Sunday, 19 August 2007

Banks charge too much for overseas money transfers

By Honesto General
Last updated 03:53am (Mla time) 08/15/2007

Modern-day banking started on the sidewalks of medieval Milan, Italy. Money was actually traded from benches, hence “banco,” or bank. At that time, bankers were considered only a head above murderers, robbers and thieves.

Today, bankers have become respectable. But there are pockets of sheer greed.

When I was in Los Angeles recently, I had to send $500 to my son in Makati City. Philippine National Bank has a subsidiary that handles money transfers. I was charged a fee of three percent, or $15. [Read more]

No comments:

Post a Comment