Well I avoid tu use it as much as possible to save my money. I prefer to use it for other things that to put it directly in their pockets.Originally Posted by benb
Last time I used it was some months ago anyway...
No need to do expense in phone calls, all is indicated on their web site. I explain again, I seems not to be clear enough:
I go there: www.westernunion.co.uk
I choose "Price Online Services" (middle left of the screen)
Country "Philippines"
Currency "United Kingdom Pound"
Amount 600£
Result on next page:
Money transfer fee* £ 42.00 (so exactly 7% of the 600£ to send)
Estimated exchange rate 1 United Kingdom Pound = 84.1756653 Philippine Peso
Estimated local currency pay out = 50505.40 Philippine Peso
The problem I'm trying to explain here is the rate WU is using, it's too low. It's roughly 3.27% lower than interbank rate (the one I always use is the one here from www.oanda.com/convert/classic ).
If I look today, I can see that the OANDA interbank rate is P87.00624 for 1 GBP
So if you remove 3.27% of 87.00624 you find a rate of 84.116 which is not far from the rate they use...
Meaning these 3.27% of the exchange rate is going directly from your pocket to Western Union pocket.
My calculation was and is still accurate: 7%+3.27%+0.15%=10.42%
So you pay £642 and the recipient get P49748 (real exchange rate is 49748/642 = P77.49/GBP).
Same case with PNB (see my calculation is a preceding post):
You pay £605 and the recipient get P51365 (real exchange rate is 51365/605 = P84.90/GBP).
You pay less: you save £37, and the recipient get more money: P1617 more.
I hope my explanation to be clear enough now.
I don't say they are good or bad, I just say they are expensive. Their only advantage is that the transfert is immediate (within a minute) and the person can immediatly get the money with the code.
