Thursday, February 25, 2016

Bank charges a cable charge of $20 for overseas payment

I wish to make a payment to a bank account in India. DBS Bank said that I have to pay a commission of 1/8% (which is fair) and a cable charge of $20.

I asked - why the cable charge? We are in the world of the Internet now. Is this outdated? Or is the bank just wanted to make extra fee? Is this too much?
I know that most banks probably have a similar charge. I think it is unfair to consumers.

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