Long queues are always expected every end or beginning of the month in money exchange centers here in UAE because we, working expatriates specially Asians, are sending our remittances back home for our family and love ones.
Last week I sent remittances too, one for my family and the other for my hubby’s parents. I have never been really so keen on sending remittances through Western Union because its fee is expensive compared to the bank transfer.
Of course, I understand that with Western Unionwe are paying the speed of the transaction. It’s an instant transfer and your family back home can immediately collect the remittances five minutes after you send it. While the banks, it generally takes 24-48 working days to credit the transfer in the bank account.
Another plus factor withWestern Unionis the accessibility. You can collect the remittances back home almost anywhere. There are so many shops and stores affiliated withWestern Union. Unlike with banks, remittances can be withdrawn only through the ATMs or over the counters.
Western Unionis ideal for urgent situations where money is needed immediately. Otherwise, I still opt for the regular bank transfers because the fee is only AED 15 whileWestern Unionis AED 35.
We always send our remittances to my parent’s hubby through Western Union but l really never realized the big difference until last week. After completing my transactions in the money exchange center, I took the receipts and sat in my car. I was wondering why it seemed I paid more for my hubby’s remittance than for my family.
So, I was scrutinizing the details of each receipt and eureka! I found the answer. The exchange rate inWestern Unionreceipt was only AED 11.48 while in the bank transfer was AED 11.65.
I got out from the car and verified this to the teller in the money exchange center. And I heard the confirmation.
When sending money through Western Union, the exchange rate is always lower than the current one while sending through bank transfer, whatever is the prevailing exchange rate (during the time you send the money) will apply.
So think again when usingWestern Unionfor your remittances!
