Jump to content

Advice on Cost of getting funds to Bitstamp: Direct International Wire vs Bitcoin Purchase with Bank account at Coinbase + transfer to Bitstamp


gtyj

Recommended Posts

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:

CoinbaseFees.thumb.png.4a5a188a75f7defc71da2c112f10f283.png

 

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:BitstampWireFees.png.7242d35c4448a63e23d416f377e5dfa5.png

 

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.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...