As a dominant player in the remittance landscape, Western Union boasts a rich history of facilitating global transactions. We've taken a deep dive into their offerings, scrutinizing each facet to present you with a comprehensive, firsthand review. Here's our take.
April Summers 15 minutes June 25th, 2024 DisclosureVisit this site
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Expert Rating On this page About Western Union Western Union exchange rates, fees and costs Top Destinations for Sending Money With Western Union Pros and Cons of Western Union What type of transfers can you make with Western Union? How long will it take to receive money using Western Union? What payment methods can I use when sending money with Western Union? What are the best reasons to use Western Union? Can I trust Western Union? User feedback about Western Union How to get started with Western Union to send and receive money Does Western Union have an app? Other Money Transfer Providers Western Union user feedbackThe Western Union brand is perhaps one of the most well-known in the money transfer industry. Founded in the United States over 170 years ago, this company has grown into a global operation that supports international remittances from all four corners of the world. In this review of the company we will assess how expensive, efficient and trustworthy Western Union money transfers are.
Western Union is a US-based company that provides various ways to transfer money around the world. Starting out in 1851 as a communications company specialising in telegraph-related services, in 2006 Western Union decided to concentrate their efforts on money transfers. Since then, the provider has gone from strength to strength, becoming one of the biggest remittance companies in the world.
The Western Union headquarters are located in Denver, Colorado and there are over 500,000 agent locations worldwide, offering wire transfer and mobile money transfer services.
Western Union is a household name and the company’s yellow and black logo is globally recognised. The objective of this company review, however, is to provide an impartial and honest look at how affordable and effective this operator really is.
Service providers like Western Union make a profit from foreign exchange spread, transfer fees and any other charges paid by the customer. For this reason, understanding how much of your money is being spent on these costs means you can make a more well-informed decision about whether this service provider is for you.
Western Union applies a margin to the mid market rate for any given currency pair. The rates charged are different and dependent on several factors such as:
Our research found that exchange rates given to customers arranging a Western Union international transfer can incur markups up to 7% above the mid market rate. These rates are not nearly as competitive as the foreign exchange services offered by companies like TorFX or Xe.
In addition to a foreign exchange spread, Western Union imposes a sliding scale of transfer fees, instead of a fixed flat-fee. These fees are determined by the sending country, the transfer amount, the payment method and whether you are sending money online or through an agent.
Cash pickups are more expensive than direct-to-bank transfers. When paying for your transfer, debit card and credit card payments are more expensive but much faster.
Although bank transfers are a slower method, customers opting for this method can enjoy fee-free transfer. The price estimation tool on the Western Union website makes it easy for users to enter their transfer details and be presented with the total transfer fees upfront.
The exchange rate margins and transfer fees are the main costs to be aware of when sending money with Western Union: the company does not charge any additional fees. However, you may be charged origination fees by your bank and the recipient’s bank may issue landing fees. Senders who pay for their transfers using credit cards may also be charged cash advance fees by their card issuers.
Western Union allows customers to send and receive money in over 200 countries worldwide, offering in-person services at more than 500,000 agent locations globally.
The very first formal cross-border remittance market was set up to handle transactions between the United States and Mexico. Three decades later this is still the most popular transfer corridor for Western Union accounting for 20% of the market share.
Western Union’s headquarters are in Denver, Colorado, with 36% of customers hailing from the United States. Western Union’s domestic transfer options make it easy for Americans to send money anywhere in the US.
With the release of its digital app, Western Union has become a global leader in the digital remittance market. One of the countries underpinning this digital growth is France, with more consumers able to access and make payments on the move.
Western Union is a trusted authority in the money transfers space, but we want to identify the unique pros and cons of the service, to make it easier for our users to decide if this is the provider for them.
The following types of transfers are available through Western Union:
Transfers can be arranged on the phone, in-person with an agent or online through the Western Union website or app.
Transfers processed through Western Union can take anywhere from minutes to a couple of days depending on the following factors.
There are several ways you can pay for your Western Union transfer. Much like the payout options, payment methods differ per sending country. The following are the common transfer payment options.
Here we will provide a list of the best reasons for business or personal clients to use Western Union for their next money transfer:
IndividualWestern Union has an impressive track record being one of the oldest companies in operation today. It began in 1851 with its headquarters in 7001 E. Belleview Avenue Denver, Colorado 80237 (866) 405-5012. It has grown to be a phenomenal financial services company with an extensive global reach.
According to the business overview included as part of the company's annual reports, Western Union offers businesses and individuals ways to send money and make payments globally. In 2006, the company ended its telegram and commercial messaging services to focus mainly on money transfer and payment services.
Western Union has grown through acquisitions of strategic businesses such as Angelo Costa International Ltd, an Ireland-based money transfer company, Travelex Group, a foreign exchange company based in London, and Finint S.r.l. among several others.
In the United Kingdom and EEA area, Western Union, operating as Western Union Business Solutions (UK) Limited, is regulated by the Financial Conduct Authority (FCA). In the United States, the company is regulated both at the state level by the various licensing and banking regulations and at the federal level by the Financial Crimes Enforcement Network (FinCEN).
The company employs Financial Action Task Force standards to guide its operations whether or not the host country has adopted them. This is in addition to an AML (Anti-Money Laundering) Compliance program and a robust Internal Audit Committee whose operations are in compliance with the Bank Secrecy Act.
The licencing and regulations comprise restrictions and requirements that Western Union must abide by. For instance, the company is required to separate client funds from company funds for security purposes.
The company has a robust risk evaluation and management framework that brings together the Audit Committee and the Compliance Committee both of which are oversight committees of the board. They look into matters such as cybersecurity, legal and regulatory issues, financial performance and others.
As part of the security measures, Western Union has implemented Software Composition Analysis (SCA). This is a customer authentication security layer applied to both payment booking and account access and manipulation. It is part of the two-factor authentication (2FA) security protocol.
Compare Providers NowUsers on review sites and social media have been vocal about their experiences with Western Union. Most of them have praised the money transfer operator while others have shared their bits of frustrations.
Western Union has 29,784 reviews on TrustPilot, where 75% of these customers have been happy with the service they received. Most of the comments centred on the following:
As money transfers can often be unnecessarily complicated, we want to help our users by providing a simple step-by-step guide to sending and receiving money using Western Union.
One of the easiest ways to send money with Western Union is via their online website. Western Union has simplified money transfers and the whole process, from setting up an account to sending money, can be achieved in less than ten minutes.
Visit the Western Union website and click the Send Money link. On the scroll down menu, select the recipient’s country and the amount of money. Choose the payout option from cash pick up, bank transfer or mobile wallet and then select the transfer payment option. These are credit/debit card, online, or standard bank transfer. Users can also choose an in-store option to be directed to their nearest Western Union agent location.