The pain of using a bank. Can we just all use crypto please!
I just had to send some funds from my US bank account to a German account.
In order to do this I had to:
Walk to the bank
In the US there is actually not a way to wire any money using the banking system online. I have to physically go to my bank and fill out paperwork and sign it. The wire will then be sent to the FED before it will go to EU.
Exchange fees
Of course I needed the money to arrive in EUR and obviously in my account I have USD. I received 0.7873 EUR for each of my USD.
A quick Google search reveals however that I should have received 0.82 EUR. That's a yummy 5% cut my bank receives.
Fees
As if the 5% of a few thousand dollars would not be enough I get charged with $40 wire fee and the account in EU gets 18 EUR less than what I am sending. Let's call it 60 bucks.
Can we please just use crypto
I cannot wait to use crypto in daily life. Every time I use a bank it is a pain in the a$$ and comes with limitations and harassment.
In the crypto space I see it most with exchanges. There are withdrawal limits verification harassment etc. If I wanted to sell all my coins today it would take months to move the money into an actual bank account and quite frankly I would be scared to do this.
I cannot wait until I can just do my transactions via my HW devices, when they are bigger or phone when they are smaller and not have to use any of the banking services that are clogging up economic activity today.
Maybe you should check out https://www.revolut.com until cryptos are more established ;)
It's a relatively new product especially for people who move around a lot between different countries. Their fees, especially for exchanging should not be beaten by any traditional bank (at least none I know of!).
Saw this a few days ago on a high quality newspaper (not a paid advertisment!) and it looks really promising so far - And the iOs APP is really smooth!
Eine kostengünstigere Alternative wäre https://transferwise.com/de/ .
Ich habe diesen Service noch nicht benötigt, aber mir mal angesehen und für gut befunden. Er wird auch von vielen Menschen empfohlen.
Natürlich wäre es am besten, wenn wir immer und überall die Crypots verwenden könnten. Aber darauf müssen wir noch ein paar Jahre warten, so ist meine Befürchtung.
Danke, werde ich mir gleich mal ankucken.
Ever since I became a part of crypto , I don’t even like my bank account anymore , the annoying fees and hidden charges . It’s 2018, come on guys !
Yea I feel the same way!
lol it does suck... you mentioned in the US theres no way to wire online? I do wires often and I do it all through my banking apps in the US. I send money globally and it always works from my iphone. But then there is fees and the TIME!!!! I would uch prefer cryptos.
I use TD bank and I have to walk into the bank.
What bank are u using that allows this?
BOA and Chase
Interesting. Thx for the hint.
it will take a while ((
But they will leave it complicated to benefit from customer services like us. But in any case I hope it will be easier @knircky
UPVOTE and REESTEMED ♥
I believe Bitcoin shall remain the currency that people use for long term investments like stock and Ethereum would be traded on a regular basis much similar to paypal or venmo.
Banks may soon issue cryptocurrency that is based off on their own private blockchain and hold currency values like how banks from different countries hold each others, similar to how US banks hold Naira in Nigeria to maintain the exchange rate.
Well, this is just an idea. There could be a lot more and the possibilities are endless.
I very well do think that the age for trading value through fiat currencies is over. The next generation must and will employ blockchains
Our country has been prevented from dealing in coded currencies.
You're looking the way to use BCT in Germany without going through the bank / exchange .
Have you completed the process ?
Once we move away from converting to fiat, crypto-commodities will finally become true cryptocurrency.