Sending western union to yourself

[shdmn]

Worth it vs using ATMs?  The napkin math seems to indicate it is.  There is just the fixed transaction fee similar to what my western bank charges for the international ATM transaction.  However, there no ATM fee on the receiving side and no 2.5% exchange fee like I would pay for using ATMs to get money from my western bank. 

 

The fixed fees are not so much what I am trying to avoid.  For a large enough amount per transaction they are no big deal.  It's the 2.5% exchange fee that I want to avoid.  That can add up depending on the amounts.  Their posted exchange rate seems comprable to the bank exchange rate (before the bank adds the 2.5% exchange fee on top of that) so seems like a better way to go if I will be moving money regularly, like once a month.  Am I missing anything?  I am not in the US so using that Charles Schwab card is not an option.  There is nothing like that in Canada.  At least not for SE Asia.

Edited August 10, 2021 by shdmn

[Why Me]

Have you considered Transferwise (now Wise)? Quick and easy, money from the US (in my case) to Thailand in hours. Rates are good and the whole process is transparent in that they tell you upfront how much you are going to get so you can check around. I find their rates competitive as many others too.

[shdmn]

46 minutes ago, Why Me said:

Have you considered Transferwise (now Wise)? Quick and easy, money from the US (in my case) to Thailand in hours. Rates are good and the whole process is transparent in that they tell you upfront how much you are going to get so you can check around. I find their rates competitive as many others too.

The problem with TransferWise is the receiving end needs to be a bank account.  Remitly has options for cash pickup in Thailand and other SE Asian countries.  So for cash pickup, as an alternative to Western Union, Remitly looks like the way to go.  At least on paper.

 

There is a site called monito.com that compares several payment transfer services.

Edited August 10, 2021 by shdmn

[fredscats]

To set up a WU account abroad you will need a home number,UK my case,have to buy a sim that rings home number anywhere in the world,  Not bad tho,but Wise is OK

[Zaphod]

3 hours ago, Why Me said:

Have you considered Transferwise (now Wise)? Quick and easy, money from the US (in my case) to Thailand in hours. Rates are good and the whole process is transparent in that they tell you upfront how much you are going to get so you can check around. I find their rates competitive as many others too.

I just sent US$300 (THB 10,000) via Wise. Exchange rate was 33.450. Total transfer charge was US$2.36, and it says it arrived in Bangkok Bank in 4 minutes.  Worth a try if you haven't already. 

[shdmn]

21 minutes ago, Zaphod said:

I just sent US$300 (THB 10,000) via Wise. Exchange rate was 33.450. Total transfer charge was US$2.36, and it says it arrived in Bangkok Bank in 4 minutes.  Worth a try if you haven't already. 

You need a bank account for that.  I need to receive cash without having a local bank account.

[Haveasay]

Open a Thai bank account. Best thing I ever did as I've used WU with problems over limits and more. A recent post here I used Remitly, money transferred in minutes, no fees, and best exchange rate. ATM fees I wore, but no fees with BB receiving and on forwarding. Thanks BB.

[Haveasay]

Sorry 300 baht per year, chicken feed for the money and gains and soon will use to get pension when back in Thailand, after covid. Can't come soon enough. Hopefully get Pattaya sandbox going first.

[allane]

As far as I know, Western Union will not send to a bank account.  They regard themselves as competition to the banking system, not as part of it.That said, I believe that money sent by WU can be claimed for up to a year.    

[userabcd]

53 minutes ago, allane said:

As far as I know, Western Union will not send to a bank account.  They regard themselves as competition to the banking system, not as part of it.That said, I believe that money sent by WU can be claimed for up to a year.    

On WU website it does state that funds transferred through them can be received in a bank account.

 

One just has to select that option. The option has been available for a ling time now.

Edited August 11, 2021 by userabcd