Permit the rant. I walked into my local bank in the US to wire money to Canada, totaling 7000 CAD. Was not happy that I would pay 75 USD and the recipient would get 25 CAD less due to fees, for a total of about 1.4%, and they will not receive the wire until Oct 9th (though likely sooner per the bankster). But then I noticed they were debiting 423 USD more than I had calculated (5,686 instead of 5,263 USD). I had checked the exchange rate from some reputable sites and got an average of 1.33 CAD for 1 USD. Behold, they were using 1.23 CAD for 1 USD exchange rate. I confronted the bankster about this and he said they have their own internal rates to hedge for possible loses due to volatility. A total of almost 10% rip-off through fees plus rate differences is unacceptable. I hope these rent seekers' days are numbered. I was tempted to introduce the recipient to bitcoin at least as a payment method, but he was not an acquaintance, and the last time I had tried just last week with a friend, he could not immediately sell the coins for usd, and exposing him to the volatility was unfair. So this was not even an option in this case. Hgggg - so many huddles to overcome, but keeping the faith and hoping we'll get there sometime soon. I feel better taking this off my chest.
Submitted October 03, 2015 at 07:45AM by jdkbbc http://bit.ly/1L2Xugo
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