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by COINS NEWS 184 Views

So, today I had to do a bank transfer to another country to an institution. They didn’t accept crypto nor PayPal so only bank transfer was on the table. Now let me show you how much time and nerve consuming it was to do a bank transfer in a third world country. I leave the house and I need to go to a specific bank, not all banks but to a specific one. Took me 40 minutes (+ the heavy traffic which drives you nuts).

When I arrived, I had to wait in line for 25 more minutes while there are only 3 people in front of me. At the moment I enter the bank I realized why; the bank was working with half capacity since the staff is still on summer vacation. Well at least I was in and now I could proceed with my payment.

I went to the client service (you can’t do this payment from the cashier) and I sat in front of the bank employee for almost 10 minutes waiting for them to ask me what I need since they were busy filling transfers by hand (?!) Then I proceed to tell them I need to do a payment and bla bla bla. They ask me if I was a costumer of the bank, which I am but at that moment was wondering why?

I asked them and they told me I needed to have an account in the currency which I was going to be transferring the money… one which I didn’t have. They said no problem we will open a one-time account for you it will cost you 5Euros.

Well, there’s nothing I can do so I agree. Minutes pass and finally the new account was opened I signed some papers and at that moment they asked me how much I wanted to send. “It’s 250 euros I say”. Very well they answered:
“The total will be 280 euros since there is a 25-euro commission for transfers abroad + 5 euros for one time account”.

25 euros!! 10% of what I was going to send (not considering that 5 Euro I paid for opening an account). Well unfortunately there is not much I could do so I agreed. The bank employee gives me a paper which requires me to declare what is the source of my 250Euros
ITS 250Euros not 250K for god’s sake! I fill it give it back to him together with the money.

The bank employee to fills a paper by hand and then type it into computer and then give me to sign and I’m done. I check the time it has been around 20 minutes

"The money should arrive in 2 working days" - the bank employee says. 48 hours to do a transfer!! Might as well travel to that country by foot and give it to the institution by myself.

After all this I had another 35 minutes way home.

In total 40+ 25 + 10 + 20 +35 = 2 hours and 10 minutes and 30 Euros of commission for a single transfer. (which will take 48 hours to complete)

All this for just one transfer for which I paid more than 10% commission to the bank. All the way home I was thinking how I was going to pay just less than 1 Euro with average cryptos (Maybe a bit more with ETH/BTC). I was thinking how much things I could have bought with that 25Euros. With which I could have DCA to some coins before they go up but unfortunately that will be left for next week.

I know all volatility and much more risks there might be with crypto for someone who doesn’t know it but ffs you can send almost fee-less transactions everywhere in the world in less than 1 minute. 2 hours and 10 minutes that could have been spent for anything else I had to spend them wrecking my nerves in traffic and waiting lines.

That is all folks I hope you don't have similar experiences or at least have lower fees on your banks! Enjoy the rest of the weekend!

submitted by /u/illuminateme08
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