JUST TRANSFERED 20K USD AND BANK CHARGED ME $700 !!!!

[Oasisman]

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.

[metenjean]

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".

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.

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.

[chennan]

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.

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.

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.

[chennan]

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.

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.

[coin_maker]

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.

[dothebeats]

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.

[SirTradeX]

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!

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

[Crypdon]

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

[Juggy777]

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!

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.

[brickafterbrickwalldpt]

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.

[Paractor]

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.

[Caesar-Giulius]

$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.

[chennan]

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.

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 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.

[Games.Bitcoin]

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

[bitcoinvestor]

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.

[globe-biz]

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 

[coin_maker]

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.

[lisasteca]

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.

[belousov]

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 anothe[Suspicious link removed]agine 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!

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.

[sabine80]

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.