Last Updated on December, 2024
Western Union’s beginnings date back to 1851. It began as the New York and Mississippi Valley Printing Telegraph Company, and from there, the company has never looked back.
Today, it has evolved into a well-known company, especially the largest money transfer company. It allows international money transfers to over 200 countries in more than 135 currencies.
In this Western Union Review, I’ll explain everything you need to know about this American multinational financial services corporation, especially its money transfer services. So continue reading.
Contents
- How Does Western Union Work?
- Countries Where Western Union is Available
- Money Transfers With Western Union
- How Long Does it Take to Transfer Money With Western Union?
- How Can I Track My Money Transfer With Western Union?
- Can a Western Union Money Transfer Be Cancelled?
- How to Receive Money With Western Union?
- Western Union Fees and Charges
- Western Union Foreign Exchange Rates
- Alternatives to Western Union Money Transfers
- Western Union Customer Service
- Customer Reviews for Western Union
- Delivery Methods Provided By Western Union
- Pros and Cons of Western Union
- Conclusion
- FAQs
How Does Western Union Work?
Before everything else, you need to register to use Western Union money transfer services. For verification purposes, you’ll need a driver’s licence, passport, or Medicare card when registering. And you’ll need to be above 18!
When registering, you need to provide the following information:
And that’s all you need to do to initiate your wire transfers with Western Union!
When you initiate a wire transfer, you will need to provide the recipient details, including:
Countries Where Western Union is Available
With Western Union, you will be able to send money to over 200 countries, which includes:
Money Transfers With Western Union
Western Union provides wire transfer services both domestically and internationally. Domestic payments within the US can be arranged online, over the phone, or through a local agent.
Western Union provides you with so many options for transferring money:
Western Union provides several options for your recipient to receive their money as well.
However, this depends on several factors, such as the destination of the wire transfer:
How to Make a Money Transfer With Western Union?
As I mentioned before, Western Union allows wire transfers to be initiated in three different ways, namely, online, phone, and in person.
Online Transfer
When sending money online with Western Union, you will need to follow the steps below:
Transfer Through Western Union Agent
Western Union makes in-person money transfers straightforward.
How Long Does it Take to Transfer Money With Western Union?
Different services at Western Union take different durations to process and complete:
How Can I Track My Money Transfer With Western Union?
Your Western Union transfer can be tracked online through the tracking tool on the Western Union website or app. Once you’ve made the payment, you need to enter the MTCN number you receive. Then, you can see where your transfer is and how long it will take to proceed.
Can a Western Union Money Transfer Be Cancelled?
Western Union money transfers can only be cancelled if the payment has not been deposited or collected.
To cancel a transfer online, you need to:
If you made the payment through an agent, you will need to visit the agent again and ask about reversing the transaction.
If you made the payment over the phone, you can ask about the transaction reversal by calling Western Union customer services (1800 325 6000).
What is the Transfer Limit for Western Union Money Transfers?
Western Union does not have any specific limit for a money transfer service.
The limit for each transfer depends on several factors, which include:
How to Receive Money With Western Union?
When you are receiving money from a transfer, you need to first give your details to the sender to initiate the transfer.
These details include:
Once the sender has completed the payment, you can receive the money through bank accounts or online banking.
Bank Account
Online Banking
Western Union Fees and Charges
Western Union costs vary and depend on various factors. They could be from nothing at all to around £29.99.
The money transfer amount and the destination location of the wire transfer are factors that affect the transfer fees and total cost. You can use the Western Union price estimator to estimate the cost you would incur for both transfer fees.
For instance, if you send $1000 USD from the USA to Australia, the transfer fee will be $4.99 USD if you pay through a bank account. However, if you use a credit card, the fee will be $33.99 USD.
Western Union Foreign Exchange Rates
Similar to the transfer fee, Western Union also makes money when you send money internationally through the available exchange rate. They do this by adding an exchange rate markup/margin to the mid-market exchange rate.
This simply means that Western Union adds a percentage markup to the currencies that they buy at a mid-market range from the global market. Simply put, you are basically paying more for your transfer.
It is best to model your Western Union transfer with the price estimator to be aware of the full cost you incur and all the options available to you.
Alternatives to Western Union Money Transfers
With all these being discussed, you might be wondering if Western Union is the right option. Well, no worries; we’ve got you covered with some Western Union alternatives that can be much more suitable for your transfer and purpose. The top-of-the-table options would be Wise, Remitly, and World Remit.
