Banks are Pigs | Bitcointalksearch.org

Exther2

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Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Yes and thats not new to me at all.
Also, sometimes fee is less, depends of (as they describe) what you're paying online.
Was funny to me, so I declared all my online transactions as "Donation" and they give only minimum fee of 0.5% on transaction + 0.2% on banks taxes.

bank of bits

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If people really know how an Banks system works, BTC value will be at least $5K today.

aso118

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Quote from: GreenStox on March 14, 2015, 03:42:01 PM

Secondly, this AML rules are just silly. I pointed out the irony in it, if you think a few grandmas sending 2-3$ to their grandchildren are terrorists or part of an organized crime network then you are naive or ignorant (and i`m not talking about you, so no offence meant). Because you just restrict the freedom of normal people (like 99.999% of the polulation) to prevent a few criminals do something (0.001% of the pop) is very silly.

Also if you think about it, the only maffia here are the politicians, they are part of the real organized crime network called government: who counterfeit money (QE program & fractional reserve banking), steal money (taxation),harass people (inspection), all these criminal activities whitewashed just because many of the people think they are the good guys, when they are not, yet their legitimacy is never questioned though...

The AML rules are framed by governments not banks.

Governments would always err on the side of caution when faced with the question of too much surveillance/reporting versus too less. They make the rules they are comfortable playing with.

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Quote from: aso118 on March 13, 2015, 09:28:49 PM

Quote from: GreenStox on March 13, 2015, 06:51:57 PM

Yeah well they dont care about minor transactors, if you want to wire transfer 1$ at a time to people then they dont let you waste their servers with such a low price transfer...

Also it can be an anti-money laundering mechanism too. Since banks only report transactions above 1000$ or € i think so if some criminal transacts 2-3$ at a time with 1 cent transaction fee then it can be laundered...

It definitely is something to do with cost. Banks hate voluminous, low-value transactions.

As far as anti-money laundering mechanisms are considered, banks have to be vigilant in any case. Multiple, low-value transactions below the reporting threshold are flagged. So if $1000 is the threshold, and you think you can get away with 5 x $200 transactions, you are wrong. The onus is on the banks to still flag these transactions, evaluate them and report them if they think there is no business reason behind these transactions.

Well first of it it isnt, i mean it's all done electronically we are not in the 60's anymore. If takes 1 milisecond of computer processing to clear a 1$ order, plus if you charge comissions you already block malicious flooding (for example 1 guy transfering 1 $ back and forth just to slow down the system) because the comission will eat away his capital if he does that too many times.

Secondly, this AML rules are just silly. I pointed out the irony in it, if you think a few grandmas sending 2-3$ to their grandchildren are terrorists or part of an organized crime network then you are naive or ignorant (and i`m not talking about you, so no offence meant). Because you just restrict the freedom of normal people (like 99.999% of the polulation) to prevent a few criminals do something (0.001% of the pop) is very silly.

Also if you think about it, the only maffia here are the politicians, they are part of the real organized crime network called government: who counterfeit money (QE program & fractional reserve banking), steal money (taxation),harass people (inspection), all these criminal activities whitewashed just because many of the people think they are the good guys, when they are not, yet their legitimacy is never questioned though...

Hazir

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Quote from: Joohansson on March 06, 2015, 02:43:21 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.

First of all I got the impression that you are talking about international transfer of money. It will be virtually impossible to have that much of a fee with only local money transfer, unless of course your Bank is robbing you. Secondly I think that this fee is fixed so that mean that for transferring $100 or $500 bank is probably still charging only $7.5 fee so it is not that big of a deal when you are processing large sum of money.

aso118

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Quote from: GreenStox on March 13, 2015, 06:51:57 PM

Yeah well they dont care about minor transactors, if you want to wire transfer 1$ at a time to people then they dont let you waste their servers with such a low price transfer...

