Discussion in 'Current Affairs' started by SpacePete, Aug 30, 2016.
Just saw this posted on reddit:
We use these guys:
Also, refer my previous post about Blockchains to see how this works and why it is so important
Surely using paypal would alleviate this problem. Or not ?
Does this include credit cards?
Their currency conversion rates are already atrocious (READ - they already make a lot of money from overseas transaction), so this is a kick in the nuts.
I just looked at the Commonwealth Bank transaction fee page (I am with Comm Bank):
Classic technique... use regulation and/or fear to close down the legal remittance channels in 2014 (mention terrorism somewhere in there). Now the banks have a monopoly on the remittance sector.
"As concerns about the financing of Islamic State reached fever pitch in late 2014, many remittance companies were "de-banked" by the big banks. Westpac, which had been the biggest banker of the sector, took the most aggressive approach by imposing a blanket ban for all accounts."
The above seems to refer to card transaction not international money transfers. At least with COMBANK. I just sent some AUD to a bank in Thailand and was charged $22 at this end. The COMBANK FAQ states:
Fees are subject to change to at the Bank's discretion and will vary depending on how the transfer is sent:
Sending an IMT via NetBank or the CommBank app $22 per transfer (the fee is disclosed before completing the IMT)
Sending an IMT in a branch - $30 per transfer
Receiving an IMT - up to $11 per transfer
Tracing an IMT - $25 per request
Changing details on an IMT $25 per request
Cancelling an IMT - $25 per request
I sent some money a few years ago to help out a friend from New Zealand via Western Union.
The rates were a lot cheaper than that ...
Funny! I got a letter from St George today saying they will be refunding me a bunch of incorrectly charged foreign transaction fees from my credit card.
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