The problem with international wire transfers is far greater than just waiting 3 to 5 business days

The biggest and most overlooked problem with international wire transfers is not usually the time of 3-5 business days (which is a joke in the age of the internet) as for some reason people have become accustomed to this over time.

The bigger problem is the fact that once you initiate the transfer it dissapears from your bank and floats around the world through many correspondant banks. During this time neither you or your bank has any idea where your money is or when it will arrive. And if you need to know this info then you need to pay your bank a huge fee to trace this for you. You will only know the money has arrived once the person you sent the money to informs you it has arrived. You also never know the amount of fees that will be deducted along the way making it impossible to know the exact amount of money that will arrive in the recipients account.

This part in and of itself is the biggest joke and a far greater problem than the transfer time alone.

Submitted April 08, 2018 at 11:59AM by slvbtc https://ift.tt/2Jqbtom