Also it can be an anti-money laundering mechanism too. Since banks only report transactions above 1000$ or € i think so if some criminal transacts 2-3$ at a time with 1 cent transaction fee then it can be laundered...

It definitely is something to do with cost. Banks hate voluminous, low-value transactions.

As far as anti-money laundering mechanisms are considered, banks have to be vigilant in any case. Multiple, low-value transactions below the reporting threshold are flagged. So if $1000 is the threshold, and you think you can get away with 5 x $200 transactions, you are wrong. The onus is on the banks to still flag these transactions, evaluate them and report them if they think there is no business reason behind these transactions.

GreenStox

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Quote from: polynesia on March 07, 2015, 11:32:09 AM

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.

Yeah well they dont care about minor transactors, if you want to wire transfer 1$ at a time to people then they dont let you waste their servers with such a low price transfer...

Also it can be an anti-money laundering mechanism too. Since banks only report transactions above 1000$ or € i think so if some criminal transacts 2-3$ at a time with 1 cent transaction fee then it can be laundered...

That is why micro transactions are discouraged... However because of a few criminals, everyone suffers though, which is an idiot logic, i`d rather let those criminals do whatever they want, so that other people would have back their freedom, because suppose how many poor people can't transaction small sums because of a few gangsters.

Speaking of which, probably all organized crime is already tied to politicians, so this AML rules are silly and bullcrap and hypocrite, better give people freedom because we already know who are the biggest criminals here...

coinpr0n

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SEPA transfers to the exchanges can cost €5 too. So all in all yeah it's pretty disgusting how much they charge.

MarkMJ

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Hello dear,

Use the bitcoin payment next time and all will be good
If the domain worth 75% than pay it.
If not buy new domain from namechep

dothebeats

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Quote from: Netpyder on March 11, 2015, 06:30:30 PM

take those bloody banks out Cheesy

we need a bitcoin bank.. and we need that badly.

and godaddy gotta start accepting bitcoin payments.

crypto will help many online users.

but physical system will lose business and we have to agree tax keeps a country alive.

Bitcoin bank? So in this institution, bitcoin is regulated by and controlled by a few people am I right? A bank is against Bitcoin's concept. What we really need is the merchants' support on bitcoin by integrating BTC into their business, not another bank.

crazyearner

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Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Maybe you should bother to buy domain though bank and to actually use some form of a pre pay debit card or get hosting and domain from a provider like name cheap where they accept bitcoin and works out a lot cheaper and less fees for you. Or find hosting in your country and pay via different method than bank. 75% is seriously stupid for fees that you should contact your bank and demand a refund or speak to some trading standards company to see if they are rightfully charging normally 1 to 2% I can understand with but 75% that is seriously over paid fee.

xingming

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Quote from: MarkMJ on March 11, 2015, 06:09:10 PM

Quote from: xingming on March 11, 2015, 05:41:06 PM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Waw this is a huge amount for fees , but i think the minimum fees for that bank should be 7.5$ ,
Also if you want to buy bitcoin you will find a lot of trouble if your bank is like that Shocked

;
For me i always bought from internet.bs with 8.5$ per year and bought a cpanel from namecheap
with 9.88$ per year that mean almost 18 $ and this is what just domain cost you !

Bitcoin is really valuable even price drop or up , think about the privacy , no taxes ,,,

Hello dear,

You bought from internet.bs with 8.5$ per year
Renewing your domain name can not be the same price,
You know what I mean.

I think renewing could take up to 12 $ but i will be able then to renew it with my profit from the website !
i don't think also other domain renewed with banks will be cheap Wink

AllTheBitz

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Quote from: Joohansson on March 06, 2015, 02:43:21 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 not the first time I saw that already had problems with banks they won't let any transactions without a
high fee rates and this is exactly why i prefer bitcoin

Netpyder

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take those bloody banks out Cheesy

we need a bitcoin bank.. and we need that badly.

and godaddy gotta start accepting bitcoin payments.

crypto will help many online users.

but physical system will lose business and we have to agree tax keeps a country alive.

