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Old 06-05-2008, 11:19 PM   #1
schiz
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$60 wire payment fees?

I just got a monthly wire from a sponsor and noticed that the fee they took out was $60 to send me my money (additional $7 to receive) . Are banks really charging that much?
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Old 06-05-2008, 11:20 PM   #2
XPays
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that is a high wire toll
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Old 06-05-2008, 11:37 PM   #3
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If they are using an offshore bank with multiple correspondent banks it can cost that much. We had a Caribbean bank account where sending any wires cost $30 but when received on the other end an additional $50 was taken from the wire amount by someone in between.
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Old 06-05-2008, 11:40 PM   #4
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I was paying $50 to send from South Africa to Bulgaria, the receiver had to pay about $8 too
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Old 06-06-2008, 12:09 AM   #5
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Often the sender pays $30, then your bank charges another $30... so losing $60 in wire fees is not that uncommon...
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Old 06-06-2008, 12:24 AM   #6
schiz
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Hmm... Maybe I'm just spoiled by the $15-30 wire fees from my sponsors and credit card processors.
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Old 06-06-2008, 01:50 AM   #7
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Quote:
Originally Posted by woj View Post
Often the sender pays $30, then your bank charges another $30... so losing $60 in wire fees is not that uncommon...
Yeah you should check how much your bank takes for incoming wires
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Old 06-06-2008, 02:03 AM   #8
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Sender charges $30 and bank charges $10 for my wires.
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Old 06-06-2008, 02:10 AM   #9
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At the time the exchange rate was good my bank charged $AUD15 to send a wire, which was less than $USD7.50
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