Moneygram - when does the currency conversion take place?

Discussion in 'General Chat' started by SunHunter, Oct 14, 2008.

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  1. #1
    If someone sends you a money gram, or western union on say October 1st, and you pick it up October 16th and it's for $1000 USD, but I am in Canada - would it be converted already for me on the rates from Oct 1st or on the rates on Oct 16th?

    Thanks
     
    SunHunter, Oct 14, 2008 IP
  2. SallyGal

    SallyGal Peon

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    #2
    I'd like to know that too.>.?
     
    SallyGal, Oct 14, 2008 IP
  3. SunHunter

    SunHunter Well-Known Member

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    #3
    Well I searched their site, Google, and here before posting...nothing of assistance at all. Would really like to know how this works though.

    Oct 1st -> $1000 USD is sent from "United States"
    Oct 16th - Someone goes to pick it up at agency

    So either Oct 1st or Oct16th it is converted (on sent or received)

    Educated answers only please :)
     
    SunHunter, Oct 14, 2008 IP
  4. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #4
    As far as i know they calculate conversion rate when transaction takes place actually so in your case it is October 1st.

    DON.
     
    deluxdon, Oct 14, 2008 IP
  5. Freewebspace

    Freewebspace Notable Member

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    #5
    The Conversion takes place when you initiate the transaction.. just like Paypal..

    It would not be converted according to rates on October 16th..
     
    Freewebspace, Oct 14, 2008 IP
  6. ceejay77

    ceejay77 Peon

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    #6
    I am certain it is done at the counter when you go into pick up the money
     
    ceejay77, Oct 14, 2008 IP
  7. SunHunter

    SunHunter Well-Known Member

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    #7
    ceejay, how did you determine that?

    I'm trying to think it in my head...

    $1000 USD is in the hands of the agency
    Say that $1000 USD is worth $900 then.

    So OPTION A: Converted when first sent - $900 CAD


    $1000 USD is in the hands of the agency.
    Say that $1000 is worth $1100 now.

    So OPTION B: converted when picked up - $1100 CAD

    There is a displacement there, I wouldn't ever understand how this would work in detail.
     
    SunHunter, Oct 14, 2008 IP