Western Union is a financial services company that specialises in money transfers. The company offers several money transfer methods, starting with the old cash pickup method. The US-based company is well known and highly regarded for its consistently reliable service.
Western Union has one of the most commonly used money transfer services in the world. They are often one of the very few money transfer companies still conducting money transfers by cash pickup in troubled countries and warzones.
While Western Union doesn’t offer the best rates, they do offer a tried and tested brand. They can also send money just about anywhere. What Western Union lacks in pricing, ease of use, and customer support, they make up for with excellent reliability and security.
What are their exchange rates?
Western Union charges both a stated upfront fee and a hidden currency conversion markup. The company is somewhat infamous for its lack of transparency regarding their exchange rate margins. That being said, when their rates are tracked, it doesn’t paint the best picture.
Western Union’s fees vary widely based on several factors, including:
· The amount of money being sent
· The countries from which the money is sent and received
· The transfer method you choose
· The payment method you choose
The cheapest combination is usually an online transfer paid for via a debit card. The most expensive combination is typically one where you pay with a credit card, and Western Union facilitates a cash pickup, after exchanging currencies.
What Western Union costs to use?
It’s hard to say, but let’s imagine you need to send money from the US to the Philippines.
*These rates are only applicable at the time of writing and are subject to change at any time.
How do I transfer money with them?
This is where Western Union gets interesting. Remember that in any case, you should have:
· A government-issued ID
· The recipient’s name as it would appear on their government-issued ID
· The recipient’s address as it would appear on their government-issued ID
· The money you need to send in either cash or on a debit card
There are many options when it comes to transferring money through Western Union…
Online Via Their Website Or Mobile App
1. To send money online through Western Union, first, you need to set up an account.
2. Select the “send money” option
3. Select the amount of money you need to send
4. Select the destination and pickup method, of which there are three…
a) Cash pickup
b) Mobile money transfer
c) Bank transfer
5. Choose your payment method and pay Western Union
1. To send money in person, you first need to make your way to a Western Union agent’s location
2. Arrange the details of the transfer with the agent much in the same way as you would online, but with a real person
3. Pay Western Union in-store, typically by cash, while some locations accept debit cards
1. To send money by phone, just call 1-800-CALL-CASH
2. Repeat the same steps as you would in person, but over the phone
3. Pay Western Union as instructed
What other products do they offer?
Western Union works on transferring money for many different purposes. Their main operation is individual money transfers abroad, but they also perform services for businesses.
Western Union uses its expertise to help business with international payments, risk management, cost containment, and cash flow optimisation. These financial services are also a large part of what Western Union does as a financial services AND communications company.