The other day I compared the cost of sending an international bank wire using Afex or using Western Union Globalpay (WUGP). On a ten thousand dollar wire to Switzerland, I saved seven hundred dollars for the client by using Afex instead of WUGP (blog article). Today I did a couple more bank wires, one to Canada and another to Japan. This blog article compares the costs.
Here are the results. I will discuss the results.
As you will see I was sending 33900 Japanese yen. After currency conversion and wire fees, the hit to our bank account with Afex was $321.79. With WUGP it would have been 5.4% more.
For the Canadian wire, with WUGP it would have been 7.5% more to use WUGP.
I do wish that some reader who is located outside of the US, who has an account with Afex, would get in touch with me so that we could test out the feature where we can send money back and forth without paying any fees at all. (As one colleague, a biotech patent person in Virginia points out, my suggestion sounds suspiciously like one of those bank scams.)