It would, yes, I'd imagine. I looked up what it's called and it's the Financial transaction tax[1]. What some propose is to make it 0.3% on all transfers of money. Right now it costs $21.80 to send $1,000,000. The same payment under the new scheme would be $3,000. I have no idea what can of worms it would open up but it's an interesting thought experiment.

1. https://en.wikipedia.org/wiki/Financial_transaction_tax#Unit...