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Compare the cost of transferring money using MoneyGram and Western Union to see which is the cheapest option to send money compared to the alternatives.
How Much Money Can I Send Through Western Union
When you send money to family or friends via a bank transfer, you want to choose the cheapest option.
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Western Union and MoneyGram are two of the world’s largest money transfer services, offering a variety of ways to transfer money.
The company has more than 500,000 representative locations worldwide, with more than 44,000 in the United States alone. It operates in more than 200 countries and 130 currencies.
Western Union offers a variety of transfer options. Each involves a trade-off of speed versus the rate you pay.
For example is the following
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It’s about $100, but the transfer is instant. It may be necessary if funds are needed as soon as possible.
As you can see, the cheapest and fastest method of exchange (at least within the US) is to pay in store to receive cash. The transfer is instant and the fee is $10.00.
You’re usually limited to transfers of no more than $5,000, but the exact amount you can send depends on several factors, including your transfer history, payment method and destination, and other factors.
How much you pay for a transfer depends on the destination, the currency and the transfer method used.
Pdf) The Western Union Case And The Social Function Of The International Money Transfer
Therefore, the fees to transfer this amount can vary significantly depending on the details.
MoneyGram operates in 200 countries and has a network of 347,000 representative offices, with more than 30,000 in the United States alone.
For most countries, you can send up to $6,000 per online transfer and up to $6,000 every 30 days.
From a US bank account or credit or debit card
How Do I Send Funds From Western Union Online?
But when you send the same amount for a cash pickup by the recipient from a MoneyGram location, the fee is only $20 per transfer. $1,000.
Both methods allow money to be transferred in minutes, so it really comes down to the hassle of driving to a MoneyGram location to save $29.99 on a bank account or credit card transfer.
MoneyGram offers several different ways to send and receive money, but in most cases they do not provide details about the cost or time frame of the method:
Based on a $100 and $1,000 transfer sent online from a checking account to a withdrawal location (debit/credit card payments have higher fees), the fees for both transfer companies are in the table below.
What Is Western Union & How Does It Work?
We have been using wire transfers (checking accounts) to receive money as online transfers have become more common and convenient ways to transfer money and make payments.
The cheapest source of money with a money transfer service is your bank account or debit card. If you use a credit card, there are two fees to be aware of:
Of course, if the amount transferred via credit card remains, it will also incur interest, which is often higher than the rate charged at the time of purchase.
You would normally expect transfer services to reflect the exchange rates displayed on popular websites and news publications. But exchange services also make money from these fees.
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The exchange agent pays 1.10, but the customer will be charged 1.20. That would give the exchange agent an extra 0.10 on the transaction and 0.05 above the published rate.
This fee may not be as obvious to you as other fees, but it is charged invisibly.
The only way to know exactly what you are paying for the fee is to look at the final amount received by the recipient.
J. P. Morgan Chase charges $25 for online domestic outgoing wires ($35 if you need bank assistance) and $40 for online foreign outgoing wires ($50 if you need bank assistance).
Western Union Uk International Transfer: Sending To And From The Uk
Like money exchange services, banks change exchange rates as an additional source of income.
$18 if initiated by mail, $28 if initiated by phone, $26 if initiated by fax, and $30 if initiated online
PayPal does not charge any fees when you transfer money to family or friends in the US who have a PayPal account. If the transfer is funded by credit card, debit card or PayPal credit, there is a fee of 2.9% of the amount funded and a flat fee of $0.30.
$2.99† + 2.9% flat fee based on transaction currency and currency funded this way.
Money Transfer Alternatives To Western Union
$4.99 USD† + 2.9% of the transaction amount funded this way plus a currency-based flat fee
Note: The fixed rate includes various small exchange rate additions from dozens of countries too numerous to list, but common examples include £.20 to the UK and €.35 to EU countries.
Cheap, almost across the board. But it’s never an exact comparison. A Western Union may be faster to a specific destination or with a specific transfer method than MoneyGram.
Before deciding which one to use—or whether to use your bank or PayPal—it’s best to use estimators for each to help you choose.
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Since financial institutions use fixed rates, it is also better to go with your bank or credit union if the fee for the exchange service is particularly high.
Kevin Mercadante is the former mortgage loan officer and blogger behind Out of Your Rut. He specializes in mortgages, career strategies and retirement planning.
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This guide will provide an illustrative example of the typical costs to be aware of when making an international payment, as well as Western Union fees when transferring money from Singapore to Indonesia and India.
We also highlight an alternative online remittance comparison service – – already used by over 10 million people. Offers convenient online international payments directly to your recipient’s bank account as well as other receiving methods.
Sending Money From Paypal To Western Union
Western Union Money Exchange Singapore – an overview Western Union Singapore exchange rates Western Union Singapore fees Western Union Singapore online fees – a comparison
Western Union allows you to send money using several different methods.
When you use a credit card to pay, you may receive a cash advance fee from your card issuer. Western Union recommends using a debit card instead.¹
You will then be able to choose how your recipient will receive their payment¹ – often this will be a direct transfer to their bank account or a cash collection at a Western Union agent near their home.
International Outbound Via Western Union
It’s good to know that not all services are available everywhere and the price you pay depends on the payment type you choose.
In this section we will look at Western Union Singapore transfer rates and exchange rates in general.
The cost of international transfers depends on both the fees you pay and the exchange rate used for currency conversion.
Getting a good exchange rate can save you a lot of money
Western Union Money Transfer Hi Res Stock Photography And Images
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