Wire payment fees – It’s not the banks it’s the system…well actually its both… Part One | Humanitarian & Cultural Causes in Africa | Scoop.it

Wire Fees…

Only in America…in the UK and Europe businesses are charged a nominal fee (40 cents) to send money domestically, and a larger fee to send internationally. In the US the banks stiff you to send money – on average it costs $15 to send via the domestic ACH payments system in the US, which to me is full blown profiteering…Think of the cost, the drag on business at a national level of this money being sucked out of productive companies and being transferred to banks…for doing what? Unbelievably, small businesses are paying an estimated $50 B in bank fees in the US.