• About
  • Contact
  • Privacy Policy
  • bitcoinBitcoin$10,743.21-0.06%
  • ethereumEthereum$355.55-0.45%
  • xrpXRP$0.239824-1.92%
  • bitcoin cashBitcoin Cash$227.03-0.41%
Cryptovibes.com - Daily Cryptocurrency and FX News
  • Home
  • News
  • Analysis
  • Crypto
  • Autotrading
    • Bitcoin Robot Guide
    • Bitcoin Billionaire
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • Bitcoin Pro
    • Bitcoin Loophole
    • Bitcoin Up
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • Bitcoin System
    • Bitcoin Fortress
    • Immediate Edge
    • Bitcoin Profit
    • Bitcoin Trader
    • Bitcoin Bank
    • Crypto Engine
    • Bitcoin Union
    • BitQT
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • PBN Invest
    • Quantum AI
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
      • Mike Hosking Bitcoin
      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
    • Broker Reviews
      • Herdos Review
      • FXTB Review
  • Disclaimer
  • PR
No Result
View All Result
Cryptovibes.com - Daily Cryptocurrency and FX News
No Result
View All Result

$257M in BTC Transferred for $43, How Much Would a Bank Wire Cost?

We made a research and found how much banks are currently charging per international bank wire transaction for over $100 000 compared to Bitcoin. Here's the calculations.

Justin B. by Justin B.
December 18, 2018
in Analysis, Crypto news, Editor's Choice
Reading Time: 11min read
Maklay62 / Pixabay.com / US Dollars

Maklay62 / Pixabay.com / US Dollars

Share on FacebookShare on Twitter

After yesterday’s significant and possibly Over-The-Counter transaction of 66,233.75 BTC (~$257 million) we decided to get more into numbers.

The cost of this transaction spotted by Whale Alert is only 0.01112565 BTC, which is ~$43.26. Now we give you numbers and you decide if cryptocurrencies are worth to endorse.

The transferred sum is ~ $257 million US dollars. The cost of transaction – $43 US dollars.

We made a research and found that banks are currently charging from 0.5 percents to 5 percents per international transaction for over $100 000 and what’s more, if the transfer is international there might be some hidden fees and inbound transaction fees for receiver, but we will not count any hidden or additional fees which may apply depending on transfer specifics to make everything more clear and simple.

By the way, Bank of America only shares the domestic and international transfers fee publicly (which is up to $45), but the magic happens in the sections 4 (our desired rate of return), 5 (fee may be waived depending on your account type or relationship)  and 6 (taxes and other third-party fees may apply).

Furthermore, just check how many fees you pay while using its services. Also, you can avoid monthly maintenance fees but then the conditions appear.



To be more specific, what “hidden fees” we talk might be visible in this table created by Timedoctor, find his full research here:

Hidden currency conversion fees when transferring $100,000 from Australia to the US, or from the US to Australia (assuming that the Australian bank is doing the currency conversion)

Stated fees Hidden fees (estimate)
ANZ $15 $4,400
NAB $15 $5,400
St. George $15 $6,005
Westpac $12 $3,948
Commonwealth $11 $5,591

Estimated hidden fees with major banks in the US when transferring $100,000

Bank name Stated fees (USD) USD to CAD HIDDEN fees USD to EUR HIDDEN fees USD to GBP HIDDEN fees
Wells Fargo $40 $3,686 $4,755 $3,975
Bank of America $45 $4,789 $5,035 $4,711
U.S. Bank $50 $6,803 $6,649 $6,634

Estimated hidden fees with major banks in Canada when transferring $100,000 Canadian dollars

Bank name Stated fees (CAD) CAD to USD HIDDEN fees CAD to EUR HIDDEN fees CAD to GBP HIDDEN fees
Royal Bank of Canada $13.50 $2,660 $3,696 $3,159
Toronto-Dominion Bank $12.95 $2,638 $2,775 $2,575
Bank of Nova Scotia $10 $2,675 $3,850 $3,024
Bank of Montreal $10 $2,187 $3,821 $2,958

Cost to transfer $257 million via Bank

So, let’s start from bigger fee – 5 percents.

