Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Does anyone have experience with Western Union for their pension payments?

Does anyone have experience with Western Union for their pension payments?

Old Aug 10th 2023, 3:45 pm
  #16  
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,490
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Does anyone have experience with Western Union for their pension payments?

Originally Posted by tht
If there is no exchange rate you will be paid in GBP, I assume you mean that you are getting the mid point of the exchange rate….

Whoever does the FX can still make money as they have know future transfers so they can match of flow internally and/or use forward rates.
Did you read the whole thread?

With this type of funds disbursement contract (for pensions, dividends, etc.), all the fees/ charges are typically picked up by the payer, so the payee receives the "true amount" (exchange at, or extremely close to, the mid-rate), without any fees or charges.
Pulaski is offline  
Old Aug 10th 2023, 4:20 pm
  #17  
tht
DE-UK-NZ-IE-US... the TYP
 
Joined: Mar 2010
Posts: 2,858
tht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond repute
Default Re: Does anyone have experience with Western Union for their pension payments?

Originally Posted by Pulaski
Did you read the whole thread?

With this type of funds disbursement contract (for pensions, dividends, etc.), all the fees/ charges are typically picked up by the payer, so the payee receives the "true amount" (exchange at, or extremely close to, the mid-rate), without any fees or charges.
Yes. It’s likely beyond the scope of this thread, but there may not even be fees. In some cases there is even PFOF (common in retail equities) in this case they may just agree to a benchmark rate that day / closing etc and cover their costs / make money on the larger agreed exchange amount they known is coming and can trade around.
tht is offline  
Old Aug 10th 2023, 7:47 pm
  #18  
tht
DE-UK-NZ-IE-US... the TYP
 
Joined: Mar 2010
Posts: 2,858
tht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond reputetht has a reputation beyond repute
Default Re: Does anyone have experience with Western Union for their pension payments?

Originally Posted by Jake91
It seems as though the Conver arm of western union use business rates for conversion. So it’s only a couple of bips above Libor rate. That would be a good deal.
You may have to pay receiving fees in a U.S. bank per transaction as that seems like a common practise there.

keep us updated. I’m interested to know how it turns out!

cheers,
Jake
LIBOR is the average interbank interest rate at which a selection of banks on the London money market are prepared to lend to one another. - nothing to do with FX…

You are probably thinking of the “Cable” rate


"Cable" is a slang term for the exchange rate between the U.S. dollar (USD) and the British pound sterling (GBP). The exchange rate between the U.S. dollar and the British pound sterling is officially quoted as GBP/USD


tht is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.