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 Which money transfer better ?
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Posted on 05-17-17 10:36 AM     Reply [Subscribe]
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Hello guys, which money transfer is good in terms of rate, convenience and promptness?
I was using western union and moneygram for money less then 1000 dollars all the time. Money gram gives better rate then western union in my experience. Now I have to send 3000 dollars, so small rate difference also makes big difference in Nepali rupees.
What are your experience on Thamelremit, Muncha, Prabhu and any other ? I have heard their name but never tried them. I saw their rates online which are better then western union and moneygram and I think no fees too. Are they reliable ? any other alternatives, please share your experience ? thanks
 
Posted on 05-17-17 12:23 PM     [Snapshot: 67]     Reply [Subscribe]
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I use Muncha. It is free and good. You can also try xoom (via paypal) but it charges you though still cheaper than moneygram and western.
 
Posted on 05-17-17 1:55 PM     [Snapshot: 133]     Reply [Subscribe]
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xoom.com doesn't charge if you are sending more than $1000 (but yes, they have lower rate)
Looking at your scenario, you would want to use ThamelRemit.com (they have 10K limit per month, I guess- takes 3-5 days but they will deposit in the Nepal Bank). It is free and gives a much better rate than rest of the companies.
 
Posted on 05-17-17 2:07 PM     [Snapshot: 154]     Reply [Subscribe]
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Last time some one suggested me Paypal
Last edited: 17-May-17 02:07 PM

 
Posted on 05-17-17 2:54 PM     [Snapshot: 191]     Reply [Subscribe]
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muncha.com and thamelremit.com are same thing. muncha used to use thamel remit's platform; not sure how it works now.
i use muncha and i have no complaints. The only thing is you will have to wait for 4-5 days.
 
Posted on 05-17-17 6:06 PM     [Snapshot: 294]     Reply [Subscribe]
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म यो धागो मुन्चा dot com लाइ धन्यबाद भन्न लाइ खर्च गर्न चाहन्छु.

I used to send money thorough Moneygram and WesternUnion. I am just a small time sender, who sends less than $1000 at a time, to help parents (never had opportunity to send more than $2000 in a month). Therefore I cannot foresee other usefulness of Moneygram and Western Union.
Thankfully my parents do have a bank account and until now they have been able to wait for few days for money to arrive in their Nepal Banijya Bank शाखा. In that sense Muncha.com has been like an Uber for me. Disrupted the whole Western Union/Moneygram monopoly.

If not sending for instantaneous cash withdrawal, I do not see why I would used moneygram or westernunion. Plus, muncha.com is mostly free.

Xoom I used because it accepts any Routing Number of US Banking Institution (as opposed to Muncha who only accepts Routing Number of renowned US banks. I had a union savings bank money that I wanted to utilize for sending money to Nepal rather than closing the account when I moved a state).


 
Posted on 05-18-17 10:57 AM     [Snapshot: 493]     Reply [Subscribe]
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Thank you all for your response. In summary, I gathered muncha and thamel.com uses same platforms and I found thamel.com uses Prabhu Money transfer's platform, so basically all are same thing. Thamel.com might be better then prabhu in the sense that they don't charge transaction fees although rates are same.
I tried using thamel.com's interface, here are my thoughts
Cons :
- Interface Slow and lagging but finally worked. Selecting state by typing first letter did not worked but scrolling down slowly worked.
- One thing I didn't like was that you have to give username and password of your bank instead of routing and account number which is fine as long as its secure.
-need full physical address of your recipient, not only bank account
-Takes 3-5 days, not instantly like western union and Moneygram
Pros :
- They have better rates then Western union and money gram
- No fees
- You can directly deposit into your recipient's account, which is a great thing for me
-Have many banks of Nepal into their system
-Once setup, you can send easily from next time from the comfort of your home

So for me winner is ThamelRemit
 
Posted on 05-18-17 12:28 PM     [Snapshot: 567]     Reply [Subscribe]
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i use bank of America. BOA charges me $45 for any transaction up to 10k and more.
It reaches to the BANK back in Nepal in couple of days.
Is it expensive than muncha, thamelremit?
 
Posted on 05-18-17 12:55 PM     [Snapshot: 580]     Reply [Subscribe]
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Bluesky -I think it depends on the exchange rate of Bank of America and how much you are sending. Looking at today's exchange rate, thamelRemit is giving 1.5 Rupees less then the rate by Nepal rastra Bank (101.73 vs 103.23 ) , but they are also waiving fee. If bank of america give you exact rate provided by Nepal rastra bank, that means you save 1.5 Rupees in exchange rate and loose 45 dollars in fees. So if you don't want to loose money sending through Bank of America rather then ThamelRemit, you have to send at least $3100. I am not good on maths but I tried :-)
 
Posted on 05-18-17 1:56 PM     [Snapshot: 624]     Reply [Subscribe]
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i am really not good at calculation. so i just sent from BOA.
So far it's kinda ok.
 
Posted on 05-18-17 2:39 PM     [Snapshot: 664]     Reply [Subscribe]
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हुस्सु दण्ड तिर्यौ ?
 
Posted on 05-18-17 2:46 PM     [Snapshot: 669]     Reply [Subscribe]
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plz englighten me HOW?
i agreed i am a dumbo.
 
Posted on 05-19-17 11:47 AM     [Snapshot: 1276]     Reply [Subscribe]
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tldr; Use Thamel Remit if you are sending anything lesser than $6840.54 
------------------------------------------------------------------- 
Calculation as of May 19, 2017. 
------------------------------------------------------------------- 
Rates: 
1. Thamel Remit Exchange Rate $1 = NPR 102.40 
2. Bank of America Rate USD 1 = NPR 103.23
Rate difference per USD 1: Rs (103.23 - 102.40) = Rs 0.83 
------------------------------------------------------------------- 

Fees:
1. Thamel Fee = NPR 0 (For transactions over $1000) 
2. BOA Fee = $45 + $10 (An extra $10 may be charged to receiver by receiving bank) = 55 x Rs 103.23 = NPR 5677.65 
Fee difference per transaction: NPR 5677.65 
------------------------------------------------------------------- 

Break-even point: (Considering an extra $10 charged to receiver) 
NPR 5677.65 / Rs 0.83 = 6840.54 
------------------------------------------------------------------- 

Plan: 
If transfer amount is greater than $6840.54, use BOA 
Else if amount is lesser than $6840.54, use Thamel Remit 
------------------------------------------------------------------- 

Validation with numbers: 
Scenario 1: Lesser than $6840.54 (Example: $3000) 
Thamel Remit: Rs 307209 (3000 * 102.40) 
Bank of America: Rs 304012.35 (3000 * 103.23 - 5677.65) 
Winner: Thamel Remit 
------------------------------------------------------------------- 

Scenario 2: Greater than $6840.54 (Example: $8000) 
Thamel Remit: Rs 819200 (8000 * 102.40) 
Bank of America: Rs 820162.35 (3000 * 103.23 - 5677.65) 
Winner: Bank of America 
------------------------------------------------------------------- 

Scenario 3: Break Even (Example: $6840.54) 
Thamel Remit: Rs 700471.29 (8000 * 102.40) 
Bank of America: Rs 700471.29 (3000 * 103.23 - 5677.65)
Outcome: Equal
 ------------------------------------------------------------------- 
P.S. Please adjust the numbers (transfer fees and conversion rates) accordingly. The additional $10 fee may not be charged. 
P.P.S Don't let BOA perform USD to NPR conversion as their rates are lower.
Last edited: 19-May-17 11:50 AM
Last edited: 19-May-17 11:51 AM

 


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