Money Transfer: Alternatives to WU and MG

[Mr. Big Dog 10,747]

Just thought I'd share this here. As some of you may know, we are looking to get a visitor visa for my MIL for her to be here for the brith of our baby and to help Nani and I with the baby the first few weeks after it arrives since this is our first. Anyhow, in preparation of the visa application process and all, we decided to send MIL some funds for tickets, stuff to bring and all - and for the upcoming holiday season (Fasika) in Ethiopia. Anywho, it was a larger chunk that we were looking to send and WU and MG fees are just through the roof on this kind of thing.

So, I got my MIL's bank account info (this is key - the receiver has to have a bank account) and went downstairs at work (I happen to work for a bank here) to initiate a USD wire transfer directly from our to my MIL's account in Ethiopia.

Long story short: The funds arrived within 5 business days directly in my MIL's account. The fee my bank charges for this service is a flat $40.00 and the exchange rate on the other end is much better than what WU or MG applies. While the intermediary (in our case Citibank) and the receiving bank (MIL's bank) typically take a handling fee as well (~ $25.00 each), this is nothing compared to what WU or MG would have charged on this particular transfer on the front end alone. Exchange rate and x-fer fees combined, we saved roughly $250.00 on this transfer. Plus, there's no cash involved on either side when you send a wire - it's all book transfers from one account to the other.

There are viable alternatives to WU and MG for sure. I'm glad I tried it and found out just how well it works

[griffin 7]

Greetings!

I used XOOM.COM, it's just like money in minutes for only little service fee....The best part is that i can transact via computer and have a detailed tracking status on line.....70% off than WU.

thanks,

griffin

[iceyspots 0]

Greetings!

I used XOOM.COM, it's just like money in minutes for only little service fee....The best part is that i can transact via computer and have a detailed tracking status on line.....70% off than WU.

thanks,

griffin

I checked out the xoom.com site... unfortunately they don't have service to a lot of countries in the world.. including mine:(

[Mr. Big Dog 10,747]

Greetings!

I used XOOM.COM, it's just like money in minutes for only little service fee....The best part is that i can transact via computer and have a detailed tracking status on line.....70% off than WU.

thanks,

griffin

I checked out the xoom.com site... unfortunately they don't have service to a lot of countries in the world.. including mine:(

Exactly! Xoom is unfortunately of no use for most folks looking to transfer funds to Africa.