Western Union Charges A 10% Domestic US Transfer Fee And Gets Away With it
Although it is not uncommon to charge high fees when sending money to foreign countries, this 10% fee applies to domestic transfers. If anyone ever needed more indication of how expensive Western Union is, look no further. Various Walmart stores across the US have a WU office, where people can send money to other citizens in the US with ease. Unfortunately, this service is rather expensive, as sending up to US$50 is subject to a near 10% fee. Not the solution most people would be looking for, and another reason to get involved in Bitcoin. Most people are well aware of how sending money....
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Western Union Chief Information Officer John "David" Thompson was interviewed by Coindesk this week and made some very revealing comments about Bitcoin, and its future in global monetary transfer. Many know Western Union as the world's largest personal monetary transfer corporation, founded way back in 1851. Operating in 220 countries worldwide, it generated almost $800M last year in net income, which is down over 20% from 2012. I wonder why it is down over $200M all of the sudden? Also read: Digital Currency Advocate: What Western Union CEO Is Missing. Western Union CIO: Bitcoin doesn't....
Joseph Joel Bayaua is employed as a private driver by a family in Hong Kong. He has worked in the special administrative region for four years. When Bayaua sends part of his earnings back to his family in Santiago, a city of 132,000 people in the Philippines' northern Isabela province, he selects either a Western Union money transfer or an inter-bank transfer. He usually ends up choosing Western Union. Bayaua explained: "Both methods of sending money are basically the same. They just differ sometimes by the rate of their transfer fees, but I prefer Western Union over bank-to-bank transfer....
In the world of cash-transfers, few other companies come to mind as instantaneously as Western Union. If you’ve walked in a convenience store anywhere between the west and east coast of the United States, you’ve probably seen a banner for Western Union. The remittance provider is currently facing a preliminary antitrust inquiry as the EU examines allegations of Western Union intentionally driving rivals out of business. Allegedly, Western Union is giving their retail outlet partners contracts with exclusivity contracts in them which don’t allow other cash-transfer services to operate....
Global money transfer powerhouse Western Union is boldly venturing into the dynamic and rapidly evolving realm of cryptocurrencies, marking a significant and strategic move in its financial landscape. With a storied history of facilitating seamless cross-border transactions, Western Union’s decision to enter the highly-stacked cryptocurrency arena underscores its commitment to innovation and adaptability in an […]
It is rather striking to see the average cost of Western Union transfers has remained virtually unchanged since 2014. A rather strange development, considering other providers managed to reduce their fees in the same period. Western Union Money Transfer In a new report by FXCompared, it has become evident the money transfer business is starting to lose momentum. In most cases, sending money around the world remains a very expensive business. Up-and-coming solutions such as cheaper remittance, and even cryptocurrencies, present far cheaper and global options. Mostly Western Union is losing....