MarkMJ

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Quote from: xingming on March 11, 2015, 05:41:06 PM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Waw this is a huge amount for fees , but i think the minimum fees for that bank should be 7.5$ ,
Also if you want to buy bitcoin you will find a lot of trouble if your bank is like that Shocked

;
For me i always bought from internet.bs with 8.5$ per year and bought a cpanel from namecheap
with 9.88$ per year that mean almost 18 $ and this is what just domain cost you !

Bitcoin is really valuable even price drop or up , think about the privacy , no taxes ,,,

Hello dear,

You bought from internet.bs with 8.5$ per year
Renewing your domain name can not be the same price,
You know what I mean.

xingming

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Writing to dispel society's myths.

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Waw this is a huge amount for fees , but i think the minimum fees for that bank should be 7.5$ ,
Also if you want to buy bitcoin you will find a lot of trouble if your bank is like that Shocked

;
For me i always bought from internet.bs with 8.5$ per year and bought a cpanel from namecheap
with 9.88$ per year that mean almost 18 $ and this is what just domain cost you !

Bitcoin is really valuable even price drop or up , think about the privacy , no taxes ,,,

Sylon

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Quote from: Somekindabitcoin on March 11, 2015, 04:03:54 PM

This is why you should use namecheap. You could pay with bitcoin.

+1

It's always nice to buy goods with BTC when you can buy them with fiat.

MarkMJ

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Quote from: Somekindabitcoin on March 11, 2015, 04:03:54 PM

This is why you should use namecheap. You could pay with bitcoin.

Hello dear,

Namecheap are the best for me,
I never had any problem with them and I have a lots of businesses on namecheap
They always reply fast VIA support ticket or live chat.

dothebeats

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Quote from: coinpr0n on March 11, 2015, 04:09:30 PM

Seems like your situation isn't ideal.. I don't know your reasons but this seems too high. Was there not a way to pay with Bitcoin (many companies offer this)?

Maybe OP isn't close to any similar service (or is isn't familiar with them.) Ridiculously high rates, when you could perform the same transactions without adding extra dollars with bitcoin.

coinpr0n

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Seems like your situation isn't ideal.. I don't know your reasons but this seems too high. Was there not a way to pay with Bitcoin (many companies offer this)?

Somekindabitcoin

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This is why you should use namecheap. You could pay with bitcoin.

dothebeats

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Quote from: MarkMJ on March 11, 2015, 01:38:50 PM

Quote from: dothebeats on March 11, 2015, 01:32:55 PM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

And that is why it is better to use BTC than the services of banks, as the banks will surely kill you in terms of the charges in their services.

Hello dear,

With BTC there are no fee and if any there are not 75%
Seriously now??
The terms are not for everyone.

Seems like you're straying far from the basics of Bitcoin. Every transaction with bitcoin has a fee of 0.0001 BTC, though it is not forced to be paid. But doing so will result to a low-priority transaction which could take days (or even weeks in some cases) to be confirmed.

MarkMJ

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Quote from: CryptoTrout on March 11, 2015, 02:42:10 PM

Bank managers literally spend their time trying to figure out new fees or ways to maximize the fees.

Hello dear,

This is true,but also have freaky FAQ
Like,day never get your money back,what ever you do.

CryptoTrout

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Bank managers literally spend their time trying to figure out new fees or ways to maximize the fees.

MarkMJ

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Quote from: dothebeats on March 11, 2015, 01:32:55 PM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

And that is why it is better to use BTC than the services of banks, as the banks will surely kill you in terms of the charges in their services.

Hello dear,

With BTC there are no fee and if any there are not 75%
Seriously now??
The terms are not for everyone.

dothebeats

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Quote from: BillyBobZorton on March 08, 2015, 04:36:12 PM

Quote from: specgamer on March 08, 2015, 03:07:58 PM

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.

