working". Well, guess what, now we have BTC, no more excuses left for them. It's game over.

let's hope they will embrace the blockchain tech then, so they can reduce their fee and time, and not having stupid excuse to charge you those ridiculous high amount for fees

but something is telling me that they will not change anything on that side, bitcoin or any stable altcoin will always be the better choice for this matter

You think that the current bank fees are justified by the amount of work bank need to go through to send your money from one place to another?
If you establish system, bank transfers are fast and requires almost no maintenance. High fees are only for bank to earn more money.
I am sure that after blockchain tech will be incorporated in bank tech fees won't go down, instead banks will find way to charge even more because of: 'new and faster tech'.

[notlist3d]

The more you have at a bank the better they treat you, and the less fees you pay.   I was surprised on a car loan myself the insane interest both the car company and bank wanted, I cannot remember the exact amount but it was not cheap.

I ended up having a co-signer (family member) who knew I would pay and I got zero interest.  So zero interest for 5 years is much better.

Only thing they did that got me mad they hit my credit history multiple times.  When I asked why they did it multiple times.... the car finance guy said to see if he could get me a better rate on the loan.... needless to say he did not find a rate better then zero.

[Borisz]

Our "beautifull" banking system @ work.

I ordered 2 nice pances from a tailor which I befriended in Thailand. I transferred 4000 bath (108 euro's) and ask the bank to let me pay for the transaction.... Boy did I regret that

The billed me for 32 euro's, only for the transfer, but now the best part, the guy in Thailand only recieved 3900 bath!? So eventhough I paid the FULL transaction, they still deducted 100 bath from this poor guy's account!!

This remains the biggest chance for crypto. There should be a global organization dedicated to promote bitcoin as a means to transfer funds in low wage countries. This guy is gonna try bitcoin next order, simply because I explained it to him as a way to avoid those ridiculous high costs for creating numbers in a computer out of thin air...

In short, how could we as a community promote this. If you look at the enormous marketing budgets from services as paypal or western union, with their same ridiculous fees, how can we make a fist to something like that?

What are your ideas?

Your bank's 32€ is crazy high and the 100 bath was probably imposed by his bank on incoming international transactions. However, there is a way in the transfer options where you pay both the sender's and recipient's fees. SO the amount you send will be the amount received and the fees will be billed to you separately.

(Bank of Scotland, no fees at all, I can use any ATM in the UK without charge even if I pick up 20 pounds 20 times a day. Free for sending money, of course free for receiving. If I send money within the UK, the recipient gets in within an hour or so. Haven't tried sending abroad yet I think.)

As I see currently bitcoin could be the perfect use case in such scenarios. Don't use it as a store of value due to volatility, but exchange fiat on end A for Bitcoins, transfer, immediately exchange to fiat on end B. Unless some major event happens, the exchange values should be reasonably close at the two ends. You should probably also talk to your bank and ask them about the fees.