I'm not sure if this forum or the Bitcoin Discussion forum would be the better place for this thread.

I was just wondering if anyone has created a bitcoin equivalent of Western Union.  It seems like kind of a no-brainer given the fees WU charges.

...Well, sort of, anyway.  Given how volatile bitcoin is, if you're truly wanting to give someone the same amount of money in the fiat currency that you sent, the site may have to do some sort of hedging to compensate for bitcoin's volatility. 

In theory, if a service like this doesn't exist, creating one would have no effect on the price of a bitcoin.  The person sending money would buy x bitcoins and send it to the person in the foreign country, who would then sell the bitcoins - in other words, the two transactions would cancel themselves out, unless the receiving party decides to keep any bitcoins.

Does anyone know if this type of service exists?  If it doesn't, and anyone's feeling entrepreneurial, feel free to use my idea and try and create said service / site.  It really seems like it ought to be a natural market for bitcoin.