![]() ![]() They vary based on how quickly the money needs to be received, where your recipient’s located, and how much money is being transferred. This places them in the realm of “good, but not the best” when it comes to forex exchange rates.įees for an international transfer are quite varied with Western Union. To make a profit, ⚡Caution:Western Union will charge up to 6% on top of your transaction The mid-market rate itself is a fair price - one that doesn’t earn Western Union any profit. the middle value between each bid price and ask price from all available brokers.) and then using the median of all of those averages as the going rate. This mid-market rate is calculated by finding the average of all bid-ask spreads (i.e. Western Union uses something called the mid-market rate. The discrepancy in these prices is what you pay in fees as the bid-ask spread. The bid price is the amount a broker will buy a currency for the ask is how much they will sell it to you for. One fee that brokers often charge is called a bid-ask spread. This is a natural occurrence in the forex market and should be factored in by every international business. If you buy 10 British pounds for $20 today, there is a chance you’ll only get $18 for those pounds tomorrow. ![]() Perhaps the most complex of the fees Western Union charges is their foreign exchange fees.įoreign exchange, even in a perfect world with no fees, can incur costs. This is because of the way currencies change in relation to one another. We’ll try to clear up some of that murkiness here, so you don’t have to!īelow is a breakdown of every Western Union fee. Many fees vary depending on where you are, where the money is going, and how much money is moving. the Department of Posts.Western Union, being such an old and large company, has a somewhat complex fee structure. Also, it is approved by the Reserve Bank of India and is being provided by a Department of the Government of India i.e. This International Money Transfer Service is safe, legal, fast & reliable.Aadhar Card etc copy of which also has to be provided to the Post Office for receiving a transfer. ![]() Under the KYC / AML / CFT guidelines issued by the RBI to prevent the system of cross border inward money transfer into India to be used by criminal elements for money laundering or terrorist financing activities, beneficiaries / recipients of the money transfers need to provide sufficient information necessary to establish their identity and proof of residence through reliable Govt issued documents like:.The Post Offices have been directed to treat the payee as "Most Favoured Customers", which ensures courteous and efficient service to them.Only 30 transactions can be received by a single beneficiary in a calendar year.However, in case of foreign tourists, higher amounts can be payable in cash. Any amount exceeding this limit shall be paid by means of account payee Cheque or credited directly to the Savings Account standing in the Post Office in the name of the beneficiary. 50,000/- may be paid to the beneficiary in cash. There is a maximum limit of 2500 USD that can be sent at a time as per applicable RBI regulations which must however be only for personal use. The Payee receives the full amount in Indian Rupees.This entire process is completed within ten minutes. The Payee / Receiver goes to the Post Office fills up a form to receive money, shows valid identification and receives money along with the receipt, once the transaction is verified. Thereafter, the sender calls up his/her payee and gives information on the money sent. The sender gets a unique Money Transfer Control Number / Reference Number on a receipt after the transaction is sent through the system. To avail of this Service, a remitter goes to any one of the Western Union locations in the countries in which the Service operates, fills up a form to send the amount and pays principal amount and charges. ![]()
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