Even $25 for that is absolutely insane price, as instantaneous and free transfers within the European SEPA system demonstrate. Nothing comparable to SEPA exists for dealing with rest of the world. Express delivery services like Fedex deliver physical items faster from the US to Europe than payments move over digital channels.
The situation is even worse for businesses that deal internationally with larger sums of money and may have to take significant hits from currency fluctuations during slow transactions. There are billions to be saved annually with systems like RippleNet (xRapid).
I receive a lot of payments from the US and I have never seen a wire transfer that takes less than a few days to arrive. This is consistent with the info given on Bank of America's website: the fee is $35 when sending foreign currency, $45 when sending USD, time 1-2 workdays. https://www.bankofamerica.com/foreign-exchange/wire-transfer... Chase: fee $40, time 3-5 workdays. https://www.chase.com/digital/wire-transfer
Even $25 for that is absolutely insane price, as instantaneous and free transfers within the European SEPA system demonstrate. Nothing comparable to SEPA exists for dealing with rest of the world. Express delivery services like Fedex deliver physical items faster from the US to Europe than payments move over digital channels.
The situation is even worse for businesses that deal internationally with larger sums of money and may have to take significant hits from currency fluctuations during slow transactions. There are billions to be saved annually with systems like RippleNet (xRapid).