Banks are Pigs

[Lorenzo]

OK, I admit I'm confused.

I'm a New Zealander and I have domains on Go Daddy which is a US-based company. Go Daddy uses US dollars and we use New Zealand dollars so the currency is converted to and from US dollars to NZ dollars every time I buy or renew a domain there. Yet, I don't think I've ever been charged a fee (except the ICANN fee that's part of every domain purchase/renewal of course). Heck, the last four domains I bought were all .com's and each one cost me less than $2 because I used coupons. I used a debit card which is like a credit card but linked directly to my bank account. There was also a PayPal option too. Why would there be a 75% fee when paying for a domain renewal?

[Cult]

I've never paid a fee for bank transfer within EU, they were quite slow a few years back and if you want it done fast you could pay a fee but now with SEPA it's pretty fast, fas as in less than 24 hours fast.

[manselr]

I've never paid a fee for bank transfer within EU, they were quite slow a few years back and if you want it done fast you could pay a fee but now with SEPA it's pretty fast, fas as in less than 24 hours fast.

SEPA is fast, but still shit compared to Bitcoin by several orders of magnitude.

[countryfree]

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.

Is it a 75% fee or $7.50 flat fee?
I've already done hundreds of bank transfers for free within the Euro zone. I believe I can make € to £ transfers for free too, I only pay for the currency change.

[cellard]

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.

Is it a 75% fee or $7.50 flat fee?
I've already done hundreds of bank transfers for free within the Euro zone. I believe I can make € to £ transfers for free too, I only pay for the currency change.

75% is impossible, I don't imagine any transaction requiring such fee, I mean whats the point? you would lose less money by taking a trip even if it was an over seas transaction, and delivering the money in person.

[ajareselde]

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.

Is it a 75% fee or $7.50 flat fee?
I've already done hundreds of bank transfers for free within the Euro zone. I believe I can make € to £ transfers for free too, I only pay for the currency change.

I may be mistaken, but i believe it was a flat fee, but given the fact that the amount in question was only 10$ it resulted as a 75% fee.
OP said he later found out overlooked payment options with much lower fees.

I've already done hundreds of bank transfers for free within the Euro zone. I believe I can make € to £ transfers for free too, I only pay for the currency change.

Yup, SEPA transfers are fast and cheap, but i still prefer using bitcoin whenever i can.

cheers

[GreenStox]

They are just greedy, but who needs them really?

If we will switch to Bitcoin one day (and we definitely will), nobody would need them anymore. Pay 0.0003 BTC for large transactions and ignore those greedy @ssholes for good. We don't need them anymore, they are obsolete and can shove their monopolistic keynesian pyramid scheme up their tiny @sses 

[polynesia]

These flat transaction fees can be killers for micro-transactions.
Banks haven't really understood the competition they face from Bitcoin. They will cut fees in due course.

[specgamer]

That's how it works my friend. Banks are always going to be the winner. Legal thief

[medUSA]

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.

To be frank, $7.5 is not outrageous compared to the work involved. I believe they charge a flat fee for transfer of any size? I know banks are pigs. I am siding with the banks this time.

If you need to buy a domain, use a credit card. There is no fee involved, only a not so favourable exchange rate.

[BillyBobZorton]

That's how it works my friend. Banks are always going to be the winner. Legal thief

Not always, Bitcoin will pave the way for things to start changing, and then if you get fucked by a bank is your fault, because you had Bitcoin as the alternative.

[thejaytiesto]

If Banks are pigs, then they should put all the pigs inside bags carried with explosives and launch them all over ISISland.

[Possum577]

Crazy fee indeed.

Are you using a wire transfer? That method of transaction is very expensive. You should consider payment via debit card, credit card, paypal, or venmo....that is if you're not using bitcoin.

Banks aren't the greatest but they aren't pigs. They're running a business, which by definition means they have to earn revenue (and a profit over their expenses).

[jets567]

I dont have any problems with Banks   

[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.

To be frank, $7.5 is not outrageous compared to the work involved. I believe they charge a flat fee for transfer of any size? I know banks are pigs. I am siding with the banks this time.

If you need to buy a domain, use a credit card. There is no fee involved, only a not so favourable exchange rate.

It's not about the work involved. It's about the product produced, or the service rendered. I can write your name on a piece of paper as a service. I'd charge you a dime. That would cover the cost and still leave profit. Or I could first submit your name to some name rating organization, obtain a (very special) piece of paper from an authorized paper dealer, submit your service request to a few government agencies, cross verify with main industries to verify I can legally write the name and charge you about $600 for it. Just because they've created some elaborate and inefficient way of doing things doesn't make it a fair price.

There are restrictive laws/rules on entering this market so there's no real risk of any start-up with more efficient processes to stir up the market. It's messed up.

[medUSA]

It's not about the work involved. It's about the product produced, or the service rendered.

The fee is all about the work involved. It takes the same amount of work for the bank to transfer $10, $1000 or $100,000. They charge you the same flat fee whether you are buying a domain, a phone or an expensive car. The fee is of a high percentage because your transfer amount is small, not because the fee is outrageous.

You chose the wrong method of payment.

[ABitNut]

It's not about the work involved. It's about the product produced, or the service rendered.

The fee is all about the work involved. It takes the same amount of work for the bank to transfer $10, $1000 or $100,000. They charge you the same flat fee whether you are buying a domain, a phone or an expensive car. The fee is of a high percentage because your transfer amount is small, not because the fee is outrageous.

You chose the wrong method of payment.

My point is that nowadays $7.50 is too much for a simple transaction.

Maybe 10 years ago it was more involved to execute a transaction. But currently it's a simple task that is only complicated by legacy processes.

[Q7]

OK, I admit I'm confused.

I'm a New Zealander and I have domains on Go Daddy which is a US-based company. Go Daddy uses US dollars and we use New Zealand dollars so the currency is converted to and from US dollars to NZ dollars every time I buy or renew a domain there. Yet, I don't think I've ever been charged a fee (except the ICANN fee that's part of every domain purchase/renewal of course). Heck, the last four domains I bought were all .com's and each one cost me less than $2 because I used coupons. I used a debit card which is like a credit card but linked directly to my bank account. There was also a PayPal option too. Why would there be a 75% fee when paying for a domain renewal?

Ok I'm trying to comprehend. Is there by any chance you are directly sourcing your fund from credit card linked to your paypal account? If it is then I can understand the high amount of fees charged. Not sure how it works in NZ but there should be a way to load funds directly to your paypal account and then when you make purchases, those funds will come from your paypal account instead of credit card.

[leopard2]

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.

+1

banks have to use the government & NSA controlled fascist system named SWIFT

without government, I am sure banks would be glad to support, buy and sell bitcoins because making transfers is not earning them profit (investment banking and mortgage are).

banks are scared of legal hassle connected with Bitcoin 

[true-asset]

Use Blur to pipe your BTC through the Mastercard network. Everyone accepts Mastercard

https://www.abine.com