Top 7 Western Union Competitors (Best Alternatives)

Last Updated on December, 2024

Transferring money abroad doesn’t have to be difficult or expensive. While Western Union is a popular choice, there are many other reliable options available that might better suit your needs.

This article will introduce you to seven top Western Union alternatives, each offering different benefits, such as lower fees, better exchange rates, and faster processing times.

Whether you’re looking for a service with a great mobile app, excellent customer support, or specific features like multi-currency accounts, you’ll find the right solution here.

Explore the pros and cons of Remitly, Wise, WorldRemit, OFX, TorFX, Revolut, and MoneyGram to make informed decisions for your international money transfer(s).

Quick Summary

There are seven alternatives to Western Union for international money transfers: Wise, Remitly, WorldRemit, OFX, TorFX, Revolut, and MoneyGram. Each offers various benefits like lower fees, better exchange rates, and faster processing times.

These services provide features such as multi-currency accounts, mobile apps, and different transfer speeds. For example, Wise uses the mid-market exchange rate, while Remitly offers both economy and express transfer options, allowing users to prioritize based on their needs.

While Western Union is convenient and widely available, it may involve higher costs due to transfer fees and exchange rate markups. The alternatives mentioned are reliable, licensed, and regulated, potentially offering lower costs and additional features.

7 Top Western Union Alternatives

Always know the right option for you with this easy-to-understand comparison table. Whether you prioritize exchange rates, speed of transfer, or convenience, I’ve got you covered.

Explore which provider best suits your needs, from instant transfers to multi-language support. Check the rates, speed, and customer service options from top platforms like Wise, Remitly, WorldRemit, OFX, TorFX, Revolut, and MoneyGram.

Provider Exchange Rate Speed Convenience 
Wise They use the mid-market rateMore than half the time, money arrives instantly
Almost all money arrives within a day
You can use their mobile app. They have support all day in the app and through email
They speak 16 languages
Remitly They add extra to the mid-market exchange rateDepends on where you’re transferring money and how you pay You can use their mobile app
They help through chat and phone calls
They speak English, French, and Spanish
WorldRemitThey add extra to the mid-market exchange rates Depends on where you’re transferring money and how you payYou can use their mobile money transfer apps
They help in person, through chat, and phone calls
Languages depend on where you are
OFX They add extra to the exchange rate Most money arrives within a dayYou can use their mobile app
They help through phone calls and email
The app is only in English, but they help globally
TorFXThey add extra to the exchange rate It takes 1 to 2 workdays to transfer money You can use their mobile app 
They help through phone calls and email
The app is only in English 
RevolutThey use the average exchange rate, but there are limits Depends on where you’re sending money and how you pay You can use their mobile app
They help all day in the app and through email 
They mainly speak English 
MoneyGramThey add extra to the exchange rate Depends on where you’re sending money and how you pay You can use their mobile app
They help in person, through chat, and phone calls 
Languages depend on where you are

1. Wise

wise logo displayed on a laptop

A Wise account is an online banking service provider that makes sending money abroad easy and cheap. With Wise, you can hold and convert multiple currencies and transfer money internationally with low fees and real exchange rates.

It’s great for travelers, expats, and anyone who needs to manage money in different countries. Wise accounts are simple to set up and use, making global financial management stress-free.

Wise uses the mid-market exchange rate, offering low and transparent fees that you can see before making a payment. Over half of the transfers are instant, and almost all are completed within a day. 

You can transfer money to more than 80 countries directly to bank accounts. Wise accounts let you hold and exchange over 50 currencies, receive payments like a local in up to 10 currencies, and spend in over 170 countries with a linked Wise debit card.

Curious about Wise? This article has all the details.

Pros

Typically offers the best exchange rates 
Transparent fees you can compare before sending money 
Ability to send money to over 80 countries 
Multi-currency account allows free recipient of payments in foreign currencies

Cons

Fees depend on the payment method and destination
Accounts do not earn interest 

2. Remitly

remitly logo displayed on a laptop

Remitly is a service that allows people to send money to family and friends overseas through its app or website. 

It facilitates international transfers, ensuring that recipients receive funds securely and promptly. Remitly aims to make the process straightforward and stress-free for users.

