Re:It's time for us in the tech world to speak out about cry...
by arcticbull on Monday May 31, 2021 @02:27AM
(#27340872)
The depository institutions themselves don't actually pay much at all - FedWires are about $0.033 to the DI. Some DIs offer domestic wires free of charge like my bank does.
SWIFT international wires do cost the DI more, but not several orders of magnitude more. I don't happen to know that number off hand.
Some retail banks charge a lot for wires because they can - people don't use them frequently (as to your point its not what people want most of the time) and usually only for bigger purchases so the fee matters less.
However, if this is something you do more often, banks offer steep, steep discounts over sticker.
SWIFT international wires do cost the DI more, but not several orders of magnitude more. I don't happen to know that number off hand.
Some retail banks charge a lot for wires because they can - people don't use them frequently (as to your point its not what people want most of the time) and usually only for bigger purchases so the fee matters less.
However, if this is something you do more often, banks offer steep, steep discounts over sticker.