If bank would charge 5 percent commission per $257 000 000 international transactions then the bank wire fee would be $12 850 000. Doesn’t look realistic, right? Let’s do 0.5 percent.

If the bank would charge 0.5 percent commission per $257 000 000 international transactions then the bank wire fee would be $1 285 000. That’s more like it. But still. Speechless.

29 883 times more expensive

So even the lowest stated fee of 0.5 percent is still 29 883 times more expensive than a regular cryptocurrency transaction on the blockchain.

I actually don’t know what to say.

If you have competence for more exact calculations I really ask you to share it in the comment section below just to keep our crypto community as informative as possible.

Bonus

Just an additional calculation for international transfer via e-money service companies.

You see the numbers. Also, there’s highly possible, that after proceeding with such transaction companies will not have such amount of funds to be processed



Sources:

  • https://www.bankofamerica.com/foreign-exchange/wire-transfer.go

  • https://www.paypal.com/us/webapps/mpp/paypal-fees

  • https://money.usnews.com/money/blogs/my-money/2014/07/17/5-cost-factors-to-consider-when-transferring-money-around-the-world

  • https://www.nerdwallet.com/blog/banking/wire-transfers-what-banks-charge/
  • https://www.ofx.com/en-us/faqs/how-much-does-it-cost-to-send-money-internationally/
  • https://www.bankofamerica.com/content/documents/deposits/service/pdf/Domestic-international-wire-transfers-info-sheet.pdf
  • https://www.bankofamerica.com/deposits/account-rates-fees-faqs/
  • https://www.bankofamerica.com/deposits/resources/personal-schedule-fees.go?request_locale=en_US
  • https://www.timedoctor.com/blog/transferring-large-amounts-of-money-around-the-world-how-to-avoid-massive-hidden-fees/

Disclaimer: The research was created based on findings on the internet. Please do check our sources. The research is not oriented to slander the banking system. It is the informative presentation of facts we managed to find. We are not responsible for any mis-facts related to this article.

Follow us on Facebook , Twitter and Telegram
Like what you're reading? Subscribe to our top stories
Tags: AnalysisBank of AmericaBank WireBitcoinBlockchainBTCCalculationInternational transferOver-The-CounterResearchtransactionTransferWire

Related Posts

Tether’s Offshore Bank Deltec Reveals Large Bitcoin Position
Crypto news

Tether’s Offshore Bank Deltec Reveals Large Bitcoin Position

January 15, 2021
Is Bitcoin ‘Fool’s Gold’ Or The New Gold?
Analysis

Is Bitcoin ‘Fool’s Gold’ Or The New Gold?

January 15, 2021
Bitcoin Bubble Is About To Pop – Famous Russian BTC Critic
Crypto news

Bitcoin Bubble Is About To Pop – Famous Russian BTC Critic

January 15, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About CryptoVibes

CryptoVibes (formerly FXTimes) is a daily Cryptocurrency and Forex industry news website that has covered the latest news in the industry since 2017. Our goal is to drive transparency in the finance industry and provide news for our users on blockchain, exchanges, business and industry regulation.

Trending Topics

  • 5 Quick Ways to Buy Bitcoin With PayPal
  • Bitcoin Revolution Review 2019 : Comprehensive Sign Up Guide
  • Bitcoin Loophole Review 2019 » Comprehensive Sign Up Guide
  • Bitcoin System Review 2019 » Complete The Bitcoin System App Guide
Facebook Twitter Instagram Telegram RSS Youtube

Information

  • About
  • Contact
  • Privacy Policy

Registered UK company no. 11705811. For advertising inquiries please reach us via email hello@fxtimes.com

Note that the content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site.

Newsletter

Like what you're reading? Subscribe to our top stories
Main Bandar Poker Online Merangsangkan Taruhan Untuk Menang Penuh

Kalau Anda mengerti beberapa Main dengan referensi dibawah berikut ini, Anda akan membuat instruksi bikin Dikau buat dapat mainkan bagian pandang pada musuh. Kesudahannya pada saat Anda punya satu kartu yg sedikit untung, tentu saja Kamu dapat mainkan bagian ranggul itu.

