After yesterday’s significant and possibly Over-The-Counter transaction of Whale Alert is only The transferred sum is ~ $257 million US dollars. The cost of the transaction – $43 US dollars.
We made a research and found that banks are currently charging from 0.5 percents to 5 percents per international transaction for over $100 000 and what’s more, if the transfer is international there might be some hidden fees and inbound transaction fees for receiver, but we will not count any hidden or additional fees which may apply depending on transfer specifics to make everything more clear and simple.
By the way, Bank of America only shares the domestic and international transfers fee publicly (which is up to $45), but the magic happens with the sections 4 (our desired rate of return), 5 (fee may be waived depending on your account type or relationship) and 6 (taxes and other third-party fees may apply).
Furthermore, just check how many fees you pay while using its services. Also, you can avoid monthly maintenance fees but then the conditions appear.
To be more specific, what “hidden fees” we talk might be visible in this table created by Timedoctor, find his full research here:
Hidden currency conversion fees when transferring $100,000 from Australia to the US, or from the US to Australia (assuming that the Australian bank is doing the currency conversion)
Stated fees | Hidden fees (estimate) | |
---|---|---|
ANZ | $15 | $4,400 |
NAB | $15 | $5,400 |
St. George | $15 | $6,005 |
Westpac | $12 | $3,948 |
Commonwealth | $11 | $5,591 |
Bank name | Stated fees (USD) | USD to CAD HIDDEN fees | USD to EUR HIDDEN fees | USD to GBP HIDDEN fees |
---|---|---|---|---|
Wells Fargo | $40 | $3,686 | $4,755 | $3,975 |
Bank of America | $45 | $4,789 | $5,035 | $4,711 |
U.S. Bank | $50 | $6,803 | $6,649 | $6,634 |
Bank name | Stated fees (CAD) | CAD to USD HIDDEN fees | CAD to EUR HIDDEN fees | CAD to GBP HIDDEN fees |
---|---|---|---|---|
Royal Bank of Canada | $13.50 | $2,660 | $3,696 | $3,159 |
Toronto-Dominion Bank | $12.95 | $2,638 | $2,775 | $2,575 |
Bank of Nova Scotia | $10 | $2,675 | $3,850 | $3,024 |
Bank of Montreal | $10 | $2,187 | $3,821 | $2,958 |
You see the numbers. Also, there’s highly possible, that after proceeding with such transaction companies will not have such amount of funds to be processed.
Disclaimer: The research was created based on findings on the internet. Please do check our sources. The research is not oriented to slander the banking system. It is an informative presentation of facts.
Sources:
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https://www.bankofamerica.com/foreign-exchange/wire-transfer.go
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https://www.paypal.com/us/webapps/mpp/paypal-fees
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http://money.usnews.com/money/blogs/my-money/2014/07/17/5-cost-factors-to-consider-when-transferring-money-around-the-world
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https://www.nerdwallet.com/blog/banking/wire-transfers-what-banks-charge/
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https://www.ofx.com/en-us/faqs/how-much-does-it-cost-to-send-money-internationally/
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https://www.bankofamerica.com/content/documents/deposits/service/pdf/Domestic-international-wire-transfers-info-sheet.pdf
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https://www.bankofamerica.com/deposits/account-rates-fees-faqs/
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https://www.bankofamerica.com/deposits/resources/personal-schedule-fees.go?request_locale=en_US
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https://www.timedoctor.com/blog/transferring-large-amounts-of-money-around-the-world-how-to-avoid-massive-hidden-fees/
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