Australia's Biggest Bank: No to Bitcoin, Yes to Mafia ...

Comparing Bitcoin to Western Union, Currency Fair and Commonwealth Bank when sending money overseas.

Edit: Redoing the calculations after user yugegb pointed out an error in my calculations - turns out using bitcoin-central was only $3 more expensive than the cheapest alternative.
I recently posted this at http://forums.whirlpool.net.au/forum-replies.cfm?t=2100981&p=113#r2242
Having seen http://www.reddit.com/Bitcoin/comments/208smd/bitcoin_surpasses_western_union_in_daily/ this afternoon reminded me of this test.
An Experiment: Sending money overseas via different methods.
Hi All :) I decided to sit down and try to actually use Bitcoin for international payments. Here are the results..
Aim: Send 364.33 Euros to my partner in Ireland.
Options: Paypal, Commonwealth Bank, Bitcoin-Central, Bitstamp, CurrencyFair#, WesternUnion%
Additional: Bitcoins Purchased via CoinJar.
End Costs:
Paypal: $584.00
Commonwealth Bank: $616.82
Bitcoin-Central: $567.29
BitStamp: $589.60
CurrencyFair: $564.17 #
WesternUnion: $581.16 %
My Conclusion: At the time of this experiment (3:30pm 8/3/14) The combination of bitcoin-central and CoinJar was only $3 dearer than the nearest alternative. Bitcoin is actually competitive!
'# User 'demod' suggested CurrencyFair after I did this assessment – I have not tested this service. Calculation 5 hours beyond initial test.
'% Remembered Western Union. Calculation 6 hours beyond initial test. Optional instant cash transfer would add $20
Edit: Forgot the 2% buy fee on CoinJar – thanks 'Bixxus' – recalculated.
Working:
We want to send € 364.33
€ 1.00 = $1.53 AUD € 1.00 = $1.39 USD
Paypal: To send € 364.33 would cost $584.00 Inc. Fee € 1.32
CBA: To send € 364.33 would cost $616.82 Inc. Fee $22
CoinJar: 1BTC = $703.77 AUD Fee to buy 2% So actual cost is $717.85
BitcoinCentral 1BTC= € 465.00 Trading Fee 0.59% SEPA Fee € 0.99 To get € 367.47 Would cost 0.790264301 BTC Which is $567.29 AUD
BitStamp 1BTC= 620.16 USD Trading Fee 0.50% SEPA Fee € 0.90 To get € 367.06 Which is $509.36 USD Which is 0.821340015 BTC Which is $589.60
CurrencyFair: (#untested) To send € 364.33 would cost $564.17 Inc. Fee $4
WesternUnion To send € 364.33 would cost $581.16 Optional Instant Cash Fee $20 not included.
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After closing the bank accounts of Bitcoiners (Bitcoin businesses), National Australia Bank & Commonwealth Bank of Australia joins the R3 project to design their own 'blockchain' protocol

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Commonwealth Bank of Australia closes PERSONAL accounts of bitcoin startup founders

I run a bitcoin startup and the PERSONAL accounts of my co-founders and I were closed yesterday. This happened without the bank informing us. They are also not giving us access to our PERSONAL money.
I can only say that CBA is now unfriendly not only to bitcoin but to Australian startups.
http://blog.coinjar.io/2013/08/14/your-australian-startup-should-bank-with-nab/
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Commonwealth bank banning bitcoin purchase on credit cards as of 14/02/2018

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The Commonwealth Bank is jointly creating a CryptoCurrency (like Bitcoin)

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Commonwealth Bank settles AU$110m blockchain bond #bitcoin #ethereum #btc https://t.co/15FvlY9LVD - Crypto Insider Info - Whales's

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By:
Commonwealth Bank settles AU$110m blockchain bond #bitcoin #ethereum #btc https://t.co/15FvlY9LVD
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Commonwealth Bank of Australia (CBA) to Launch First-ever Blockchain Bond • Live Bitcoin News

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Commonwealth Bank of Australia (CBA) to Launch Fir... #blockchain #bitcoin #crypto blockchain innovation… https://t.co/NnNv0KiyOI - Crypto Insider Info - Whales's

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By:
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Automate your Trading via Crypto Bot : https://ift.tt/2EU8PEX
Join Telegram Channel for FREE Crypto Bot: Crypto Signal
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Commonwealth bank banning bitcoin purchase on credit cards as of 14/02/2018

