Get the scoop on Western Union exchange rates and know if they’re a good option for international money and currency transfers.
Western Union is a well-known brand and they provide a number of different services. These include person-to-person money transfer, money orders, business payments and commercial services. They offered standard “cablegrams”, as well as more fun sounding products like “candygrams”, “dollygrams” although these are unfortunately no longer available.
The Currency Shop says:
- A dedicated currency provider will typically give you lower rates and fees.
- To compare foreign exchange rates, fees and other services check out our comparison table.
- OFX, HiFX, and Torfx are good places to compare exchange rates.
What we will cover
The most critical thing to touch on is how much it costs to transfer money internationally with Western Union. In the following, we’ll focus on:
- How competitive is Western Union’s exchange rate?
- What fees you’ll pay sending and receiving international currency via Western Union
- Is it difficult to make a transfer with Western Union?
- With Western Union, how long does an international transfer take to complete?
Competitiveness of Western Union exchange rates
Western Union will soon be added to our comparison table, in the meantime, you can check rates of other providers.
What fees you’ll pay sending and receiving international currency via Western Union
Fees can start out as low as $1.99 and they can run as high as $20 (on most transfers). However, be aware Western Union does not charge flat fees like many banks. The fees depend on the amount you’re sending and where you’re sending it. For more information, click here.
Is it difficult to make a transfer with Western Union?
If you have the right information, sending money through Western Union is easy. You can do it online or in a retail location and it shouldn’t take more than 10-20 minutes.
Watch this quick video on how to transfer money online.
With Western Union how long does an international transfer take to complete?
It depends if you’re sending the money to a person or bank account. A person can typically pick up your transfer in another country in under one hour. A bank account can take up to 5 business days.
Can you use a credit card when sending money overseas using Western Union?
One key difference between Western Union and most banks is that you can fund a transfer via credit card. Be aware though, Western Union uses a currency exchange rate if you convert your funds to a different currency. Any difference between the exchange rate you’re given and the one we receive will be kept by Western Union (and, in some cases, our agents) in addition to the transfer fee.
Using Western Union to transfer money definitely has its upsides since you can transfer directly to your bank account or someone else’s.