Western Union, a key player in the money transfer industry, can count on an extensive network of agent locations spanning across numerous countries.
While this offers significant accessibility and reliability, its exchange rates often lag behind those of other international transfer providers, with hidden currency conversion costs adding uncertainty to your total expenses.So, exploring good alternatives is crucial for cost-effective and transparent international payments, especially if you regularly send money abroad.
In this article, we review the top 10 Western Union alternatives, analysing their key features, and their pros and cons, all to help you make an informed decision that suits your specific needs.
Whether you prioritise speed, competitive rates, or customer support, there are lots of options out there to match your preferences.
Let’s get started.
Table of Contents
What is Western Union?
Western Union prides itself on a global network of over 550,000 agent locations across 200 countries and territories, making it the preferred choice for individuals seeking the ease of international cash transfers.
Their global coverage is especially helpful in areas where digital banking infrastructure is lacking.
While Western Union excels in cash transfers, its exchange rates often pale in comparison to other online money transfer providers, with hidden costs linked to currency conversion.
Key features of Western Union
Western Union offers a variety of services to meet diverse user needs, including:
- Cash transfers: With its extensive network of agent locations, Western Union makes cash transfers easy, offering significant convenience and accessibility.
- Transfer delivery options: Users can select from a range of transfer options, with cash pickups or mobile wallet transfers typically processed within minutes, while bank deposits may take up to two days.
- Trusted reputation: With a customer base exceeding 150 million worldwide, Western Union has an established legacy of trust and reliability in the money transfer industry.
- Regulatory compliance: Regulated by the New York State Department of Financial Services in the US, Western Union adheres to global regulatory standards.
Pros and cons of Western Union
Pros:
- An extensive global network of agent locations, offering convenience for cash transfers.
- Flexible transfer times to accommodate diverse user preferences and requirements.
- An established reputation for trust and reliability, backed by stringent security measures.
Cons:
- Exchange rate margin may incur additional costs for users compared to other providers.
- Transfer fees vary based on factors like transfer amount, destination, and payment method, with extra charges added to currency exchange and different delivery options.
- Lack of transparency in fee disclosure may lead to uncertainty regarding total transfer costs.
When to consider using Western Union
Western Union is a great option if you prefer the convenience of cash transfers, particularly in regions where the digital banking infrastructure is not good.
Additionally, anyone needing instant access to funds through cash pickups or mobile wallet transfers, will find Western Union’s services suitable.
When Western Union may not be the best option
If you regularly send money home, you might want to consider an alternative with more competitive exchange rates and a transparent fee structure.
Top 10 alternatives to Western Union
1. TransferGo
What is TransferGo?
TransferGo was founded in 2012 and has become a prominent online alternative to traditional banking services.
Over the years, our international payment platform has gained a user base of over 7 million customers worldwide.
TransferGo enables low-cost transfers from over 30 countries to more than 150 countries, ensuring that payments reach recipients’ bank accounts directly and safely.
TransferGo key services
TransferGo’s advantage over Western Union is primarily due to its competitive pricing model.
Besides consistently offering competitive rates for international transfers, it provides multiple payment options, including bank transfers, debit/credit card transactions, and mobile wallets.
Customers can choose from standard, expedited, or fee-free transfer options based on their preferences and urgency.
TransferGo pros and cons
Pros:
- Highly competitive rates for international transfers.
- A trusted and licensed company facilitating billions of pounds in transactions annually.
- User-friendly mobile application for convenient transfers on the move.
- Responsive customer service, providing swift assistance through chat, email, and phone.
- Transparent fee structure, ensuring clarity and informed decision-making by displaying all relevant details upfront.
Cons:
- While TransferGo’s online customer service channels are efficient, some users might find the lack of in-person support options, such as physical branches or local agents, to be a minor inconvenience.
Who should use TransferGo?
TransferGo is a great alternative to Western Union if you need swift, secure, and cost-effective international money transfers.
Available online or via its app, you can enjoy versatile transfer options, with a clear pricing structure.
Also, with high levels of positive customer feedback you will be joining a vibrant global community of overseas workers and digital nomads who regularly send and receive money this way.
Whether you need to pay for bills, move emergency funds, or make business-related payments, this is a highly reliable solution.
2. MoneyGram
MoneyGram key features
With MoneyGram, you can send money to over 200 countries, with payout options including bank deposits, cash collection and payments to mobile wallet accounts.
Similarly to Western Union, it boasts a vast network of agent locations worldwide, providing accessible cash collection services.
Additionally, MoneyGram allows in-person payments, offering face-to-face service for those who prefer traditional transaction methods.
MoneyGram pros and cons
Pros:
- Extensive international transfer network: MoneyGram operates in over 200 countries at 350,000 agent locations and kiosks, providing broad accessibility for users.
- Fast delivery: Cash transfers are typically available for pickup within minutes, with same-day transfers to bank accounts available in select countries.
