Banks are Pigs

[Joohansson]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

[1714847976]

1714847976

[ABitNut]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

75% fee sounds ridiculous. However this is probably an international payment involving SWIFT and some very cumbersome processes for both the sending and receiving bank. Based on that they can probably defend the fee, since it covers their cost.

Have you tried offering your provider to pay, say... $12.50 worth of BTC directly? That's sounds like a win/win to me. Banks (pretend to) struggle with international payments. Bitcoin does it easily.

[erre]

Just use bitcoins
To avoid international fees, you can also transfer bitcoin to someone living in the same country and make him pay

[Joohansson]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

75% fee sounds ridiculous. However this is probably an international payment involving SWIFT and some very cumbersome processes for both the sending and receiving bank. Based on that they can probably defend the fee, since it covers their cost.

Have you tried offering your provider to pay, say... $12.50 worth of BTC directly? That's sounds like a win/win to me. Banks (pretend to) struggle with international payments. Bitcoin does it easily.

Yeah, the provider is based in Denmark and i live i Sweden. I offered them Bitcoins via support mail, have not got any response yet. I´ve been using that provider for 10 years, I´ve never seen this fee before though.

[ABitNut]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

75% fee sounds ridiculous. However this is probably an international payment involving SWIFT and some very cumbersome processes for both the sending and receiving bank. Based on that they can probably defend the fee, since it covers their cost.

Have you tried offering your provider to pay, say... $12.50 worth of BTC directly? That's sounds like a win/win to me. Banks (pretend to) struggle with international payments. Bitcoin does it easily.

Yeah, the provider is based in Denmark and i live i Sweden. I offered them Bitcoins via support mail, have not got any response yet. I´ve been using that provider for 10 years, I´ve never seen this fee before though.

Last I knew Denmark and Sweden are both in the EU. In that case European rules apply:

For international payments in euros within the EU, banks should charge you no more than they would for a national transaction of the same value in euros.
This rule applies to all electronically processed payments in euros, including:

transfers between bank accounts in different EU countries
withdrawals from cash machines/ATMs in EU countries
payments by debit or credit card across the EU
direct debit transactions
money remittances.
International payments in currencies other than the euro are not subject to these provisions.

See http://europa.eu/youreurope/citizens/shopping/banking/day-to-day-banking/index_en.htm and make sure you're paying in euros. If so, then you've got your bank by the balls. Make sure you copy all the official papers that shows they're charging you this outrageous amount and that it's most definitely not the same amount as they charge for a national transaction. Then tell them to process your payment according to the law *and* file a complaint.

Cheers.

[Amph]

well, we all know that bank are the biggest legal thieves

for this reason i'll not cash out my btc, until i can buy directly everything with them(and the price will be good by that time fortunately)

[Joohansson]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

75% fee sounds ridiculous. However this is probably an international payment involving SWIFT and some very cumbersome processes for both the sending and receiving bank. Based on that they can probably defend the fee, since it covers their cost.

Have you tried offering your provider to pay, say... $12.50 worth of BTC directly? That's sounds like a win/win to me. Banks (pretend to) struggle with international payments. Bitcoin does it easily.

Yeah, the provider is based in Denmark and i live i Sweden. I offered them Bitcoins via support mail, have not got any response yet. I´ve been using that provider for 10 years, I´ve never seen this fee before though.

Last I knew Denmark and Sweden are both in the EU. In that case European rules apply:

For international payments in euros within the EU, banks should charge you no more than they would for a national transaction of the same value in euros.
This rule applies to all electronically processed payments in euros, including:

transfers between bank accounts in different EU countries
withdrawals from cash machines/ATMs in EU countries
payments by debit or credit card across the EU
direct debit transactions
money remittances.
International payments in currencies other than the euro are not subject to these provisions.

See http://europa.eu/youreurope/citizens/shopping/banking/day-to-day-banking/index_en.htm and make sure you're paying in euros. If so, then you've got your bank by the balls. Make sure you copy all the official papers that shows they're charging you this outrageous amount and that it's most definitely not the same amount as they charge for a national transaction. Then tell them to process your payment according to the law *and* file a complaint.

Cheers.

Sweden is not part of Euro, we have our own currency. Can I demand to pay in euros or how does that work?

[bitbunnny]

Banks are legal thieves and have no mercy, just looking for a profit, we all know that

[ABitNut]

<snip>

Sweden is not part of Euro, we have our own currency. Can I demand to pay in euros or how does that work?

