Wire transfer fees charged by the 10 largest U.S. banks:
Banks Domestic - Incoming Domestic - Outgoing Foreign - Incoming Foreign - Outgoing
Bank of America $15 $25 $16 $45
Chase $15 $30 $15 $45
Wells Fargo $15 $30 $16 $40
Citibank $15 $35 $15 $45
U.S. Bank $20 $30 $25 $50
Capital One $15 $25 $15 $50
PNC Bank $15 $25 $15 $45
TD Bank $15 $25 $15 $40
BB&T $15 $25 $18 $65
SunTrust Bank $15 $25 $30 $50
AVERAGE $15.50 $27.50 $18.00 $47.50
im not american.. im british.. and shocked that the US banks charge for that.
explains why america hates banks so much but loves bitcoin. but the uptake of bitcoin is slower in the UK
because we have had instead wire transfers that are free, for years. and easy userfriendly apps like Pingit
Why are you shocked?
Most ordinary people don't use "wire transfers".
There is something called an ACH transfer, which is free for domestic to domestic bank. So wire transfers are more for international payments.
I was shocked that one is only supposed to use Venmo with trusted friends:
http://www.slate.com/articles/business/moneybox/2015/09/venmo_scam_and_fraud_why_it_s_easy_to_get_ripped_off_through_the_mobile.htmlLots of people getting scammed by receiving green checkmark with notification of funds in Venmo, but the funds are not actually there and the transaction is later reversed. These people could all have used bitcoin and waited 1 hour for confirmation.
How can any of you compare Venmo with Bitcoin and think Venmo is better when they can reverse transactions? More like venom than venmo.