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Q: Is Western Union reliable and do they rip you off on the exchange?
10 years 22 weeks ago in Money & Banking - China
If you mean outbound Western Union in China, then it is almost always handled by approved branches of the China Post Office Savings Bank.
Exchange rates vary very little in China as they are rather "arranged" by government acting upon a consensus of the MoF people.
That being said, if you need to send money abroad, the Bank of China recently began its "Money Gram" services that it acquired from some Western company. Money gram is MUCH cheaper than Western Union, much, much quicker (ten minutes in most cases), and it has a farther-reaching network than Western Union.
For example, if you are sending money to certain African countries by Western Union Postal Savings Bank, the money is first routed to London, then to "x" country in Africa, then to your local country : 3 - 5 days in some cases.
The Bank of China uses its corresponding banking relations. It is really quick. And it is far less onerous than Western Union -- far, far, far so.