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Commonwealth Bank hit with new class action over money-laundering breaches /r/Bitcoin

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"Rob Jesudason has just stepped down as Commonwealth Bank of Australia’s (CBA) Chief Financial Officer (CFO) to helm the chief operating officer position of Blockchain software company https://t.co/HX8rnA6utu. https://t.co/SXu1LN9msd" $btc $ltc $neo $eth #btc #bitcoin #crypt…

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Former CFO of Commonwealth Bank has signed on with founders of EOS [EOS... #cryptocurrency #bitcoin #eth… https://t.co/8Lbh6x7BQS - Crypto Insider Info - Whales's

Posted at: May 14, 2018 at 03:26PM
By:
Former CFO of Commonwealth Bank has signed on with founders of EOS [EOS... #cryptocurrency #bitcoin #eth… https://t.co/8Lbh6x7BQS
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"Rob Jesudason, the CFO of Australia’s Commonwealth Bank resigns in order to become the group president and COO of EOS token developer https://t.co/HX8rnA6utu https://t.co/XPHZU6zzxW" $btc $ltc $neo $eth #btc #bitcoin #crypto #ethereum

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One of Australia's Big 4 banks, Commonwealth Bank admits to losing financial statements of 20 million accounts /r/Bitcoin

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Commonwealth Bank Halts Payment Card-based Bitcoin Purchases Without Prior Warning

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[uncensored-r/CryptoCurrency] Commonwealth Bank Baning Bitcoin Credit Card Purchases

The following post by Drzayas is being replicated because the post has been openly greylisted.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/7xfai0
The open modlog reason it was greylisted as reported by /CryptoCurrency was: *Section 15B - Filtered for not meeting karma and/or age standards. *
The original post's content was as follows:
https://imgur.com/a/uohoY
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Commonwealth Bank to embrace Bitcoin and air miles as fintech goes mainstream

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Bitcoin mentioned around Reddit: Commonwealth Bank announces $9.93 billion profit amid intelligent deposit machine scandal /r/australia

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Commonwealth Bank of Australia: Bitcoin is Overstated

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Financing a business - Bitcoin start-up calls out Commonwealth Bank on accounts suspended without warning or explanation

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Where is my wallet? CommonWealth Bank CBA Bans All Credit Card Crypto Purchases!! (Banks Getting Worried...) Commonwealth Bank 1997 Ad Commonwealth Bank (TVC) CommBank Business - YouTube

The Commonwealth Bank has banned its customers from buying bitcoin on credit cards after the recent plunge in the cryptocurrency's value, saying such purchases are no longer "appropriate." How the Commonwealth Bank helped a Bitcoin fraud suspect accused of laundering billions ... Mr Chevis said if the Commonwealth Bank believed the company was, in fact, a shell company, it should ... When you place your order on Bitcoin Australia using your credit or debit card, you may be requested to authorise the transaction (for example through entering an SMS PIN sent to you by your bank). Once this is completed, your payment will be completed immediately and you will receive your Bitcoin or Ethereum within a few minutes. Bank Suspends Corrupt Workers After Press ‘Questions’ CBA, the largest Australian listed company on the Australian Securities Exchange and the biggest bank in the southern hemisphere, made the headlines last month for blocking cryptocurrency access for clients due to their “unregulated” nature. Now local media reports it has fired two employees who did private deals with Calabrian ... Commonwealth Bank of Australia: Australia: The Commonwealth Bank of Australia has held that it can refuse any international money transfer that is meant for facilitating payments with bitcoin or any other altcoin. However, the bank insists that lawful use of bitcoin is permitted—as long as the use complies with the bank’s terms and conditions.

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Where is my wallet? CommonWealth Bank

Heute geht's um folgende Themen: Simbabwe: Reserve Bank schiebt Bitcoin den Riegel vor, Chinesische Miner haben Probleme beim Umzug, Commonwealth Bank CFO startet bei Block.One 1.) Simbabwe ... Elon Musk interview: Bitcoin BTC Event, Global Crisis & SpaceX updates [April 29, 2020] Elon Musk Live 7,690 watching Live now Commonwealth Bank ad, The Platybank! This feature is not available right now. Please try again later. Commonwealth Bank Card Security - Duration: 0:30. Melbourne TV Clips, Ads and More 4,173 views. 0:30. TOP 4 Best *LIGHT SHOWS EVER* on Got Talent World! - Duration: 10:10. Music, production and mix by Michael Sutherland.

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