Western Union money transfer

[dsp27]

I think WU always says "6 business days" but usually delivers sooner.

It actually says 0-8 days. Hope I just had a bad luck and it's back to the usual fast delivery. But next time you do a transfer check the confirmation email it will clearly state the "delivery date".

 

[steveinbsas]

Below are the times indicated on the WU transfer form for transfers to an Argentine bank account when paying by:

Credit Card​

0-4 Business days

Debit Card​

0-4 Business days

Bank account​

0-8 Business days

Transfers times indicated for cash pickup in Argentina when paying online are:

Credit Card​

In minutes

Debit Card​

In minutes

Bank account​

0-4 Business days

 

[Cordoba]

Changing the subject. How does WesternUnion make a profit when I pay zero fees and they give me better than blue rate. Or maybe they don't. Maybe it is just to build a customer base for future profits. I am just curios. Does anyone know for sure? Searched for the answer but couldn't find one.

I'm not sure 100% sure but I always thought it was on the spread with the CCL but they give the same rate in either direction. If you send 21010 ARS to the USA you get $100 exactly but the no fee promo doesn't work in that direction so fees on the opposite side that might be how they are able to match the 210.10 rate exactly.

 

[Quilombo]

I'm not sure 100% sure but I always thought it was on the spread with the CCL but they give the same rate in either direction. If you send 21010 ARS to the USA you get $100 exactly but the no fee promo doesn't work in that direction so fees on the opposite side that might be how they are able to match the 210.10 rate exactly.

That, plus they usually make money on the spread between the CCL and their rate, which is usually 2 pesos less per dollar.

 

[dsp27]

I made a transfer earlier in the month, and had to wait couple days. I made a transfer this week, the money was available right away which has been the most common experience for me.

Changing the subject. How does WesternUnion make a profit when I pay zero fees and they give me better than blue rate. Or maybe they don't. Maybe it is just to build a customer base for future profits. I am just curios. Does anyone know for sure? Searched for the answer but couldn't find one.

1. Spread between buy and sell price. However, certainly there are more people sending money into ARG than out.
2. Service fee (most people do not use promo codes) and actually pay a fee.
3. Interest on the money as they complete the transactions. As they may hold the cash for a few days before they pay out they potentially make a small interest profit.

Finally, it's possible Argentina is not a very profitable market for WU but as long a they are not losing money they want to have boots on the ground in every country.

 

[Rich One]

1. Spread between buy and sell price. However, certainly there are more people sending money into ARG than out.
2. Service fee (most people do not use promo codes) and actually pay a fee.
3. Interest on the money as they complete the transactions. As they may hold the cash for a few days before they pay out they potentially make a small interest profit.

Finally, it's possible Argentina is not a very profitable market for WU but as long a they are not losing money they want to have boots on the ground in every country.

Your statement::

However, certainly there are more people sending money into ARG than out.??? This statement needs to be corroborated for validity ?

Many thousands, perhaps a grand total of millions of Bolivians, Peruvians , Venezuelans, Dominican Republicans and Colombians send money OUT of Argentina every month..! Plus many other nationals..!

 

[Frank2000]

1. Spread between buy and sell price. However, certainly there are more people sending money into ARG than out.

Thanks for the reply but I am not sure the number 1 explains it. They just paid me more than they can possibly charge when selling using the current blue rate.

 

[jblaze5779]

Thanks for the reply but I am not sure the number 1 explains it. They just paid me more than they can possibly charge when selling using the current blue rate.

WU reflects the ccl which can be higher or lower than the blue rate. They are massively trading through legal official mechanisms, not buying and selling dollars in the cuevas of BA...

Sometimes the ccl leads and sometimes it lags the blue.

 

[dsp27]

Thanks for the reply but I am not sure the number 1 explains it. They just paid me more than they can possibly charge when selling using the current blue rate.

They do not use the blue rate. Actually you are right in the sense that it seems like they are charging the same rate for both selling and buying. I just checked how much would it'd cost me to receive 100 dollars in my US account by paying in pesos at WU => 21,500/ Exactly the same exchange rate as the other way around today 210.5 pesos to 1USD. However, there is no option to add a promo code and they do charge you 5% service fee. So at least in the Argentine market they do seem to be making a profit from the service fees.

 

[jantango]

We're switching from XOOM to WU...finally. My sister handles the transfers.