Western Union does refer to a growing or prominent payment method for financing a Forex trading account. Ironically, most FX brokers sneer at the trading mode because it’s difficult to identify the source of funds.
And even if they can, it’s not possible to stick to the stringent anti-money laundering laws that Forex Brokers should obey. Nonetheless, there are a number of Western Union Forex brokers allowing their clients to use Western Union to deposit and withdraw trading funds.
Western Union Payments in Detail
It is the oldest foreign payment company in the 19th century that started its operations years back. The company introduced a way to send payments via telegrams, which quickly caught on and led the company to become a major powerhouse of international money transactions.
However, with the advent of computers, the internet and electronic payment networks, the organization has stepped away. It comes from its origins by enabling its clients to send money via their online payment platform to foreign destinations.
The basic principle of a Western Union payment is that a sender must contact a Western Union network. It aims to transfer money to another destination. Its outlets may be either physical or affiliated offices. For example, banks and other financial institutions.
Since 2000, it has been seen shifting its entire service portfolio to an electronic medium. And as of today, users can transfer money to any place in the world. It is simply by making the payment via the official website of its platform.
With an enhanced electronic payment system in Western Union, recipients are still expected to physically receive their money from the representative offices. Of course, there is an alternative to send the money to a bank account. But nowadays, you don’t need third party providers to facilitate international wire transfers.
The online dimension of money transfer therefore loses its interest. It is still charging a large transaction fee, making e-wallets like Skrill and Paypal seem highly viable.
