Western Union and false exchange rates?
This transactions was originated in the UK. You need to ask your own politicians how they allow this free enterprise activity to occur. Every exchange house sets its own rates. Competition dictates that the rates be similar from one business to the next, but this is not dictated by law. It is like the price of Nike shoes. Does every business have the exact price? No. It is up to the consumer to decide if he wants to pay that price or not. You should have received about $3600-3700 USD for your 2500 pounds. You say you were shorted 1000 USD, that means you only got about 2500 USD. I just checked the Western Union, United Kingdom, website. They indicate that if you send 2500 pounds you would have approximately 3400 USD less any fee you pay. While that is expensive, it doesn't sound outrageous for the exchange rate, but when you consider the outrageous fees that Western Union charges, that isn't good at all. Most people send sums of money through their banks because it is cheaper and sometimes faster.
In western union money exchange do they exchange foreign currency coins to indian rupees--is it done in Goa?
yes dear they can but i want to tell you that there is a high rate of exchange of coins compare to notes...
Does western union do currency exchange?
You can try one of the BIG banks... or if you have an ebay account, you could try selling it there... I've bought Lebanese money, etc. just because I liked the way it looks...
Should I accept Western Union Exchange Rate? They offered to transfer it to the local currency but I suspect the rate will be in their favour
The revenue model of any money transfer service (including banks) is pretty simple. They charge a markup on currency conversion rate plus transfer fee which is usually x% of the money that you are transferring.Traditional services like banks, Western Union, Thomas Cook etc. are relatively costlier because of the legacy model that they operate in. So usually you find their exchange rates are lower and transfer fee higher.The remittances business has been disrupted by companies like Lebara (I work for them), Transferwise, Azimo and Revoult. As digital model has lower capital costs as well spends on marketing and advertising are lower, such apps or online money transfer services can charge a lower markup and low percentage of transfer fee.All money transfer services provide you local currencies exchange rate. Nowhere will you find that you send money in USD and the receiver will receive money in USD. It will always be converted to local currency and delivered to them.If you see, even WU and Banks are trying to copy the digital model as there business has been hit to a certain extent by people like us.
How can I transfer money to myself by western union?
A regular ‘use case’ is customers earning money in one country and transferring money to their account in another country. The bank to bank network usually uses SWIFT and will cost a minimum of 25 USD and a less favourable exchange rate. Western Union allows you to send directly to your bank account in another country.If you’re in one of the many countries that gave Money Transfer | Global Money Transfer | WU United States live, this is a great website to use. Also look at …Send Money Abroad with TransferWise, Money Transfer - Send Money Online | WorldRemit and Wave - Send money to Africa depending on where you’re sending from and too.
Why are Western Union / Moneygram Transfers so damn expensive? It's not like they're making loans. Thanks.
Western Union (company) and Moneygram have both offline and online businesses and their prices are usually in line with the market in both, maybe with some brand premium. The offline business is naturally more expensive for consumers as about half of cost goes to cash agents who accept the money. Another huge expense category is compliance with various regulations - around 10% of the company workforce works in that department.Here are some specific examples. For sending money from USA to Mexico or Philippines, incumbents could be more expensive than FinTech Startupss, but........ but for sending money from USA to China or India, Western Union could be one of the cheapest:To learn more about this fascinating topic, read two of our articles:Business model of Remittances providers: International Money Transfer Services: Lean and HungryWestern Union: https://www.saveonsend.com/blog/...
How much is the fee if I sent $2500 Western Union to Kumasi in Ghana?
If you send $2500 online with Send & Transfer Money United States to Kumasi in Ghana, here’s how to calculate the total fees you will pay.Let’s first have a look at the exchange rate margin. This is the difference between the exchange rate of Western Union and the mid market rate you find on http://XE.com for example.Right now(November 13th 2018 at 15:40 UTC), Western Union quotes 1 USD = 4.5835 GHS. 2,500 USD * 4.5835 gives you 11′458.75 GHSAt XE’s exchange rate of 1 USD = 4.88463 GHS, you should receive 12,211.575 GHSThe difference, the currency exchange margin, is 752.825 GHS or 154.443 USD. That’s 154 USD that won’t reach the beneficiary but will go in Western Union’s pocket (a large part at least).Now that we now that the currency exchange margin fee is $154 , let’s look at the transfer fee:This is much clearer. If you fund your transfer by credit/debit card, the additional transfer fee is $46. It is only $6 if you fund your transfer with a bank transfer. It will cost you $26 if you pay in a store.Let’s say you pay with a bank account. The fee to transfer $2500 to Ghana with Western Union Online is $154 + $6 = $160 total fees or 6.4% commission.There are ~12 agent location affiliated with Western Union in Kumasi where the beneficiary will be able to pick-up in cash the money transferred.Money Transfer Locations|Bill Pay Locations|Western Union
What are safe online alternatives to Western Union (other than PayPal, Xoom, or brick and mortar banks) for sending money internationally directly to bank accounts?
For Canadians, the best option is Curexe.We have a fully online platform that takes minutes to send/exchange currency globally. Also, we charge a low 1% fee on the transaction, while banks/WU charges 2–5% and other foreign exchange providers have a constantly fluctuating fee.Check it out, it’s easy to sign up for an account.If you have any questions, or want to reach out to someone in our support team, click here.Cheers,Johnathan Holland
Money Transfers: How is it possible the Western Union has a zero fee option?
You are right. Western Union add a large margin when they do the currency exchange. All FX transactions involve a margin, but some add more than others. Here is an example; sending USD 1000 to France. You want the money to arrive as EUR. Let us assume that today's mid-market exchange rate is $1 = €0.764. Western Union can buy very close to this rate, but they will add a margin (as they must to make money) to it for the customers transaction.Western Union normally add 6%, so your $1000 transfer is going to turn into $940 worth of Euros for your recipient. The missing $60 will be Used by WU to cover costs and generate a profit.Other money transfer companies such as my own, Xendpay, add far smaller margins and generally charge much lower fees than the banks and Western Union. Just sign-up and do a simple on-line comparison - you will see exactly what I am talking about!