It takes roughly 4-5x longer for a signal to reach the other side of the world using satellites than it does using land based fiber. I can call from NY to India and barely notice the delay over fiber.
Geostationary satellites orbit at roughly 22000 miles above the earth. When these are used, there is a minimum travel distance of 44k miles from one location to another, then add in any land based travel for the signal. Then double that when you are waiting for the response. Compare that to land based fiber, the minimum travel distance from one end of the world to the other is roughly 12k miles.
I've used satellite based internet before, and typical ping times are 900ms compared to pings of 20-30ms on fiber to reach google.com.