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IME, the real fees charged by WU often add up to 10-20%.
by 55555 6y ago
IME, the real fees charged by WU often add up to 10-20%.
- jiggawatts 6y agoHow? The pricing calculator literally says $0.00 fees for me, the only charge is the 1% spread on the exchange rate.
- tluyben2 6y agoI know WU from the dropoff points where cheap labour bring their money to send home; they use an extremely bad conversion rate. Like paypal but even worse. Sources: official WU dropoff points in HK, SG, TH, NL and ES. The exchange rates + fees are indeed 10-20% removed from what they really are. Maybe if you send online it is 1%, but most use it to bring cash (from cleaning houses etc) to families abroad. Edit: > The pricing calculator literally says Please go to a meatspace WU point and compare the conversion rates with the inter bank rates.
- jiggawatts 6y agoI don't think you'd be able to convert some weak currency from cash to cash in another weak currency efficiently with Bitcoin either. Last time I checked, its API didn't extend to collecting wads of bills! I know a lot of immigrants that send money home, they all use bank-to-bank transfers. Whether they use WU or not, the overheads seem to be in the 1% range...
- tluyben2 6y agoBank to bank sure, WU is much higher in all cases I have seen. But he, we are just some people on the internet. I can send you pics of conversion tables in WU cash points in HK which are off by 5-20% from the inter bank rate. Banks can do this cheaply (and you still get screwed with most banks but indeed 1-2%, not 5+) so WU definitely does something bad there.