gtyj Posted July 11, 2017 Share Posted July 11, 2017 I'm trying to estimate the total costs of transferring a certain amount of USD (say $3,000) to Bitstamp to then purchase XRP with it. The 2 ways being evaluated are: 1) Bank transfer of USD to my coinbase account, then buy Bitcoin, then transfer the bitcoin to my Bitstamp account. 2) Send international wire directly from my Bank to Bitstamp. OPTION 1 COST: It seems like the cost of this option is $120 plus whaterver % Coinbase charges for transferring my balance to Bitstamp. The Coinbase page (https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees) shown below says that while ACH deposits are free, there is a 4% transaction fee for all US transcations. So I would have a 4% transaction when I buy Bitcoin ($3000 * 4% = $120). See Coinbase fees below: OPTION 2 COST: It seems like the cost this option is just $7.50 plus whatever my bank charges for sending the international wire. The Bitstamp page (https://www.bitstamp.net/fee_schedule/) shown below states that there is a "0.05% deposit fee on our side (minimum fee = 7.5 USD/EUR, maximum fee = 300 USD/EUR)" so in my scenario the cost of getting the $3,000 to Bitstamp is $7.50, since $3000 * .05% = $1.5 and since $1.50 is under their $7.50 minimum I would be charged $7.50. See Bitstamp fees below: CONCLUSION: So is the comparison of just getting the funds to Bitstamp nothing more than comparing: "$120 plus whaterver % Coinbase charges for transferring my balance to Bitstamp" vs "$7.50 plus whatever my bank charges for the international wire"? Have I overlooked any fees involved in getting my funds over to Bitstamp? Have I calculated the fees correctly? Someone please advice, thanks ahead. PS: I do realize the time difference between international wire (2-5 days) vs ACH transfer + Bitcoin purchase + deposit to Bitstamp (30 minutes to an hour) but I'm just concerned about only the fees involved in these two options. karlos and JackTheRippler 2 Link to comment Share on other sites More sharing options...
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