- Multiple delivery methods: Recipients can receive funds via bank deposit, debit card, mobile wallet, or cash pickup at agent locations. Home delivery is also an option in some countries.
- Recurring transfer setup: MoneyGram allows users to schedule automatic transfers on a weekly or monthly basis.
Cons:
- Higher costs: MoneyGram transfers are often more expensive compared to many competitors, with fees varying based on funding method and collection option.
- Transfer limits: While the transfer limit is $15,000 to some countries from the US, the per-transfer and per-month maximum for online transfers is $10,000 for most countries, which may be lower than competitors’ limits.
- Limited customer support: MoneyGram offers customer support through live chat, a contact form on the website and X (formerly Twitter), but lacks phone support.
Who should use MoneyGram?
MoneyGram suits those who prioritise accessibility, speed and multiple delivery options.
However, you should consider the costs and transfer limits associated with MoneyGram when choosing if it meets your specific transfer needs.
3. OFX
OFX key features
OFX is a reliable choice for international money transfers. Operating in over 190 countries and handling more than 55 currencies, it’s a valid alternative to Western Union.
What sets it apart is its round-the-clock personal broker services, catering to users who value personalised assistance when managing their transactions.
OFX pros and cons
Pros:
- Longevity and expertise: OFX is one of the oldest money transfer companies, giving them extensive experience and making them reliable and professional.
- 24/7 phone support: Users can get help from dedicated support representatives anytime, day or night.
Cons:
- Exchange rate markup: While OFX offers competitive rates, exchange rates include a markup, potentially resulting in slightly higher costs compared to other online money transfer providers.
- Limited payment methods: OFX exclusively accepts payments via bank transfer, limiting options for users preferring alternative methods such as cash, cards, cheques, or bank drafts.
Who should use OFX?
OFX is especially suitable for those making larger transactions.
Furthermore, users valuing access to personalised support can count on 24/7 phone assistance, ensuring help is readily available.
However, keep in mind that bank transfers are the only payment method available.
4. Payoneer
Payoneer key features
Payoneer is a popular choice for a wide range of customers, especially those in digital business.
They offer special business accounts designed for digital transactions, making it simple to send and receive payments in various currencies.
Additionally, users can take advantage of payment cards and other business features, like working capital loans, to enhance their financial capabilities.
Payoneer pros and cons
Pros:
- Easy payments to contractors and staff: Payoneer streamlines payment processes, enabling users to send payments to contractors and staff members effortlessly.
- Payment cards and extra services: Users can access cards for transactions and can use additional business features and services, such as working capital loans.
Cons:
- Transaction and inactivity fees: Users should be aware of transaction and inactivity fees associated with Payoneer accounts, which could contribute to the overall cost of platform usage.
- Exchange rate markup: Exchange rates include a 0.5% markup, potentially resulting in slightly higher costs for currency conversions compared to other service providers.
Who should use Payoneer?
Payoneer is particularly suitable for businesses with clients or operations spanning multiple countries, such as the US, Japan, Australia, the EU, Hong Kong, Singapore, Canada, the UK, and UAE.
Its integrations may also benefit e-commerce organisations seeking efficient fund management and integration with prominent platforms like Amazon, eBay, Shopify, and WooCommerce.
5. PayPal
PayPal key features
Renowned as a global leader in digital payments, PayPal boasts an extensive user base exceeding 400 million worldwide.
With the convenience of balances in over 25 currencies, this money transfer platform is a reasonable option for both individuals and businesses.
PayPal pros and cons
Pros:
- Global accessibility and a wide user base: PayPal’s widespread use makes it easy to connect with people globally.
- A diverse range of cards: Users have the flexibility to select from a range of cards designed for international usage.
Cons:
- International transfer fees: PayPal may charge a 5% fee on international transfers.
- Currency conversion expenses: Fairly high currency conversion costs are added to international transfers, typically ranging from 3% to 4%.
Who should use PayPal?
PayPal may be a Western Union alternative for businesses aiming to streamline their financial operations.
Small businesses, in particular, can benefit from swift credit options to support their operations and expansions.
Integrations with leading e-commerce platforms and marketplaces make it an ideal choice for businesses aspiring to tap into global markets.
For a more detailed look at Paypal, make sure you check out our Wise vs Paypal comparison guide.
6. Remitly
Remitly key features
Remitly offers a convenient alternative to Western Union, primarily when it comes to smaller transfer amounts, especially to countries in South America, Asia, and Africa.
While its coverage may vary compared to Western Union, its user-friendly website and transparent fee structures make it an appealing choice.
Remitly pros and cons
Pros:
- Straightforward transfer process: Remitly offers a smooth and simple transfer experience, allowing users to send money with ease.
- Wide range of payout options: Several payout options available, including cash pickup and deposits to bank and mobile money accounts.
- 24/7 customer support: Users have access to round-the-clock customer support via online channels or phone.
