Image source: ceylonexchange.com.au
If you are reading this post, it is likely that you use Crypto and familiar with the ease of use and efficiency of today´s technology.
meanwhile in the old world things are ever slower and more complicated.
this is just my last experience with an international money transfer I just did a few days ago.
I have a bank account in the country where I was born and grew up. it is outside of the European Union.
now I live in Portugal and have a local bank account here.
I needed to transfer some funds from the first, to the second.
so that is how it works:
print a form and fill it with all of your details, both bank accounts, sign.
fax to bank overseas, wait for response.
they eventually either call me, email me or just go ahead and transfer.
the last is to make sure I am who I say I am..
my father has a power of attorney over my account and sometimes they even call him.
forget about weekends, public holidays. it is a no go. need money in a hurry ? tough luck !
when the money eventually arrives, I am charged fees for the second time.
They "safe keep" OUR money, robbing us ridiculous amounts for whatever action they do for us.
when we want OUR money they make it nearly impossible, in the name of OUR security.
they work little, they are s-l-o-w and very inefficient, unfriendly, expensive..
is it really surprising that they are going to disappear ?
I think it is surprising they are still around !
thank you for reading
if you like this post please Upvote and reHive