Banks are Pigs - page 3. | Bitcointalksearch.org

medUSA

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Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

specgamer

sr. member

Activity: 252

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I love bitcoins.

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

polynesia

legendary

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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.

GreenStox

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Undeads.com - P2E Runner Game

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 Wink

ajareselde

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Satoshi is rolling in his grave. #bitcoin

Quote from: countryfree on March 06, 2015, 02:26:16 PM

Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

Quote

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

cellard

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Quote from: countryfree on March 06, 2015, 02:26:16 PM

Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

countryfree

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Your country may be your worst enemy

Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

manselr

legendary

Activity: 868

Merit: 1006

Quote from: Cult on March 06, 2015, 12:56:18 PM

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.

Cult

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Enter the future of gaming

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.

Lorenzo

sr. member

Activity: 406

Merit: 250

OK, I admit I'm confused. Huh

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?

thejaytiesto

legendary

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Quote from: ABitNut on March 06, 2015, 01:53:49 AM

Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

worle1bm

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Why are you using a bank to pay a transaction?

ajareselde

legendary

Activity: 1722

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Satoshi is rolling in his grave. #bitcoin

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

1Referee

legendary

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Merit: 1427

Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

Q7

sr. member

Activity: 448

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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.

Joohansson

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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!

Bralex

sr. member

Activity: 308

Merit: 250

Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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 Cheesy

Silly Money

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Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

Joohansson

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Activity: 212

Merit: 102

Quote from: Gyfts on March 06, 2015, 03:31:21 AM

Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

Gyfts

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Quote from: Joohansson on March 06, 2015, 01:43:21 AM

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 Huh

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.

Topic: Banks are Pigs - page 3. (Read 3322 times)