Compare Exchange Rates – Banks VS Western Union Money Transfer

Planning to send some money abroad or need to compare exchange rates? Which one is best between using your local banks or Western Union Money Transfer (and similar services like Tranzfer, Travelex, etc)? If so, worry no more because you will get an insight into how each compare to each other and which is best depending on your location and that of the receiver. Before going into that, bear in mind that sending money overseas is not as difficult as you may have been made to believe before now. So, what are the requirements involved with sending money overseas using Banks? Well, first, you need to have an account with the bank. However, some banks may be able to send the money without you having an account but you may have to search thoroughly for such. If you want to be sure, you could give your bank a call or visit them to see what their requirements for sending money abroad are so you can compare exchange rates with other services. Assuming you know the amount you want to send, you will need to fill some forms with all your details and that of the receiver. Once complete, the bank will tell you how much you are to pay for commission. This is usually a small percentage of the amount of money you are sending. When you are done and happy with everything, the bank will take it from there. They usually require 3 to 5 working days or more to process the whole thing before it reaches the other end. On the other hand, Western Union Money Transfer (and the likes) operates a little differently. You can either complete your transfer online (from the comfort of your home if you have internet) or visit their nearest office to you. So, whether sending money overseas using their office or from your home, you need to follow the same procedure as the banks to determine certain things about you and the receiver as well as how to secure your transfer. With Western Union Money Transfer, once you are done with the whole process, you will get what is called a Money Transfer Control Number (MTCN). This is required for you to keep track of the sent money and will be needed by the receiver on the other side to claim the money. Compare to using banks, the best thing about Western Union Money Transfer is that your recipient can cash the money almost instantly after you send it. Visit our website to compare exchange rates and to find the best service which will enable you to convert Russian rouble, US Dollars or any other world currency.

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