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sending money abroad

athunder Avatar
6y, 4w agoPosted 6 years, 4 weeks ago
Need to send some money to in-laws abroad (they live in Taiwan), anyone know much about safest and cheapest ways to send money?

i checked my bank(Lloyds) and they mention there may be fee's from the other persons bank

athunder Avatar
6y, 4w agoPosted 6 years, 4 weeks ago

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(9) Jump to unreadPost a comment
actually, could i use paypal? anyone done that before

it says "Sending international payments from your PayPal balance or bank account is charged at 3.9% plus 20p for currency conversion, about a third of what you'd pay with other transfer providers"

so sending £300 would cost £11.90 to send?
Isn't Western Union for things like that?
Isn't Western Union for things like that?

i just checked them out, seems alot more expensive tho. Paypal seems easier and cheaper, if i got the fee's correct.

Isn't Western Union for things like that?
i just checked them out, seems alot more expensive tho. Paypal seems easier and cheaper, if i got the fee's correct.thanks

Yeah, but what is their currency conversion rate? They may only charge 20p to convert but at what rate?
It depends on how much you are sending.
You get a better rate if sending more than £5000
If this is the case, use a FX broker not a bank - you'll always get a better rate
its only £300, not sure what the rate is, paypal says you can choose their rate or your credit cards rate.
WU usually give one of the best exchange rates
just checked again, think i was looking at wrong part of WU's site, fee looks like £12.50 + currency conversion, which i still can't find tho.

ok found the conversion rate, actually very good rate, so looks like this is best way after all

thanks all

Edited By: athunder on Nov 10, 2010 13:34

Western Union is known to be the leading service for international money transfer where there is need to transfer money overseas in cash or without involvement of a bank. Western Union has been in business since the early days when it would send wire transfer on actual wires using telegraphs, contributing towards the remaining name for today’s ‘wire transfers’ now referring to electronic exchange networks.

Western Union uses its many 245,000 many transfer agents in over 200 countries to send and receive money abroad. A customer takes cash to a local money transfer agent, fills-in a form detailing the recipient’s name and the destination country, and pays the money to the agent. This agent will then inform the recipient agent about the money transfer providing them with the same transaction code given to the payee. Meanwhile the payee will have contacted the payment recipient and provided him/her with the transaction code. This code is then used by the recipient to collect the money from the money agent residing in the destination country. The whole process could take as little as 20 minutes depending on the two countries.

Although Western Union is known to be a very fast and secure international money transfer service, it is also known to give customers a relatively poor exchange rate as well as having high-rate commissions. That being the case, Western Union is now finding increasingly new rivals in the business including MoneyGram who claim to have cheaper rates compared to Western Union.

MoneyGram being one of the main rivals of Western Union operates in over 170 countries through more than 75,000 outlets. One must, however, bear in mind that despite the claim to have cheaper rates than Western Union, the actual cost of any one transaction may be either higher or lower than that offered by Western Union.

Founded in 1976 by Lloyd Dorfman, Travelex is the world’s largest non-bank foreign exchange payment company serving over 29 million customers in 29 countries each year. Countries include United States of America, Canada, United Kingdom, Malta, Netherlands, Belgium, Germany, Switzerland, Finland, France, Czech Republic, Italy, Bahrain, Oman, Hong Kong, Singapore, Indonesia, Thailand, Australia, and New Zealand.

About 40 percent of the world’s airline passengers now pass through airports at which Travelex operates its retail foreign exchange branches, including the major gateways at London, New York, Hong Kong, Frankfurt and Sydney.

In Jan 2006, Western Union signed an exclusive global agreement with Travelex. Travelex locations will now only offer the Western Union Money Transfer service, making it available at 650 of their 700 retail locations in city centres and across 97 airports worldwide. The agreement marks an important milestone in the ongoing expansion of the Western Union global network. The addition of Travelex, in particular locations at the world’s leading airports, extends Western Union’s connection to the more than 185 million people living outside their country of origin.

Recently, these companies have introduced a good online service that provides for estimating the transaction costs as well as making it possible to transfer money overseas through their websites and online. This has also eliminated the need to pay-in by cash, where credit/debit card payments have also become an alternative. Payment collection must however be done in-person, except in some countries where Travelex will transfer cash to a bank account instead.

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