Everyone must have been familiarized with Western Union. Western Union is a household name in the financial services industry, especially with regard to money transfers. It is based in Denver, Colorado.
It has more than 200 countries and territories spanning its operations. Western Union as a brand is synonymous with bank-beating exchange rates, creative payment monitoring and accessibility on multi-channels.
Any of the channels may not be available depending on the country from which you are sending money and some transfers may cost you more. With that said, it continues to be a money transfer provider for whom consumers can easily identify.
Here is how Western Union works.
Western Union Rates and Fees
Western Union makes money both from exchange rates and from transfers. The provider may adjust the charges and the prices without notice. Variable transfer fees are paid depending on the country you send to, the size of the transfer, the transfer process and payment methods and whether you send money directly or via an agent.
For the exchange rates, the rates charged are different and it depends on several factor. First, the type of transfer. An online money transfers receive much higher rates compared to transfers by agents.
Second, the payout method. Cash pickups are processed against bank transfers at lower interest rates. For instance, sending 200 GBP via cash pickup to the United States attracts a margin of 9.39% while a bank transfer attracts a margin of 2.16%.
Third, the amount you transfer. Larger amounts attract higher rates than smaller amounts. Sending GBP 5000 to a US bank account produces a margin of 1.66 % vs 2.16% when sending GBP 200.
Fourth is the destination. The country to which you send the payment decides the amount of the exchange rate you will be paid.
Western Union Transfer Types
You can do three main types of transfers in this platform. Their availability, however, depends on the country. The forms of transfer are cash pickups, bank transfers, and mobile wallet deposits.
You can make the transfers through the Western Union website or app on the phone, in person at an agent, or on the internet.
If it isn’t enough for your needs, though, there is a list of top 10 money transfer companies to help you find the right money transfer company.
