I went to DBS bank branch to transfer $15,000 to a friend in Indonesia.
Staff - Mr. Tan. There is a charge of $20 for telex and another charge of 1/8 % for the handling fee. The total charge is about $40. The agent bank will also impose a charge. Your friend will get less than $15,000.
TKL - That's okay. I understand.
Staff - Mr. Tan. Your friend will get the money in 3 to 4 days' time.
TKL - Why so late? You charge me a telex fee. You also deduct the money from my bank account immediately. Why can't my friend get the money immediately?
Staff - It has to go through the agent bank. This takes time.
TKL - When I send an email (which is free), it has to go through several email servers to reach the other party. It arrives within 1 minute. Why can't the money transfer happen just as quickly? After all, you are getting a total fee of $40 for this transfer?
Staff - Mr. Tan, if you use DBS Remit, the money will arrive immediately.
TKL - But your bank gives a poor exchange rate. You take away almost 2% on the conversion to rupiah. The cost is $300. My friend could get a better exchange rate in Jakarta. The spread is only 0.2%.
Staff - Okay, Mr. Tan. I will feed back your views to my management.
TKL - Thank you for your help.
Staff - Mr. Tan. There is a charge of $20 for telex and another charge of 1/8 % for the handling fee. The total charge is about $40. The agent bank will also impose a charge. Your friend will get less than $15,000.
TKL - That's okay. I understand.
Staff - Mr. Tan. Your friend will get the money in 3 to 4 days' time.
TKL - Why so late? You charge me a telex fee. You also deduct the money from my bank account immediately. Why can't my friend get the money immediately?
Staff - It has to go through the agent bank. This takes time.
TKL - When I send an email (which is free), it has to go through several email servers to reach the other party. It arrives within 1 minute. Why can't the money transfer happen just as quickly? After all, you are getting a total fee of $40 for this transfer?
Staff - Mr. Tan, if you use DBS Remit, the money will arrive immediately.
TKL - But your bank gives a poor exchange rate. You take away almost 2% on the conversion to rupiah. The cost is $300. My friend could get a better exchange rate in Jakarta. The spread is only 0.2%.
TKL - Thank you for your help.
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