But sadly, bitcoin is not yet that widely adopted. Though you can always choose bitcoin as a form of transferring money, there is no guarantee that the one who'll receive the money is already using bitcoin.

dothebeats

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Quote from: Joohansson on March 06, 2015, 02:43:21 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.

And that is why it is better to use BTC than the services of banks, as the banks will surely kill you in terms of the charges in their services.

MarkMJ

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Quote from: cellard on March 06, 2015, 08:23:40 PM

Quote from: countryfree on March 06, 2015, 03:26:16 PM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Hello dear,

Everything is possible when you say ONLINE.
75% is because does not bought from the right place
The point is simple,they earn more money from fees than from what you actually need. Cheesy

desertfox470

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Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Are you doing a bank transfer? Is it international? That seems like a really high fee. Espically when you can do it with a debt card for free.

MarkMJ

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Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Hello dear,

Do not complain for this!what do you say about this?
I make a deposit VIA PZ about 3 year ago and I buy something
Total payment of 310$ for a script full of BUG's
When I told to my bank that I what my money back they told me that the transaction has been completed and they can not take money back from PZ.
A year ago I saw -0 intro my BANK account because someone used the card,my PP was hacked,
Everything I have learned so far if full of loss,you learned you loss
I also learned that every end has a beginning
So pay the 75% in fee and you and make sure you do not pay a second time

true-asset

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leopard2

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Quote from: Gyfts on March 06, 2015, 04:31:21 AM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

+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 Embarrassed

Q7

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Quote from: Lorenzo on March 06, 2015, 01:46:05 PM

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?

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.

ABitNut

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Quote from: medUSA on March 09, 2015, 05:09:42 AM

Quote from: ABitNut on March 08, 2015, 10:52:51 PM

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.

medUSA

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Quote from: ABitNut on March 08, 2015, 10:52:51 PM

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

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Quote from: medUSA on March 08, 2015, 03:45:25 PM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

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.

jets567

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I dont have any problems with Banks

Possum577

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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).

thejaytiesto

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

BillyBobZorton

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Quote from: specgamer on March 08, 2015, 03:07:58 PM

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.

medUSA

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Quote from: Joohansson on March 06, 2015, 02:43:21 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

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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

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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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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, 03:26:16 PM

Quote from: Joohansson on March 06, 2015, 02:43:21 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, 03:26:16 PM

Quote from: Joohansson on March 06, 2015, 02:43:21 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, 02:43:21 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

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Quote from: Cult on March 06, 2015, 01:56:18 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

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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

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Quote from: ABitNut on March 06, 2015, 02:53:49 AM

Quote from: Joohansson on March 06, 2015, 02:43:21 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

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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

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Quote from: Joohansson on March 06, 2015, 02:43:21 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

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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

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Quote from: Joohansson on March 06, 2015, 02:43:21 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, 02:43:21 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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Quote from: Gyfts on March 06, 2015, 04:31:21 AM

Quote from: Joohansson on March 06, 2015, 02:43:21 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, 02:43:21 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.

NUFCrichard

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Quote from: Joohansson on March 06, 2015, 02:43:21 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 know they aren't popular in the bitcoin world, but Paypal would be an easy option.
Lots of companies use Paypal to transfer small amounts of money around because, as you say, bank transfers are really expensive.

ABitNut

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I'm a cynic, I'm a quaint

Quote from: Joohansson on March 06, 2015, 03:17:32 AM

Sweden is not part of Euro, we have our own currency. Can I demand to pay in euros or how does that work?

First of all, smart move of Sweden not to adopt the euro. Count your blessings ;-)

You can ask the provider if you can pay in euros. Since they're a Denmark based company they shouldn't have a problem with that. Then it's just up to you on instructing your bank to make a euro payment. They'd still charge you for converting Swedish currency to euro currency though.

