I just had to send some funds from my US bank account to a German account.
In order to do this I had to:
Walk to the bank
In the US there is actually not a way to wire any money using the banking system online. I have to physically go to my bank and fill out paperwork and sign it. The wire will then be sent to the FED before it will go to EU.
Exchange fees
Of course I needed the money to arrive in EUR and obviously in my account I have USD. I received 0.7873 EUR for each of my USD.
A quick Google search reveals however that I should have received 0.82 EUR. That's a yummy 5% cut my bank receives.
Fees
As if the 5% of a few thousand dollars would not be enough I get charged with $40 wire fee and the account in EU gets 18 EUR less than what I am sending. Let's call it 60 bucks.
Can we please just use crypto
I cannot wait to use crypto in daily life. Every time I use a bank it is a pain in the a$$ and comes with limitations and harassment.
In the crypto space I see it most with exchanges. There are withdrawal limits verification harassment etc. If I wanted to sell all my coins today it would take months to move the money into an actual bank account and quite frankly I would be scared to do this.
I cannot wait until I can just do my transactions via my HW devices, when they are bigger or phone when they are smaller and not have to use any of the banking services that are clogging up economic activity today.
Maybe you should check out https://www.revolut.com until cryptos are more established ;)
It's a relatively new product especially for people who move around a lot between different countries. Their fees, especially for exchanging should not be beaten by any traditional bank (at least none I know of!).
Saw this a few days ago on a high quality newspaper (not a paid advertisment!) and it looks really promising so far - And the iOs APP is really smooth!
Eine kostengünstigere Alternative wäre https://transferwise.com/de/ .
Ich habe diesen Service noch nicht benötigt, aber mir mal angesehen und für gut befunden. Er wird auch von vielen Menschen empfohlen.
Natürlich wäre es am besten, wenn wir immer und überall die Crypots verwenden könnten. Aber darauf müssen wir noch ein paar Jahre warten, so ist meine Befürchtung.
Danke, werde ich mir gleich mal ankucken.
Ever since I became a part of crypto , I don’t even like my bank account anymore , the annoying fees and hidden charges . It’s 2018, come on guys !
Yea I feel the same way!
lol it does suck... you mentioned in the US theres no way to wire online? I do wires often and I do it all through my banking apps in the US. I send money globally and it always works from my iphone. But then there is fees and the TIME!!!! I would uch prefer cryptos.
I use TD bank and I have to walk into the bank.
What bank are u using that allows this?
BOA and Chase
Interesting. Thx for the hint.
it will take a while ((
But they will leave it complicated to benefit from customer services like us. But in any case I hope it will be easier @knircky
UPVOTE and REESTEMED ♥
I believe Bitcoin shall remain the currency that people use for long term investments like stock and Ethereum would be traded on a regular basis much similar to paypal or venmo.
Banks may soon issue cryptocurrency that is based off on their own private blockchain and hold currency values like how banks from different countries hold each others, similar to how US banks hold Naira in Nigeria to maintain the exchange rate.
Well, this is just an idea. There could be a lot more and the possibilities are endless.
I very well do think that the age for trading value through fiat currencies is over. The next generation must and will employ blockchains
Our country has been prevented from dealing in coded currencies.
You're looking the way to use BCT in Germany without going through the bank / exchange .
Have you completed the process ?
Once we move away from converting to fiat, crypto-commodities will finally become true cryptocurrency.
anather lovely writing i see here its beautifull thankyou for shareing...
hopefully the @knirky many countries and the world immediately take the policy to allow it, as our country is still a hot conversation about cryto money issue.
Yes!!!
The amount of fees involved with the banking industry blows my mind - it is no wonder there is so much revenue in it. The transition to cryptocurrency just needs to happen already, lol.
I think the future will be bright!
The best master
It is a great vision of using crypto for all future transaction with speed and reduction of fees. There were couple of rising cryptobanks but still does not seem to fully launch yet. One of them that recently completed its ICO like crypterium which is supposed to be a cryptobank. We will have to wait and see how initiative can break the barriers of many traditional banking as well as the possible local government resistance. Many unpredictables but we all hope that cryptocurrencies are here to stay. Thanks for posting!
You're lucky you're not from where I am!! We are apparently gonna have this crazy new rule where if you make a fixed deposit in a bank, your money will decrease over time (even though you will be getting interests) because of crazy tax rules and fees and what not!! I don't know if cryptos are gonna solve this issue, but I know this that I'm not making any fixed deposits anytime soon and I'm sure many in my country are gonna start thinking along the same lines.
Add to that cryptos are starting to become more well known among the common folks back home which I think is a great thing because as more people learn about cryptos and sees the promising future, more people will be willing to accept in cryptos which in my opinion is THE ONLY WAY cryptos can become a day to day payment option!!
what country is this?
Bangladesh.
That is truly insane!
Great post and good writing.i like your post and upvoted.
I imagine there is a lot of money to make just by creating a better banking system in the US. I can't believe how primitive it is. And I used to think that the European banking system could be improved. For Europeans, banking transfers within Europe takes 1 to 2 days and has a flat fee of about $3 (might depend on bank). It's pretty acceptable, since foreign transfer isn't what most customers use their bank for, but I still don't see why a standardized transfer protocol should be slower and cost more for foreign transfers than for internal transfers, just because there is a theoretical border between the countries. I really like how cryptocurrencies solve this by not being country-specific.
Yea that's how I felt when I came to the US from EU
Another thing is the incompetence of many bankers.
I have made 2 negative experiences recently with my bank account and bad qualified labors!
Took me much time to solve the problems.
Fortunately there was another worker who was
more competent
Die Banken ziehen einen ganz schön ab. Wie schon von @theaustrianguy erwähnt ist Revolution eine gute Zwischenlösung. Es ist nicht so leicht sich von den Banken zu trennen. Im moment kommen wir beim täglichen Leben noch nicht ohne aus. Aber ich hoffe das sobald dies bei TenX und Co. mal die neuen Karten kommen, sich da viel tun wird und es endlich ändern wird.
Es wird noch ein par Jahre dauern, auch Banken werden irgendwas erfinden damit sie weiterhin ihre Geld scheffeln können, da bin ich mir sicher.
Hoffen wir auf das beste lieber @knircky, aber dass du in USA immer noch zu Fuß zur Bank gehen musst um ein internationalen Transfer zu machen ist echt schon fast Steinzeit von den Banken dort.
Ich habe gelesen dass ein paar Banken und Firmen daran arbeiten eine sehr günstige Alternative mit Verbindung zu Cryptowährung erarbeiten um günstige internationale Transfers zu ermöglichen. Die Banken wollen nicht untergehen....
Our time is coming my friend
Yes it is.
Wäre denn der Geldtransfer und das tägliche Bezahlen einfacher, wenn wir alle Kryptowährungen nutzen würden?
Ich habe in den vergangenen Wochen sehr viele Texte über die Kryptowährungen gelesen.
Je mehr ich lese, desto komplizierter wird das Thema für mich.
Dein Vorletzter Absatz ist für einen Neuling auch nicht ermutigend.
Danke Dir für die Informationen.
I hate the central bank. They look more and more stupid to me, ever since I get on the crypto train.