Sampai bikin sampar memahami kemenangan Anda tandus langkah mutlak. Tetapi pra Anda mengerti bagaimana mainkan bagian pandang, tentu aja Anda lalu harus bisa terima bagian pandang dari musuh dengan sesuai beserta. Oleh karenanya Anda siap memahami jika pekerjaan ini demikian dapat diuntungkan jika dilihat dari sisi renung yg sesuai dengan. Oleh karena itu, beberapa orang pada Kamu tentu saja sadar jika pekerjaan main poker online demikian dapat digunakan bikin memicu keuntungan lewat langkah kusut. Tetapi sebenarnya pekerjaan ini harus Anda sadari ada sangat banyak strategi didalamnya yg harus Anda dapat aplikasikan.

Beberapa dari Anda pasti saja memahami jika ada keuntungan pada saat tiket besar bandar Poker Online terlihat. Barisan 5 tiket yg terlihat tentu aja ada salah satunya yg besar serta dapat bikin Anda dapat memakai bikin membuahkan keuntungan. Oleh sebab Main Bandar Poker Online itu permainan itu bisa berikan suport Anda memicu keuntungan yg subtansial jika diproses melalui langkah yang sesuai.

Beberapa dari Anda yang tentu memahami permainan ini antara satu yang dapat bawa serta Dikau membuahkan keuntungan. Dimana di saat Anda dapat mainkan bagian pandang dari sampar jika Anda menggenggam tiket yg sama besarnya. Karenanya pada saat kartu As yg terlihat tentu aja akan bikin Anda kian baik bikin kerjakan all in saja. Meski demikian mungkin masih musuh Dikau terlihat namun sebenarnya Kamu dapat membuahkan keuntungan yang semakin besar dengan menggetarkan beberapa musuh.

Trick Berjalan Bandar Poker Online Yang Jarang-jarang Terlihat
Kalau Dikau adalah orang yg seringkali main judi online, tetap saja Anda mengerti Permainan Bandar Poker Online dapat mendatangkan keuntungan yg subtansial. Permainan ini demikian dapat dimenangi pada saat Dikau dapatkan gabungan kartu mengelokkan tinggi bikin dapat mengakibatkan keuntungan yg subtansial. Per judian online dengan menggunakan sajian Poker Online antara wahid yg demikian menarik dalam dunia. Banyak sebagian orang2 yg membuahkan keuntungan daripada permainan ini pada beserta sisi yg dapat beralih jadi seseorang profesional kuat.

Agar Anda dapat memicu keuntungan lewat langkah ruwet. Antara dari Anda seharusnya pahami jika permainan Poker Online dapat berikan suport membuahkan keuntungan kalau diproses dengan strategi yg serasi. Sebenarnya begitu banyak kurang lebih macam yg tidak terlihat oleh banyak sebagian orang2 namun seringkali Anda dapatkan pada permainan ini.

Tata Menang Mainkan Kesempatan Flush
Anda harus memahami jika 5 kartu dengan sekar yg sama tipenya siap membuahkan flush. Oleh kesudahannya Anda harus pahami dan kemudian jika pekerjaan ini siap membuahkan keuntungan yg subtansial kalau diproses dengan pantas dengan. Pada saat ada 3-4 kartu yg demikian dapat termasuk bikin sampaikan suport Anda buat memicu flush, jadi Anda bisa membuahkan keuntungan besar.

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

No Result
View All Result
  • Home
  • Crypto news
  • Analysis
  • Editors’ Choice
  • Entertainment
  • Press Releases
  • ICO
  • Wisdom
  • Coins List
  • Advertising
  • About FXTimes
    • Privacy Policy
    • Terms of Use
    • Donate

Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

en English
ar Arabicnl Dutchen Englishfr Frenchde Germanit Italianpl Polishpt Portuguesees Spanish
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.