If you want to transfer a small sum, and that too via bank transfer, Wise would be a much more suitable and cheaper option. Wise is a specialist in transfer services and offers services for a low and transparent fee with mid-market exchange rates.
Another important feature Wise offers is a multi-currency account with a linked international debit card, which Western Union won’t be able to offer. If you want more transfer options, Remitly is ideal. It offers a wider range of payout methods, including mobile money deposits and cash home delivery.
Similarly, WorldRemit also provides various payout options, including bank and mobile money account transfers, which you can consider.
Choosing the best wire transfer service depends on your specific needs and preferences. The destination of the transfer and the transfer amount can also be crucial, so make sure to do a proper comparison before you choose one.
Western Union Customer Service
Western Union is known for its generally satisfactory customer service, receiving praise from many customers. However, some negative reviews about their customer service can also be found.
Contacting Western Union customer service is quite simple. Scroll down the Western Union website and click on ‘Contact Us’. Once on the ‘Contact Us’ page, you will find the Western Union phone number for your region. The FAQ section also helps you sort out any general doubts you have as well.
Western Union’s online chat does not seem very helpful for customers, but they do feel very satisfied with the phone call support provided.
Customer Reviews for Western Union
Western Union’s Trustpilot has more than 73K reviews and an overall 4-star rating. While it may not have the highest rating, Western Union’s average rating of 4 stars is still better than WorldRemit’s 3.8 stars.
However, there are certainly other companies with a higher rating, such as Wise and Remitly, which have an overall rating of 4.3 stars each. That said, the Western Union reviews on TrustPilot are pretty mixed.
Positive Reviews
Several positive reviews are available for the Western Union service. These include prompt customer support, where login issues are resolved quickly, safe and secure transactions, and convenient and fast international transfers.
The positive reviews also mention the user-friendly Western Union app and the fact that the customer has used Western Union for many years.
Negative Reviews
The not-so-great reviews for Western Union mainly consisted of inefficient responses from the Western Union online chat, no English support in particular countries, transfer times not being met as expected, and improper reward and points allocation.
Like many companies, Western Union often provides highly satisfactory service, but there are times when customers may feel frustrated and dissatisfied.
Western Union also has the responsibility to ensure that money laundering and other illegal activities are not conducted through its services. This means that they would request additional documents and be more cautious about proving the legitimacy of the transaction.
There are instances where individuals are incorrectly accused even with all legitimate documents provided, and yes, it can be a bit frustrating.
Delivery Methods Provided By Western Union
Western Union offers you quite some delivery methods. There are six different delivery methods which can be utilised.
- Pay to a Credit/Debit Card
This method can be chosen if you want to pay an individual’s credit or debit card. This type of delivery is possible when you know the beneficiary’s card details. This service is provided through a partnership with Visa and Mastercard.
- Bank Transfer
Bank transfer allows the transfer of funds directly to the recipient’s bank account, which can then be withdrawn and used by the beneficiary. However, this bank-to-bank transfer method is not available for all countries and currencies.
- Mobile Money
Even though this is not such a popular option in Europe, money can be sent to a mobile money wallet through Western Union. These types of delivery are much more common in Asia and Africa.
- Cash Pickup
Through this method, the recipient can pick up the cash from the nearby Western Union agent. Once the transfer is completed, money can be almost immediately collected. Cash pickups are more common with Asia Pacific, Latin America, and African currencies.
- Bill Pay
Through Western Union, you can find specific billers and pay bills. To initiate the transfer, you just have to find the biller, enter the amount you wish to pay, and provide the other relevant details.
- Airtime Top Up
Credit for phone use is airtime top up, and through this delivery method you can credit any individual phone balance. Western Union’s partnership with Airtime companies make this happen.
Pros and Cons of Western Union
Pros
Cons
Other online bank reviews:
Conclusion
Western Union is a dominant company when it comes to wire transfers, known for its wide range of services and loyal customer base. It lets you transfer funds to over 200 different countries in a broad range of currencies, offering competitive exchange rates compared to other providers.
Thanks to Western Union’s huge network, it offers various delivery methods that collaborate with other companies.
However, alternatives like Wise, Remitly, and WorldRemit are available for those considering different options based on their transfer needs and destination. Ultimately, choosing the best service depends on your money transfer needs and preferences.
FAQs
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