Excessive cost of transferring funds across borders

Name(s): 
Delays in transferring funds between countries
Nature 
Transferring small amounts of money across borders is slow, prohibitively expensive and unreliable.
Incidence 
In 1993 the average transfer time for transferring $150 from one EEC/EU country to another through European banks was 6 to 8 days. The cost, including bank commissions, was equivalent to 14% of the value transferred. Customers have little redress in the event of banking errors during such transactions.
Counter-claim 
Although there is a problem with low-value transactions, the demand is simply not great enough to justify changing current systems.
Value(s) 
Type 
(E) Emanations of other problems