WCF: The maximum string content length quota (8192) has been exceeded

A very annoying error I received when passing a very large string to a WCF Service was:

The formatter threw an exception while trying to deserialize the message: There was an error while trying to deserialize parameter . The InnerException message was 'There was an error deserializing the object of type System.String. The maximum string content length quota (8192) has been exceeded while reading XML data. This quota may be increased by changing the MaxStringContentLength property on the XmlDictionaryReaderQuotas object used when creating the XML reader. Line 8, position 9944.'. Please see InnerException for more details.

This is a cryptic error and only after some investigation I found the solution:

The readerQuotas element must be configured on the binding configuration:

<binding name="basicHttpBinding_IMyService" maxReceivedMessageSize="63400320">
      <readerQuotas maxDepth="2147483647" maxStringContentLength="2147483647" maxArrayLength="2147483647"
       maxBytesPerRead="2147483647"   maxNameTableCharCount="2147483647"/>
</binding><br />

This is a simple example, you must configure it for your own needs.
I have added the additional configuration elements to show the other options.