Free funds transfer

[muffy]

I see the promotion on TV for free transfer of funds via Western Union . I learned a long time ago nothing is for free . My question is how do the "get into your pocket " ? I assume exchange fees in their favor . What is the catch ?

[Pib]

Yeap, usually that's the catch...no direct fee but a lower exchange rate. So the promotion is telling the truth "technically." But the lower exchange rate is where they make their profit which is effectively an indirect/hidden fee...companies like Western Union and PayPal are masters of the no fee and lower exchange rate smoke-and-mirrors process for international transfers....makes them smile all the way to the bank.

[meatboy]

nothing is free you will pay one way or another.

[maewang99]

there may be a change to all of this though, eh? New York State is very close to a full sanction of Bitcoin.

they have it in mind because if they don't, someone somewhere else will.

what I wonder is why the local banks display rates such as their 50% one way differential on the Peso. why even list it then?

in at least one of today's English language tabloids, there is yet again the "digital economy" plan to triple Thai GDP all by itself.... well, that has to include Bitcoins.... plus a whole bunch of other stuff I can't even begin to imagine what it could be but it must include money transferring especially within the other highly hyped prayer project.... "AEC 2015" for which Thailand is a member of.

Edited November 6, 2014 by maewang99