Hello
I didn't know where to post a question like this so I posted here where a lot of exchangers use WU/MG for trading.
Anyways has anyone run into any problems with sending or receiving WU/MG frequently and if so what is the largest transfer you ever received?
Reason I ask is because I had two banks close my account for cash deposit trading and I am looking into money services like WU and MG.
Thanks
WU and MG should not be used to receive or send large amounts of cash. Ever. Period. They don't want to deal with the paperwork of money exchangers and will quickly ban you if you show that you aren't using the service to send/receive to/from a family or personal friend.
The only way you can use WU or MG is if you have a mule service at your disposal, meaning you have at least 100 people willing to alternate and pick up the money. In China, Philappines and Nicaragua there are such services but you must have an insider who can get you "in" into using such services. They are used by a lot of black market merchants such as money exchangers (unregistered) and offshore gambling establishments so be advised you can easily face legal and criminal troubles if you use a mule service.
Here are quick ways to be shut down:
Send or receive $1000 immediately puts your name in a flagged file - if you send or receive any money in the future, your payment will be reviewed. If they are international transfers almost always you will immediately be banned and refunded your money (if sending) or not able to pick up (if receiving).
Only way you can use WU / MG fully to process tens of thousands of dollars of payments is by doing $300 or less payments- in which instead of needing the receiver to use their ID, you use a passcode system. These payments are not tracked and thus you can't be banned. However, the max for receiving money WITHOUT showing ID is $300. A very low limit.
ope this info