Cons:
- Service variations by destination: While Remitly covers common remittance routes, its services may be limited or unavailable for certain destinations.
- Maximum transfer sizes: Maximum transfer size limits may restrict users with larger transfer requirements.
Who should use Remitly?
Remitly holds particular appeal for users prioritising simplicity and transparency in their transfer processes.
Users valuing flexibility in payout options and requiring round-the-clock customer support may also find this Western Union alternative convenient.
However, users with larger transfer requirements may need to explore alternative providers due to Remitly’s maximum transfer size limits.
7. Revolut
Revolut key features:
Revolut serves a vast user base exceeding 30 million worldwide.
Providing multi-currency accounts supporting over 28 currencies and a range of card options, this alternative to Western Union provides users with adaptable international functionalities.
With licensed banking operations in both the EU and the UK, Revolut ensures regulatory compliance and reliability for its clientele.
Revolut pros and cons
Pros:
- Multi-currency business accounts: Revolut Business allows users to send and receive payments across 26 currencies.
- Variety of account options: Ranging from a complimentary standard account to customisable packages for enterprise-level clients.
- Cashback opportunities: Users stand to earn cashback on their expenditures, increasing the value and rewards associated with their transactions.
Cons:
- Monthly fee prerequisite: Access to all features may require users to subscribe to a monthly fee plan.
- Fair usage charges: Fair usage charges come into effect when surpassing plan limits.
Who should use Revolut?
Revolut Business proves ideal for enterprises in search of comprehensive international financial solutions.
Specifically, businesses based in Australia, France, Ireland, Lithuania, Romania, the UK, and the US can benefit from Revolut’s localised account functionalities, facilitating sales collections in EUR, GBP, and USD.
8. Wise
Wise key features
Wise specialises in currency conversion, cross-border transfer, and international account services for both individuals and businesses.
Established in the UK in 2011, it has expanded its reach to serve over 13 million customers worldwide.
Wise pros and cons
Pros:
- Send money to 80+ countries, hold and exchange 50+ currencies and spend with Wise cards in 175+ countries.
- Currency exchange uses the mid-market exchange rate.
- Offers both personal and business services.
Cons:
- Lacks a branch network or face-to-face service, operating solely through digital channels.
- Transaction fees may be applicable.
- Limited options for cash transactions or transfers for cash collection.
Who should use Wise?
Wise may be a valid choice for individuals and businesses in various scenarios:
- When requiring fast online or in-app payments to supported countries.
- For managing and exchanging over 40 currencies within an online account.
- When receiving payments regularly in foreign currencies from over 30 countries.
To take a more in-depth look at the differences between Western Union and Wise, take a look at our Wise vs Western Union comparison guide.
9. WorldRemit
WorldRemit key features
Founded in 2010, WorldRemit covers over 130 countries and supports more than 70 currencies.
Payout options include bank or mobile money account deposits, cash collection, delivery, and airtime top-up, offering flexibility to users.
Fees, features, and services vary based on the destination country.
WorldRemit pros and cons
Pros:
- Wide range of supported countries and currencies, covering over 130 countries globally.
- Multiple payout options available, including bank and mobile wallet deposits, cash collection, cash home delivery, and airtime top-up.
- Instant quotes for fees and exchange rates provided online and in-app.
Cons:
- Exchange rates include a markup, potentially resulting in higher costs compared to other providers.
- Limited to personal transfers only, lacking business services.
- Not all delivery methods are available in all countries, restricting options for certain destinations.
Who should use WorldRemit?
WorldRemit is a good Western Union alternative for individuals looking for a flexible and popular method to send payments to over 130 countries worldwide.
Users can set up payments online or in-app and choose from five payout options.
While not all payout methods are available in every destination, the options provided ensure accessibility even in areas with limited banking infrastructure.
10. Xe Money Transfer
Xe key features
Xe Money Transfer provides a range of currency tools and data, including live and historical exchange rate information.
With the possibility of making payments to over 200 countries and territories in a diverse array of currencies, this alternative to Western Union offers expansive coverage for global transactions.
While Xe showcases the mid-market exchange rate within its currency data, it’s worth noting that the rates applied for sending payments charge a margin.
Xe pros and cons
Pros:
- Payments in 100 currencies to over 200 countries and territories.
- Large-scale company processing $115 billion in payments annually.
- Convenience of online account creation or phone registration.
Cons:
- Exchange rates include a margin on the mid-market exchange rate.
- Fees and delivery times fluctuate depending on the destination country.
- No cash payment options, limiting flexibility for certain transaction types.
Who should use Xe?
Xe Money Transfer caters to individuals and businesses seeking a widespread platform for international payments.
It proves particularly beneficial for those who need flexibility when sending payments across various countries and currencies.
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Need to send money home? Don’t forget tosign upto TransferGo for easy, fast and affordable money transfers to Europe, Africa, Asia and beyond.