Your bank is basically laughing its ass off with the "International payments in currencies other than the euro" clause and probably encouraging everyone to make payments to euro countries in $. Or anything other than euros. So you'll have to try and make the payment euro by having a local bank convert the currency into euro, and then transferring the euros. Good luck on trying to pull it off. If you manage it, make sure you share the info somewhere for all your fellow Swedes / Swedish residents to use as well. Screw ridiculous rates.

bitbunnny

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WOLF.BET - Provably Fair Crypto Casino

Banks are legal thieves and have no mercy, just looking for a profit, we all know that

Joohansson

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Quote from: ABitNut on March 06, 2015, 03:08:15 AM

Quote from: Joohansson on March 06, 2015, 03:03:04 AM

Quote from: ABitNut on March 06, 2015, 02:53:49 AM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Yeah, the provider is based in Denmark and i live i Sweden. I offered them Bitcoins via support mail, have not got any response yet. I´ve been using that provider for 10 years, I´ve never seen this fee before though.

Last I knew Denmark and Sweden are both in the EU. In that case European rules apply:

Quote

For international payments in euros within the EU, banks should charge you no more than they would for a national transaction of the same value in euros.
This rule applies to all electronically processed payments in euros, including:

transfers between bank accounts in different EU countries
withdrawals from cash machines/ATMs in EU countries
payments by debit or credit card across the EU
direct debit transactions
money remittances.
International payments in currencies other than the euro are not subject to these provisions.

See http://europa.eu/youreurope/citizens/shopping/banking/day-to-day-banking/index_en.htm and make sure you're paying in euros. If so, then you've got your bank by the balls. Make sure you copy all the official papers that shows they're charging you this outrageous amount and that it's most definitely not the same amount as they charge for a national transaction. Then tell them to process your payment according to the law *and* file a complaint.

Cheers.

Sweden is not part of Euro, we have our own currency. Can I demand to pay in euros or how does that work?

Amph

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well, we all know that bank are the biggest legal thieves

for this reason i'll not cash out my btc, until i can buy directly everything with them(and the price will be good by that time fortunately)

ABitNut

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I'm a cynic, I'm a quaint

Quote from: Joohansson on March 06, 2015, 03:03:04 AM

Quote from: ABitNut on March 06, 2015, 02:53:49 AM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Yeah, the provider is based in Denmark and i live i Sweden. I offered them Bitcoins via support mail, have not got any response yet. I´ve been using that provider for 10 years, I´ve never seen this fee before though.

Last I knew Denmark and Sweden are both in the EU. In that case European rules apply:

Quote

For international payments in euros within the EU, banks should charge you no more than they would for a national transaction of the same value in euros.
This rule applies to all electronically processed payments in euros, including:

transfers between bank accounts in different EU countries
withdrawals from cash machines/ATMs in EU countries
payments by debit or credit card across the EU
direct debit transactions
money remittances.
International payments in currencies other than the euro are not subject to these provisions.

See http://europa.eu/youreurope/citizens/shopping/banking/day-to-day-banking/index_en.htm and make sure you're paying in euros. If so, then you've got your bank by the balls. Make sure you copy all the official papers that shows they're charging you this outrageous amount and that it's most definitely not the same amount as they charge for a national transaction. Then tell them to process your payment according to the law *and* file a complaint.

Cheers.

Joohansson

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Activity: 212

Merit: 102

Quote from: ABitNut on March 06, 2015, 02:53:49 AM

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Yeah, the provider is based in Denmark and i live i Sweden. I offered them Bitcoins via support mail, have not got any response yet. I´ve been using that provider for 10 years, I´ve never seen this fee before though.

erre

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Just use bitcoins

To avoid international fees, you can also transfer bitcoin to someone living in the same country and make him pay

ABitNut

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Activity: 764

Merit: 500

I'm a cynic, I'm a quaint

Quote from: Joohansson on March 06, 2015, 02:43:21 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.

Joohansson

full member

Activity: 212

Merit: 102

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.

Topic: Banks are Pigs (Read 3321 times)