There are also several pros and cons using Western Union. On the other hand, Western Union enables consumers to send and receive money to more than 550,000 agent locations worldwide in 200 + countries. Some of India, Pakistan, the Philippines, Mexico and Nigeria are popular remittance corridors.
For example, Western Union has a market share of nearly 20 per cent in the U.S.-Mexico corridor, which is one of the largest remittance routes. Besides that, the transfer methods are quite easy.
Here are the pros and cons using Western Union.
Pros
First, extensive network coverage for the sending and disbursement. Western Union serves 200 + countries and has a network of over 550,000 workers. This helps clients to manage payments that are sent via cash pickups and bank deposits.
Second, multichannel sending network, You can send money via an agent, website, mobile device or even over the phone on Western Union. The networks differ according to the country from which you are sending.
Third, person and company personalized facilities. Western Union offers tailored options, such as business solutions from Western Union, Easy Pay, Fast Hire, Fast Pick, and Netspend Prepaid Mastercard.
Fourth, 24/7 Customer Service. Customer help at Western Union may be contacted in various ways. There’s support for live chat, web, and e-mail.
Fifth, it is trustworthy. Western Union has been handling more than 1.7 million transactions a day in the industry for nearly 170 years.
Cons
It is expensive. Most remittance corridors on Western Union are more costly than other money transfer operators. Cash pickups also receive some of the lowest exchange rates for a given pair of currencies.
Second is about channels variations. Not all countries have access to the platform’s multiple sending channels. In countries like Kenya, Western Union customers can access the service only through agents.
Third is about lack of transparency. The margins of exchange rates do not follow an elaborate trend, and are thus to a greater degree unpredictable.
Western Union Money Transfer Methods
You can transfer by credit/debit card, instant bank transfer through SOFORT banking, bank transfer through the Faster Payments Service (FPS), and cash payment at an agent location. For SOFORT, it is available in 8+ European nations including the United Kingdom, Poland, Switzerland, Italy and Germany. For FPS, it takes minutes or even seconds to get the money to Western Union.