Depending on the destination country, you can pick between two payment options:

  • Economy Payment: This is cheaper but takes 3 to 5 business days to arrive, and you pay with bank transfers.
  • Express Transfer: This may arrive in minutes, and you pay with a card.

Curious about Remitly? This article has all the details. Or you can read the comparison between Remitly and Western Union here.

Pros

Offers a variety of payout options
Can send money to around 100 countries
You can choose between lower fees and faster transfers
Convenient online and app money transfer services

Cons

Can’t transfer money between certain countries 
Exchange rates might have a markup, and there’s usually a transfer fee

3. WorldRemit

worldremit logo on a laptop screen

WorldRemit is an online money transfer service that lets people send money to over 150 countries. It offers various methods like bank transfers, mobile money, cash pickup, and airtime top-up. 

The service is known for its speed, with 95% of transfers arriving within minutes, and it is often cheaper than traditional banks. Users can track their transfers and get updates via the WorldRemit app, making it a convenient option for many customers worldwide​. 

However, If your recipient doesn’t have a bank account, they can also collect the money in cash, which is a popular option for quick transfers.

Curious about WorldRemit? This article has all the details.

Pros

You can send money from the US using various methods
You can send money to many different countries on popular routes
The online and app interfaces are easy to use 

Cons

Fees can vary depending on how you choose to pay
The exchange rates may have extra charges, which can differ based on where you’re sending the money

4. OFX

ofx logo on a laptop

OFX is a fintech company that helps people and businesses send money internationally. They do this online, making it simple and convenient. It’s like having a digital bridge between countries, allowing money to travel safely and quickly.

With OFX, you can have a high minimum transfer amount and better exchange rates than traditional banks. Whether for personal reasons or business transactions, OFX makes sending money across borders easy and affordable. 

OFX offers personalized service, allowing you to consult a broker at any time for guidance, which is particularly beneficial for large payments or managing currency risks.

When using OFX, there are no transfer fees; instead, a small markup is added to the exchange rate for better value compared to traditional banks. 

Curious about OFX? This article has all the details.

Pros

Send money in over 50 currencies to more than 190 countries
No transfer fees applied
Fast delivery with most payments arriving within 24 hours
Access to personalized support via phone

Cons

Exchange rates include a markup
Payment methods limited to exclude cash, cheques, bank drafts, and credit cards

5. TorFX

torfx logo on a laptop

TorFX is a company that helps people and businesses exchange money between different currencies. It makes it easy to send money overseas and gets the best exchange rates.

They offer services like currency exchange, international payments, and personalized assistance to ensure smooth transactions. TorFX aims to save customers money by providing competitive rates and avoiding hidden fees.

TorFX has some great features. You can use it through the phone, online, or in the app. You can send one-time or recurring payments and access currency services like forward contracts and market orders.

It’s available for both personal and business customers. TorFX is known for its excellent customer support in the payments industry.

Curious about TorFX? This article has all the details.

Pros

They provide award-winning personal money transfer services
You can manage currency risks for both individuals and businesses
Payments can arrive on the same day, or up to 2 days for less common currencies 

Cons

Exchange rates have an additional charge
You have to create an account to see the rates and compare transfer costs

6. Revolut

revolut logo on a laptop

Revolut is a financial app that helps you manage your money easily. It allows you to open a bank account, spend and make an online transfer globally without high fees, and exchange currencies at good rates.

You can hold and manage up to 30 different currencies in your Revolut account. This includes major global currencies like USD, EUR, GBP, and many others.

It also offers features like budgeting, saving, and investing. You can use Revolut with your smartphone, making it convenient for everyday use.

With Revolut’s free Standard account, you can exchange up to $1,000 monthly at the real exchange rate. For additional features, the Premium account is available for up to $16.99 per month. 

Every Revolut account comes with a linked debit card, some no-fee ATM withdrawals, and budgeting tools to help manage your money.

Curious about Revolut? This article has all the details.

