Banking Scam!

[YoPengo]

Speaking of banks... I am about done with mine (Chase). They want to charge my Business $20.00 a month so I have the "option" to do International wire transfers. They charge $40.00 per transfer and I usually do two a month. By my math... I am paying them $1200 a year for a simple (we do all the routing on line) transaction. I have four Chase accounts and they are about to loose all of them.

Anybody know if Credit Unions do Intl. wire transfers?

Any small business banks you love?

[HolyMoly]

Speaking of banks... I am about done with mine (Chase). They want to charge my Business $20.00 a month so I have the "option" to do International wire transfers. They charge $40.00 per transfer and I usually do two a month. By my math... I am paying them $1200 a year for a simple (we do all the routing on line) transaction. I have four Chase accounts and they are about to loose all of them.

Anybody know if Credit Unions do Intl. wire transfers?

Any small business banks you love?

I don't know if my credit union does international wire transfers. My credit union has fairly limited services for businesses. I wanted a credit line for financing short term inventory as I didn't have credit with my suppliers and I had a few days between when my customers credit card payments cleared and when I paid my suppliers. But they did work with me, and give me a personal line of credit, and a great interest rate (7%) and I could transfer the money to my personal checking account, then transfer to my business checking account. All done online. And because money would be paid back in 4-5 days, the % on the money moving around was about .05%...that is 5 100ths of a percent. My fricken merchant services got me with 2.75% per transaction. And if I paid my suppliers with a credit card, they hit me for 2.75% per transaction, where if I could use CHAX/Electronic payment, it was free.

[YoPengo]

I don't know if my credit union does international wire transfers. My credit union has fairly limited services for businesses. I wanted a credit line for financing short term inventory as I didn't have credit with my suppliers and I had a few days between when my customers credit card payments cleared and when I paid my suppliers. But they did work with me, and give me a personal line of credit, and a great interest rate (7%) and I could transfer the money to my personal checking account, then transfer to my business checking account. All done online. And because money would be paid back in 4-5 days, the % on the money moving around was about .05%...that is 5 100ths of a percent. My fricken merchant services got me with 2.75% per transaction. And if I paid my suppliers with a credit card, they hit me for 2.75% per transaction, where if I could use CHAX/Electronic payment, it was free.

I am going to look into charging 3% for all my CC transactions. I don't do many but when I do they are 15-20k and getting hit with that 2. whatever charge sucks.

[ChumpChange]

Speaking of banks... I am about done with mine (Chase). They want to charge my Business $20.00 a month so I have the "option" to do International wire transfers. They charge $40.00 per transfer and I usually do two a month. By my math... I am paying them $1200 a year for a simple (we do all the routing on line) transaction. I have four Chase accounts and they are about to loose all of them.

Anybody know if Credit Unions do Intl. wire transfers?

Any small business banks you love?

I know of a decent sized bank that will even let you hedge your foreign wires if you want to. Do you pay in dollars or foreign currency? I have my customers bill their customers in both forms so their customer can make the decision. Don't let your customers make the spread on your FX.

[YoPengo]

I know of a decent sized bank that will even let you hedge your foreign wires if you want to. Do you pay in dollars or foreign currency? I have my customers bill their customers in both forms so their customer can make the decision. Don't let your customers make the spread on your FX.

Name of the Bank? We always deal in USD.