nepinny
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 best money transfer : for Nepal
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Posted on 05-30-08 10:41 PM     Reply [Subscribe]
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i have seen a lot of inquiry in this subject hence thought should write about my experience from one aspect:

i found this online money transfer ran by union money transfer (https://remit.umtcl.com.np) and it has the best rate.


although they charge fee but they have the best rate. but again it makes sense if you are sending over 2000. (below 2000 then no fee wins.)
 
[ it seems like for amount over $2000 its better to pay fee and get the best rate ]

for example
today's rate

muncha = 67.32
thamel = 67.85
union   = 68.35

imagine you are sending $2000 then you pay at
muncha = fee $0
your recipient in Nepal  gets NPR134,640
thamel = fee $0 your recipient in Nepal  gets NPR135,700
union = fee $14 your recipient in Nepal  gets NPR136,700

hmm.. is you use union you make out (1000NPR against thamel) and (2060NPR) so basically we do not have to take muncha in account. its a bad deal.
against thamel 1000 more but you pay $14 (NPR956.90) fee. so you make out like NPR50. (not much)

change that figure to 7500 (maximum allowed by these online money transfer) and .. viola....
fee:
muncha = $0 your recipient in Nepal  gets NPR504,900
thamel = $0
your recipient in Nepal  gets NPR508,875
union = $22 your recipient in Nepal  gets NPR512,625
your cost using union (22*68.35=NPR1503.70) but against the competition you make (NPR3750) kool NPR2000 not a bad deal.

so FREE IS NOT ALWAYS BETTER !!!!!!!

Do the MATH and I found union to be better.










 
Posted on 05-31-08 12:53 AM     Reply [Subscribe]
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Posted on 05-31-08 12:53 AM     Reply [Subscribe]
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Posted on 05-31-08 4:32 AM     Reply [Subscribe]
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yeah, union is better than others
 
Posted on 05-31-08 5:38 AM     Reply [Subscribe]
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@ point to be noted...
 
Posted on 05-31-08 9:33 AM     Reply [Subscribe]
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Hey Nepinny

your suggestion is really good. Thanks a lot. Can you tell me which one is best to sent money by any one line money transfer or bank to bank (I have account in bank of America and Nepal Investment bank both).I want sent more then $8000/ in one time.

Looking forward to hear from you
I

 
Posted on 05-31-08 10:26 AM     Reply [Subscribe]
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how about sending money outside valley?
 
Posted on 06-01-08 2:07 AM     Reply [Subscribe]
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itsca jyu,
i do not know may be you can ask them if they can increase your limit?

upendrajee,
union money transfer has either the location or you have the option of using their cash card. to withdraw your money. for me card has worked well. and i do not need to send it outside.

i am sure muncha and thamel has the similar network via their banking network.



 


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