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I cannot believe that in 2010 banks are still charging so much just for moving digits. I assume all banks use electronic systems for their operations, so why will they charge so much? I wonder how much is the cost for the bank to complete an international wire. Say a bank charges $50 for an international wire, how much from that is cost and how much is profit for the bank?
When a bank makes a wire, do they have to physically move money to the other bank? How is it working?
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