Sorry but your 7% do not take in account all their fees.... Like for a loan, what is interresting is what you really pay (including the hidden fees).Originally Posted by benb
Not really true mate!
Even using the 2 days service (36 hours actually), at an agent (plenty around), works out to be less than 7% overall charge/loss. Assuming £600 transfer cash!
On this you have to add their lower exchange rate (my personal calculation taht worked on all my transferts when I used it). They take 3.27% more on this and you have to add now P1.5/P1000 so 0.15%.
7% + 3.27% + 0.15% = 10.42%
So in your example you give 10.42% of what you send to Western Union (so 62.52£).
For the same amount using PNB Europe, it's 5£ (0.83%) on which you add around 0.75% for the exchange rate (I'm always referring on the Interbank rate in both case).
0.83% + 0.75% = 1.58%
So for your example it's only 9.50£ for 600£ sent!
Your gain is 53,02£
I did my choice a long time ago... PNB Europe!!!!
I wrote a table some years ago with this full calculation with Western Union transfers (from 10 to 2000€), and the real fees were really going at 25% is some cases...
