InvestorQ : Iam trading with cryptocurrency , my profit is trying to send through Bank of America to India by the account manager of crypto. But they said transfer fee of $200 is need to pay by me without it cannot transact. they told me IRS required the charge
LALLAWMZUALI made post

Iam trading with cryptocurrency , my profit is trying to send through Bank of America to India by the account manager of crypto. But they said transfer fee of $200 is need to pay by me without it cannot transact. they told me IRS required the charge

Answer
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vidhya Laxmi answered.
4 months ago


Most banks are charging high fees to facilitate crypto transactions and there is no way to avoid it. Banks have problems with their own regulators and hence that cost gets loaded on to the customer. That explains the high transaction costs.