First of all, smart move of Sweden not to adopt the euro. Count your blessings ;-)

You can ask the provider if you can pay in euros. Since they're a Denmark based company they shouldn't have a problem with that. Then it's just up to you on instructing your bank to make a euro payment. They'd still charge you for converting Swedish currency to euro currency though.

Your bank is basically laughing its ass off with the "International payments in currencies other than the euro" clause and probably encouraging everyone to make payments to euro countries in $. Or anything other than euros. So you'll have to try and make the payment euro by having a local bank convert the currency into euro, and then transferring the euros. Good luck on trying to pull it off. If you manage it, make sure you share the info somewhere for all your fellow Swedes / Swedish residents to use as well. Screw ridiculous rates.

[NUFCrichard]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

I know they aren't popular in the bitcoin world, but Paypal would be an easy option.
Lots of companies use Paypal to transfer small amounts of money around because, as you say, bank transfers are really expensive.

[Gyfts]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

I'd like to call myself a Bitcoin advocate, however, to the banks defense, there has to be a reason for this ridiculous fee. You didn't include much information in the OP, but a 75% is almost unheard of. Most banks don't operate under this type of high fee unless a transaction involves a lot of loops and turns. Perhaps this may have been an international transaction involving a type of currency conversion or something. Needless to say, banks are notorious for making money off people.

[Joohansson]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

I'd like to call myself a Bitcoin advocate, however, to the banks defense, there has to be a reason for this ridiculous fee. You didn't include much information in the OP, but a 75% is almost unheard of. Most banks don't operate under this type of high fee unless a transaction involves a lot of loops and turns. Perhaps this may have been an international transaction involving a type of currency conversion or something. Needless to say, banks are notorious for making money off people.

Unfortunately I don´t have any more info at the moment. I´m awaiting response from the provider. This fee has not been a part of any invoices since I joined them in 2005.
I will refuse to pay almost double price compared to last year (they also increased the .SE domain price with 12.5%) . I also pay them for web hotel and other services but I can switch provider, no problem, I can bail as a matter of principle.

[Silly Money]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

One thing I like about bitcoin is that it may genuinely force banks and other such payment processors to see the error of their ways and actually change them. People are quite rightly getting pissed off at them for extortionate fees and hopefully more and more people and merchants see the benefits and money they could save by using bitcoin. In the meantime I'd suggest finding a site you can buy domains with in bitcoin. I'm sure they have some.

[Bralex]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

This is why you use Bitcoin,

No seriously i have brought domains from 'namecheap' domains for bitcoins and all went well if you look to buy again in the future be sure to tap that into Google and take a look.

One less fee to the banks i would be happy with helping happen 

[Joohansson]

I could pay with Mastercard with no fee it turned out. I didn't see that I could change payment method and the invoice changed when I changed the method.
But I will not change my opinion about banks because the fee is still a fee!

[Q7]

Forget about banks. Use bitcoin instead to directly buy your domain. That is if you don't mind spending your bitcoin. You can go to namecheap dot com and get one and basically there is no other hidden cost apart from what is displayed on-screen. You can in fact get the hosting package as well and pay in bitcoin. Note that I'm not doing advertising for them, just to let you know that there is such service accepting btc as payment.

[1Referee]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

Transfer your domain to Namecheap if it's not there already. And enjoy paying with Bitcoin.

$7,50 in fees is beyond insane for only a $10 transaction.

I would ring them up and tell them to put that $7,50 there where the sun doesn't shine.

[ajareselde]

Soon enough a lot of services that charge such a high fee will be eliminated, or will be forced to change their prices extremely.
Bitcoin is paving the path the market chose, which is to bring the most simple solution to most of financial problems, inflation and international transfers, and what
more blockchain tech can do is yet to be determined, but possibilities are endless.
Banks had their age of exploiting people, not its their turn to get harrased and soon enough removed.

cheers

[worle1bm]

Why are you using a bank to pay a transaction?

[thejaytiesto]

I'm about to pay an invoice for a domain. It cost $10/ year but the bank take $7.5 in transfer fee.
75% in fee That is ridiculous and this is why Bitcoin will succeed in the long run.

75% fee sounds ridiculous. However this is probably an international payment involving SWIFT and some very cumbersome processes for both the sending and receiving bank. Based on that they can probably defend the fee, since it covers their cost.

Have you tried offering your provider to pay, say... $12.50 worth of BTC directly? That's sounds like a win/win to me. Banks (pretend to) struggle with international payments. Bitcoin does it easily.

You need to go through so many hops to do international transactions, specially annoying when you just want to send it to a friend. With bitcoin you could get in skype and in the middle of the conversation share QR codes through webcam, it's so cool if you've never done this when you do it you understand how it's the future.