Pros

Various account plans to suit different needs
Wide range of banking features
Ability to exchange money in over 28 currencies
Currency exchange at the real market rate with all accounts
10 no-fee international money transfers per month

Cons

Monthly fees required for premium features
Extra fees for currency exchange outside regular hours 
Transfer fees up to $6 and additional exchange costs after using up your no-fee transfers and exchanges

7. MoneyGram

moneygram logo on a laptop

MoneyGram is a company that lets you send money to friends, family, or businesses around the world. They have many locations, like banks and stores, where you can send or receive money easily. 

You can also use their website or app to send money online. 

MoneyGram is a safe and fast way to send money internationally, helping people stay connected and support each other financially, no matter where they are.

MoneyGram has some great features. You can pick from various ways to receive your money, and they have many agents worldwide, making it easy to collect cash. You can pay online by bank transaction or debit card or in person if you prefer.

Curious about MoneyGram? This article has all the details. Or you can read the comparison between Moneygram and Western Union here.

Pros

They have fantastic coverage globally
There are many options for paying and receiving money
If your recipient isn’t close to a Western Union location, MoneyGram could be a good alternative for cash collection

Cons

Fees can change depending on where and how you’re sending money
Exchange rates have an extra charge, which can increase the overall cost

Why You Should Use Similar Companies to Western Union?

If you’re considering options besides Western Union, here’s why these alternatives to Western Union might be better for you:

  • Wise: Wise provides transparent fees and always uses the mid-market exchange rate for currency conversion. Plus, you can open a FREE personal account to manage multiple currencies without stress.
  • Remitly: If you need to send money home quickly, choose Remitly. They offer various fee options and delivery times, including cash pickup and home delivery in some places.
  • WorldRemit: Go for WorldRemit if your recipient needs cash in their country or if you prefer options like airtime top-ups and mobile wallet deposits.
  • OFX: If you require high-value payments or complex currency risk management tools, OFX is a great choice. They offer 24/7 phone support for personalized assistance.
  • TorFX: Similar to OFX, TorFX is ideal for managing large transfers globally. They’re known for their excellent service and provide in-person advice.
  • Revolut: With Revolut, you can convert money to various currencies without fees and send cross-border payments at low rates. It’s perfect for those who want easy money management tools on their phone.
  • MoneyGram: MoneyGram offers similar international money transfer services to Western Union but might be more convenient for cash pickups if there’s a location nearby. Compare costs to see which suits you best.

Why Should You Consider Alternatives to Western Union?

Western Union is a well-known brand for transferring money around the world. You can send money online, in the app, or person at many locations worldwide. They cover almost every country, so it’s convenient for transferring money to your loved ones.

But sometimes, using Western Union can cost you more than you expect. First, there’s a fee for the transfer, which changes depending on where you’re sending the money and how you’re paying. 

The biggest extra cost comes from the exchange rate. When you send dollars, and they’re converted into another currency, Western Union adds a markup to the exchange rate. 

This markup can make the overall cost of your transfer much higher.

On the plus side, if someone needs to collect the money in cash, they can often do it right away. There are also different ways to pay and receive money, whether through the app or in person at an agent.

In short, while Western Union offers convenience and a wide reach, extra costs like exchange rate markups and varying fees should be considered.

Are the Alternatives to Western Union Safe?

Yes, I’ve selected reliable alternatives to Western Union that their customers trust. These companies are licensed and regulated in the countries where they work so you can trust them, too.

Conclusion

Choosing the correct money transfer service can save you time and money. By comparing these Western Union alternatives, you can find the best fit for your needs, whether it’s lower fees, faster transfers, or better exchange rates.

Don’t let high costs and slow transfers hold you back. Explore these options and start transferring money easily and affordably. 

FAQs

People use Western Union for its reliability and global reach, offering easy and dependable money transfers with agents in over 200 countries, making it a convenient choice for sending money worldwide.

The transfer limit is up to 50,000 USD/EUR (or the local equivalent) from your bank account to the receiver’s bank account if you live in the UK, France, Germany, Australia, Hong Kong, or the U.S.

Western Union does not limit the amount of money you can receive, but there may be limits on how much you can send, depending on the country.

Western Union transfers can be available within minutes for pick-up, ready the next day, or take 2 to 5 business days for direct bank deposits, depending on the destination country.

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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