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It's not a cost, it's a price and it reflects what the market supports, not how much the bank actually spends for the service.



Isn't it incredibly naive to assume that this price is somehow driven by supply/demand driven market when the reality is banking is monopolistic and riddled with fraud?

If the cost of the transfer actually was determined in a competitive environment I'm sure it would be considerably lower. Unfortunately on such fees it's not in the banking industries interest to act competitively with one another.


> [...] assume that this price is somehow driven by supply/demand driven market

I didn't say that. Intelligent actors tend to avoid any real competition. The price is what enough clients are willing to pay to make the whole scheme profitable. There doesn't need to be any fairness for this to happen.


Going back to the original point, the price is set in a non competitive environment with the chance of the introduction of new competition is basically nil.

This is monopolistic, anti-competitive and wrong, and the less wealthy sections of the population suffer the most (as per usual).




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