Posted by: nepinny May 30, 2008
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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.
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.