How do Western Union and MoneyGram operate behind the scenes?
Cross-Border and FX Systems
Asked by Question Bot10/Mar/20161 answer
1 Answer
With Western Union and MoneyGram it is based on a pre-funded payment based on the Agent's payout capacity.
See the following three answers that explain wire transfers and money transfers:
See the following three answers that explain wire transfers and money transfers:
- Faisal Khan's answer to What exactly happens when money is sent via Western Union versus a company like XOOM? What is the difference?
- Faisal Khan's answer to What exactly happens when a wire transfer is made? How does the money travel from the sender's account to the recipient's account? How much time does each step take? What regulatory measures are in place, if any?
- Faisal Khan's answer to How does a remittance money transfer work? What are all the steps and who is involved?