It's likely not free (but probably not outrageous either)... Last time I did something like that the transaction cost was small (< €10) but the human element was large due to approvals (think i was in the bank over an hour and it involved 4-5 bank staff to make it happen). Anti-money laundering processes cost money and many of the crypto-currencies ignore this for now / pass the problem to the fiat ⇆ crypto exchange operators.
On the flip side, I saw a payment go through for one our suppliers today. $50 invoice. > $25 processing fee because it was a european bank processing a USD transaction. :/
I can transfer 100k in GBP free too. BACS limit is £250k. Once I exceed that I have to fall to CHAPs which will cost me about £25 and has no limit. Banking is mostly free in the UK.
You're correct, sorry. AIUI there's a higher limit for corps/govs too. Banks often have lower limits than these but I've no doubt they'll lift them if there's need.
For those not familiar, FPS offers 2h (normally instant) transaction speed.
Having bank transfers in 2019 so slow is outrageous. It's the time when trading bots produce millions in a split second. But bank transactions require hours and days. And they dare to call them fast!
Eh, when does it really matter? The only time I care about speed is when buying something, and the more expensive that something is, the less fast it needs to be.
> Anti-money laundering processes cost money and many of the crypto-currencies ignore this for now / pass the problem to the fiat ⇆ crypto exchange operators.
As I understood, traceability is included by-design in Bitcoin. Maybe you didn't see the other comments, but all the bitcoins of this wallet can be traced back to one or several entities. All history of all transactions is available to everyone, so could you explain what do you mean by "ignored"?
Bitcoin to bitcoin might be cheap, but the crypto exchanges seems to take quite a cut when you convert to national currency. Something like 1.5% in the case of Coinbase.
coinbase is far too expensive with their normal options. if you use their coinbase pro product it comes down to .3% for taker transactions or .15% for maker transactions. I never use the regular coinbase
ACH transfers are generally free. I transferred 100k USD from bank A, in to bank B, then out to bank C and it didn't cost me a penny. This was quicker than setting up a link from A to C since B was already linked to the others.
I just recently transferred a similar sum for the grand total of $0. (Actually I gained about a dollar because the banks made initial deposits for me with their own money to make sure the accounts were correct)
People do this all the time, and it's not expensive at all. You can do wire transfers of hundreds of thousands of dollars for a $20 fee. You can get certified checks from your bank for large amounts for free.
Most governments don’t tax money movement (some countries doe have a stamp duty or similar on cheques now, but that’s more about trying to make people stop using cheques already).
I can wire hundreds of thousands of dollars from and into my consumer banking account for free. At work, multi-million dollar wires transfer for free, with an email confirmation and virtually instantly.
Cryptocurrencies are cheaper if you're laundering money or move money around too infrequently to bother optimizing for it.
€100k is in fact the limit on the web form for my bank, so at least if that UI is to be believed, it's not substantially more involved than €5k (I don't have personal experience to confirm however).
It's likely not free (but probably not outrageous either)... Last time I did something like that the transaction cost was small (< €10) but the human element was large due to approvals (think i was in the bank over an hour and it involved 4-5 bank staff to make it happen). Anti-money laundering processes cost money and many of the crypto-currencies ignore this for now / pass the problem to the fiat ⇆ crypto exchange operators.
On the flip side, I saw a payment go through for one our suppliers today. $50 invoice. > $25 processing fee because it was a european bank processing a USD transaction. :/