International bank wire fees are 65,000% costlier than a Bitcoin transaction, according to MyBankTracker, which averaged the fees of 18 banks in the United States. Domestic wire transfers within the United States are 42,000% costlier than a Bitcoin transaction.

As of this writing on 19 September 2018, Bitcoin’s transaction fee averages to USD 0.10, which is what is used to calculate these percentage figures. Bitcoin transaction fees can be as high as USD 1 for the most rapid confirmation time when there is heavy load but even at 1 satoshi per byte, which translates to USD 0.01, Bitcoin transactions will always be confirmed eventually.

At today’s price and assuming the smallest possible size of input, it only takes USD 0.01 of fees to send as much Bitcoin as you want anywhere in the world, even if it’s USD 10 billion. Further, Bitcoin transactions show up in a receiver’s wallet instantly, although unconfirmed, and most online wallets like Blockchain.com allow instant spending without confirmations.

Compare this to a bank wire, which costs USD 49 on average for sending internationally, and USD 16 for receiving an international transaction, yielding a total average international wire fee of USD 65. For international wires, it can take up to 24 hours for the receiver to get the money, typically several days.

Domestically, it costs USD 29 to send a bank wire and USD 13 to receive a bank wire, yielding a total of USD 29 on average for domestic bank wires. Domestic bank wires are usually much quicker than international bank wires, sometimes only tanking a few minutes, but they still are not instant.

Additionally, bank wires are processed by centralized banks, who have the power to freeze and reverse bank wires. There are entire countries blacklisted from receiving bank wires from the United States, like Iran, North Korea, and Venezuela. Bitcoin is decentralized, so it can be sent anywhere in the world and can never be frozen. Bitcoin is immutable, meaning a payment can never be reversed.

 

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