Denied Dollars At Western Union

[Jack Peterson]

You have to ask yourself what someone would do if things were the other way? Round, Peso's are no good in the US are they?

 

What on earth does the IP want Dollars for here anyway, he is going to change them back to Peso in the End!

 

JMHO

 

JP  :tiphat:

[BrettGC]

I'd always assumed they'd be only be dispensed in the receiver's local currency; good to know there is an option for other.  I'd do it just prior to travel, save money at the airport money changers on arrival.  

 

I've always found WU to be one of the better rates compared to Moneygram etc, normally only 2-3 PHP lower than the official rate whereas the airport types can be ridiculously low and charge a percentage rather than a set fee per $100 or so.

[Tukaram (Tim)]

Some of the larger shops do have dollars for payout.  Then you take the dollars elsewhere and get a better exchange rate.  Even p1 per dollar can be pretty good - on $1,000 that is an extra p1,000.

[chris49]

You have to ask yourself what someone would do if things were the other way? Round, Peso's are no good in the US are they?

 

What on earth does the IP want Dollars for here anyway, he is going to change them back to Peso in the End!

 

JMHO

 

JP  :tiphat:

 

Black market avoids the horrible rate given by Western Union.

 

And note the escalating fee scheduled by W.U. applied to the sender, they still make a killing. The more you send the more you pay which is contrary to bank charges, which may/may not be high, but at least they are consistent and don't trend higher.

Edited July 16, 2015 by chris49

[chris49]

I'd always assumed they'd be only be dispensed in the receiver's local currency; good to know there is an option for other.  I'd do it just prior to travel, save money at the airport money changers on arrival.  

 

I've always found WU to be one of the better rates compared to Moneygram etc, normally only 2-3 PHP lower than the official rate whereas the airport types can be ridiculously low and charge a percentage rather than a set fee per $100 or so.

 

Can't see any savings there Brett. You will pay the transfer fees, lose money that way.

 

Banks have there own outlets at the airport giving bank rates that would be better.

Edited July 16, 2015 by chris49

[robert k]

I would occasionally send myself $2,900 through WU in dollars to be picked up in dollars so I could exchange. The cost was $2.99. The difference between the lower WU rate and the Exchange right next door usually exceeded 1php per USD :thumbsup: . I found it significant. I also would not exchange all of the money at one time unless I found the rate acceptable. In the past 7 months I haven't exchanged at lower than 44.3php to 1 USD and I think that was just $500 walking around money until the rate was higher in a couple of weeks. I generally try to keep expense money on hand for at least one month ahead.

 

I would usually have to wait a couple of days for the WU office to reserve $2,900 for me. Each time it has worked in my favor with the rate rising while I waited. :cheers:

Keeping track and doing larger transactions but fewer probably saves me $300-$400 a year. That is equal to my cellphone and internet for the year plus pay for my recent trip circumnavigating Negros on the nautical highway. Worth it to me.

 

The OP's receiver may be frugal and the possible 150php may mean something to them or they could be the money from heaven type who would go to the bank guard to change the $100 bill to piso at 40php to 1 USD. All we know from what the OP stated was that the recipient didn't have the option. :tiphat:

[WordsandMusic]

Robert, you hit it on the head. My family, Mother in Law brother in law are very poor. I try to help when I can. They have never asked me for a single centavo in the 9 years I've known them. That has meant a lot to me. With that said, when they do get money, they are all about getting every centavo from it.

My Mother in Law has places she prefers to go to get the exchange, some where in the market in Cebu. WU always ask if I want to send American dollars or Philippine Pesos. When I asked my wife years ago she told me always American dollars because they have more buying power with it.

In all the years I have been sending American dollars, sometime as much as $500.00, this is the first time they couldn't get dollars on the other end. So that was why I asked the question.

I know while I lived in Korea, I could get an extra 400 or 500 Won per dollar at the street market. That was a couple of meals for me. So I understood the idea behind dollars.