Does Muncha offer better rates than Western Union Money Transfer in sending money to Nepal?
People use different options to send money to their friends and family in Nepal. Some people use Muncha, others may choose Western Union. These are not the only ones, there more than a dozen other options.
We just wanted to know at any given time, if you are sending money beyond 2500 US dollars, which would be better – Mucha.com’s money service or Western Union Money Transfer.
We only took into consideration the amount that would be received finally by the recipient, not the number of days that would take to receive the money.
On 13th October 2010 around 10:00 AM, if you were to transfer 5,000 dollars using Western Union Money Transfer, they would provide you a rate of 69.68875 NPR per dollar of transfer and would charge 35 dollars as a service fee. So if you spent a total of 5035 dollars, your beneficiary back in Nepal would only receive 3,48,443.75 Nepali Rupees.
On the other hand, if you used Muncha’s money service, your transfer rate was zero dollars (they provide a zero dollar transaction fee for money transfer above 2500 dollars). The exchange rate was also better – NPR 69.90 per US Dollar. So if you actually sent 5000 US Dollars, your beneficiary back in Nepal would receive NPR 3,49,500
The following screen shot shows the current transaction fee structure at Muncha.
Thus our conclusion for today is that Muncha would be a better option compared to Western Union money transfer in terms of rates. But please note that you can do a fast transfer using Western Union (money can be received within half an hour) whereas it would take 2-3 days to receive money via Muncha.
[Admin Notes: We are in no way linked to either Western Union Money Transfer or Muncha. This is an independent tiny study we did as it was interesting to us to know the facts]
Originally posted 2010-10-13 09:21:55.