How To Deal With Western Union When They Lose Your Money

In this article I tell you my experience sending money to Russia using different methods: bank transfer, Western Union, PayPal and TransferWise. You volition see how the price differences betwixt one method or another are very noticeable.

Updated May 17, 2022

0. The different means of sending money to Russia

On several occasions I have had to send small-scale amounts of coin to relatives to Russia or Georgia. Sending money away always means paying commissions, and if you practice it to countries of the one-time USSR (Russia, Ukraine, Georgia, Armenia, Republic of azerbaijan, etc.) these commissions are even higher.

Allow'due south analyze what it costs today to send $1,000 to Russia (the results are the same if you lot transport euros, pounds, Australian dollars, Canadian dollars or Indian rupees), with the recipient receiving the money in rubles, by comparing three methods:

• Traditional methods: such as WesternUnion or MoneyGram.
• Online payment services: such as PayPal, WebMoney or Yandex Coin.
• P2P coin transfer services: similar TransferWise.

I have used these three methods to ship coin to Russia. For comparative purposes, all calculations were made on May 17, 2022.

The first thing I take to say is that for small-scale amounts of money, a bank wire transfer is the worst method, since the fees charged by the banks (from both the issuing bank and the receiving bank in Russia) are ordinarily very high. For this reason, I take stopped using bank transfers for sending money to Russia for many years, since these are very expensive.

1. Traditional methods: WesternUnion or MoneyGram

WesterUnion or MoneyGram are specialized companies in sending coin abroad. They have an extensive network of offices, which I have used on dissimilar occasions, though they are now offering the money transfer service through their Internet website.

Well, sending $1,000 to Russia through Western Union has a high commission if y'all transport it by banking concern transfer ($25) or by debit or credit bill of fare ($25), but it applies a good exchange rate. This means that if you send $1,000 to Russia today, you would be charged an exchange charge per unit of 71.9160 rubles per dollar, so that the recipient in Russian federation will receive 71,916.00 rubles.

2. Online payment services: PayPal, WebMoney and Yandex Money

PayPal is a payment method already known past virtually anyone, which allows you to buy in many websites, equally well as transferring money between users by email. Other like methods implemented in Russian federation are WebMoney and Yandex Money.

PayPal, contrary to what many people think, is not an economical method to send money to Russia (or to countries in which it implies a currency change), mainly due to two reasons:

• Firstly, when it comes to international personal money transactions to Russia, the commission is not free, as PayPal charges a fee of 2.15 USD if it's being sent from a bank account, and four% if it'due south sent from a credit card, whether debit or credit. In the case of commercial transactions, commissions are fifty-fifty higher. You tin can check the commissions in this link.

• Secondly, when y'all transport dollars to a recipient in Russia, Paypal applies a rather unfavorable commutation rate. Today it applies an substitution rate of 70.0678 rubles per dollar.

Thus, if yous send $one,000 to a relative or friend of Russia, the commission would be $two.15 ($forty if you lot use your bank card), but your friend or Russian family member would receive in its Paypal account a full of 70,067.81 rubles. Also, keep in mind that if the recipient wants to transfer this money to its Russian banking company account, it would accept to wait a couple of days to have the money bachelor.

3. P2P Money Transfer Services: TransferWise

Recently, several fiscal peer to peer (P2P) online services accept emerged, offering money transfers with low commissions and that utilize the bodily commutation rate of the moment. The virtually popular of all is TransferWise (from the creators of Skype).

This is the method I currently utilise to send money to Russia because information technology is cheaper and easier for me.

For case, sending $1,000 to Russia today has a commission of ane.6% (16.01 USD) merely the expert matter about TransferWise is that it applies an commutation rate close to the real exchange charge per unit (73.4870 rubles per dollar). As a upshot, the recipient in Russia receives 72,310.47 rubles (having discounted already the applied commission, different previous methods where commission is paid separately). In add-on, note that TransferWise allows you to brand the payment by card without boosted costs:

iv. In summary

Western Union:

• You send $1,000 and the recipient in Russia receives 71,916.00 rubles.
• In addition, you take to pay a commission of $25.

PayPal:

• You lot send $one,000 and the recipient in Russian federation receives 70,067.81 rubles.
• In improver, y'all have to pay a commission that varies betwixt $2.15 and $40.

TransferWise:

• You send $1,000 and the recipient in Russia receives 72,310.47 rubles rubles (with the committee of $16.01 already discounted of this amount in rubles, unlike previous methods where committee is paid separately).

All calculations were fabricated on May 17, 2022. As you can run into, the toll differences are very large between these unlike methods.

Have yous sent money to Russian federation or to countries of the former USSR? You lot tin tell me about your experience below.

Source: https://russiable.com/send-money-russia/

Posted by: burtonevat1982.blogspot.com

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