Quote:
Originally Posted by TheSwed
try to go outside US some time and you will see and learn a lot
and why don't you tell all program owners what wire is if you have problem whit that
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Got my degree in finance from one of the top ten business schools in the world. It happened to be a European based one. I have lived and worked on all continents of the world.
You STILL do not get it about wires?
The program keep money in their bank account, they need to pay an affiliate.
The affiliate needs money quick and asks for a wire.
The program asks its bank to do the transfer for them to the receiving bank.
Transfer carried out between the two banks.
Money will show up same day or in some cases, when transfer is done after certain cut off times, the amount will show up next day on the affiliate's account.
Is that easy enough for you, or you need the baby version too?
You should try to learn to read and comprehend what's written, that way you could educate yourself a bit!
About banking systems
It all comes down to the banking systems in America as compared to Europe working differently and before the internet there was no live communication between banks. For the most parts, there is still no live communication setup at all times between banks. So when one bank need to make a rush order (wire or similar) they call up the other one and make the trade. Intra-bank systems has been in the talks for years, but many brokers and "middle men" earn more monthly than Average Joe's yearly salary, just to be sitting in nice comfy offices making phone calls and transferring money.
With different time zones, exchange rates, risk of default before clearing happens, overnight overdrafts and so on are all part of day to day banking. Those are risks which needs to be asserted and paid for somehow. Which is why many fees exists.