Quote:
Originally Posted by MannyDuuke
I have a quick question. If im sending some1 cash on a merge site, and in return receiving money by Western Union, how do I receive this money? Do I need to go to a local western union and they will give me the cash or is there another way? Thanks in advance.
Quote:
Originally Posted by mmmmcake
I'm also interested in hearing about WU. I'm trying to get money offline and really only have BOA as an option. Someone did offer me WU, but I've never used any of WU's services so I have no idea if they provide proof of sending or anything like that. Couldn't find anything using the search so any information would be greatly appreciated.
Quote:
Originally Posted by Turb0Licious
Yes, you would go to your local WU location (make sure you can receive funds there not just send funds) and you will have to provide the MTCN # as well as photo ID most likely.
Do a general Google search on receiving WU funds, or head to the WU website under FAQ I'm sure this is on there.
Mostly what Turb0 said, esp. the bolded. Just locate a local branch or two and ask them. Here's the agent locator link or just go to WU site.
https://wumt.westernunion.com/WUCOMW...xtSecurePage=Y
Here's what they got on the site:
"Pick Up Money at an Agent location
- Find a nearby Western Union® Agent location.
- Fill out the yellow Receive form. Be sure to get the Money Transfer Control Number (MTCN) from the person who sent you money.
- Give the Agent clerk your completed form and provide identification.
- Review and sign the receipt the Agent clerk gives you.
- Receive money."
You can, technically, "track" the transfer online here before going to the branch:
https://wumt.westernunion.com/WUCOMW...xtSecurePage=Y
But someone could either give you their name and MTCN when they actually sent it to someone else or cancel the transaction (not sure if this can be done, but probably can be) so don't send once you see online the funds are available. Make sure you actually go in and pickup the funds and then ship online.
Essentially, make sure to get a MTCN from the person you're trading with. Pickup money first, then send once you have funds in hand/in account. Don't really ship online, when you just have a MTCN as someone could just make that up or still scam as explained above.
In general for WU transfers (or any method you're not familiar with), find someone who's willing to send first and you can send once you have the funds.
Quote:
Originally Posted by Madjohnny
Please help me understand the main reason people trade. I've always been curious. Assuming you are non-American and have no issues linking a bank account, and can deposit withdraw without hassle.
Why trade when you can withdraw, have the money in 1-2 days in your bank account, and able to deposit to another site?
With e-wallets it is instant.
Is everyone a high roller trying to move 50 grand+ and trading because deposit limits?
Sorry if my questions adds no value to this discussion, I'm just curious.
Quote:
Originally Posted by Bobo Fett
I've never understood it either, especially with eWallets available.
Few reasons people trade, but since you mentioned for non-Americans, I'll just mention some for those. US trading, currently, is mainly for cashflow reasons like what site is more dependable for cashing out for your particular choice of cashout and bunch of reasons like that.
1. Some people might be doing it just to get familiar with the transfer services/building a trading reputation to get references and some people 'trading'/posting to scam (not a large % of people) .
2. Some people do trade for profits. If someone, for whatever reason wants money at another site and cannot deposit there, they'll be willing to pay a vig and there are people who'll do this for them. Supply and Demand.
Now the reasons why someone is not able to, or not willing to, deposit on any given site are many.
3. I don't know how quick the withdrawals are processed for non-Americans, we know the transfers between sites are quick, then people would want to trade for a vig if they want the money quicker. As you mentioned 1-2 days for processing, sometimes you just want the money instantly, which is possible through trading.
4. Some people might want to trade if they have extra funds in a particular ewallet and if that ewallet is not an acceptable form of deposit at a site.
Say, you have extra Neteller and don't want to bother with opening Moneybookers and much rather get rid of the extra Neteller (and this is just an example and I'm not familiar with the common deposit methods and what options sites have and don't have as deposit options), then you're probably just going to get rid of the extra Neteller.
5. Sometimes, if you don't have enough funds in your ewallet and/or don't want to go through the cashout-deposit cycle, then you can skip a step by trading between sites.
Say you only have $1k in wallet account and $4k on Stars and want to deposit $2k on Lock. Instead of requesting a $1k cashout from Stars, wait a couple of days for it to process and then go through the deposit method, you can just use the site transfer services, which are pretty much instant for most part.
6. Same if you see a juicy game running or see a soft spot or want to try out a new site and want to deposit instantly, sometimes you just can't afford to lose time between cashout-deposit steps.
7. Sometimes, it does have to do with the deposit/withdrawal limits at either the sites or the wallets.
8. Some people could do it to avoid tracking. Bank accounts and wallets have statements and if for whatever reason, a family member or a backer is only checking those and not the site transfer history, then people can do the site transfers.
9. Same for cash transactions. Say your friend has cash and doesn't want to deposit (could be for various reasons) and only want to deposit on Mint and you only have Stars, you could ship to their Mint for cash.
10. Sometimes it has to do with deposit limits. Say a site has a minimum deposit of $100 for Western Union and that's the only method you currently have available. People can opt for something like a green dot where they can just deposit $50 if they can't deposit the $100 (this is more of a US scenario due to limited deposit options).
I'd say the more common reasons are if someone wants funds instantly at a particular site or not familiar/not willing to open new accounts on ewallets or have excess funds in a particular account.
Everyone's situation is different. Not all these will apply to you, at any given time but it could in the future given changing dynamics with the sites/for your own personal reasons but these are some of the reasons you might be seeing trading activity.
Last edited by PSUStudent; 08-10-2011 at 07:14 AM.