10 Western Union Alternatives for Cheap International Transfers
Western Union is a global money transfer service that was founded in 1851 in New York, United States. Over the years, following its many achievements, the company has evolved into a respected fintech giant and trailblazer in the global market for money transfers. For example, Western Union completed the first transcontinental telegraph across North America in 1861, paving the way for other international wire money transfer services.
Today, this company has over 150 million users and more than 500,000 agents in over 200 countries and territories, including China and Ukraine. But does that mean that Western Union is the best payment service for everyone? Not really! That is because it also has weaknesses.
In this article, starting with the pros and cons of using Western Union, we will go further and show you the top ten Western Union alternatives on the market today.
Pros and Cons of Western Union
Just like with every other digital platform, there are advantages and disadvantages to using Western Union as your money transfer service provider. They include the following:
Pros
- High speed payments to many countries worldwide
- Optional cash delivery to recipients at selected locations
- Has been trustworthy and reliable for more than a century
- Transfers can be made in 130 different currencies
- Transfer fees are shown upfront for transparency
- Its website and mobile app are easy to use
- It supports debit and credit card transfers
- It has a huge network of agents for cash collection
Cons
- It charges expensive exchange rates and costly fees
- It disclaims responsibility for the quality of deliveries by its agents
- Users sometimes experience errors in transactions
- Scammers can claim cash deliveries by using fake documents
- Low daily transfer limit compared to its alternatives
Best Western Union Alternatives
The 10 international payment service providers listed below are less expensive alternatives to Western Union. We selected these best money transfer apps based on their advantages over others in terms of levels of security, convenience, cost, and safety features. They are listed in no particular order. You can download their mobile applications on the App Store and Google Play.
Wise
Wise is a reputable online service that provides multi-currency accounts for its users to send money at a low cost to people in 80 countries. It is much cheaper than Western Union and up to five times less costly than traditional banks.
More than 13 million people use Wise to make fast and secure money transfers online. You can register with it today and enjoy using its Visa card, which supports m-wallets like Google Pay and Apple Pay. Its multi-currency account allows you to make low-cost transfers locally and internationally.
Read this overview for more information about Wise. It contains information about the safety, and pros and cons of using Wise.
OFX
When you need to send money to your friends, family, or business associates really fast, OFX is a reliable alternative to Western Union. It is regulated by the Central Bank of Ireland. The service offers very attractive rates, supports transfers to more than 170 countries using over 50 fiat currencies, and gives 24/7 support to its customers.
OFX provides personal and business accounts for international money transfers. You can use it to make single and recurring transfers. It also provides an option to lock in a favourable rate now and use it to send money later.
For more information, such as the advantages and disadvantages of using OFX, read our accurate overview.
CurrencyFair
CurrencyFair offers better exchange rates and faster payments than Western Union. It is a reliable and secure money transfer service that is available at no hidden fees. You can open a personal or business account with CurrencyFair and start exchanging currencies at bank-beating rates, or use its marketplace to choose your own rate and wait for a match.
Users of CurrencyFair can send and receive money in more than 20 currencies. It supports fund transfers to and from over 150 countries, including European countries, Australia, Canada, Singapore, Hong Kong, the United Kingdom, Switzerland, and many other destinations.
Instarem
If you are looking for a way to send money that is much simpler than using Western Union, the solution you seek is Instarem. This EMI, which has a global network in over 55 countries, specialises in helping people to send and receive funds from anywhere and whenever. It is fast, cost-effective, and secure. Besides, its pricing is competitive and does not include hidden fees.
Paysera
The Paysera payment system specialises in providing convenient, fast, and affordable international money transfer services. It is happily used by both private and business clients around the world, especially because it is a cheaper alternative to Western Union, banks, and the like.
Paysera has over 700,000 customers that perform millions of transfers in over 20 different currencies, across more than 200 countries. It provides them with contactless Paysera Visa cards that support different m-wallets, a user-friendly mobile app for managing money effectively and efficiently, and an exchange for favourable rates.
Many business owners are using Paysera to manage their cash flows in several innovative ways. The company provides world-class payment solutions focused on enterprises, such as physical POS terminals, delivery services, as well as a digital gateway for e-commerce stores to receive payment from clients by card and bank transfer. Learn more about Paysera in this overview.
Paysend
Are you tired of paying variable fees for sending funds abroad? Paysend is a Western Union alternative that allows you to transfer money to people in more than 170 countries. Transactions via this platform are completed within seconds.
Paysend charges a flat fee, which can be as low as €1.5, depending on your location. Also, its services are fast and hassle-free. That is why it is trusted by more than 7 million customers, whom it supports 24/7, not to mention its bank-level security features.
You can find out whether Paysend is worthy of your trust by reading this overview. If you're convinced, go ahead and create an account with it.
WorldRemit
When it comes to fast, safe, and low-cost money transfers, WorldRemit is a good alternative to Western Union. It is an online money transfer service that meets the needs of 5.7 million users in more than 130 countries and supports over 70 different currencies.
The options to send funds with this digital platform are airtime top-up, mobile money, bank transfer, and cash pickup. Payments can be made using Apple Pay and cards issued by Mastercard, Visa, and Maestro.
If interested, you may read our detailed pros and cons of using WorldRemit in this overview of the payment service.
XE
XE is a Western Union alternative that stands as one of the world’s most trusted currency authorities. It provides a single platform for individuals and businesses to use free currency tools, monitor live exchange rates, and send money globally.
Create an account with XE so you can use its rich collection of money transfer tools. They include the XE Currency Converter, which is useful for calculating the exchange rates of the best-performing 85 currencies, a Travel Expense Calculator, a Credit Card Charges Calculator, and a Foreign Exchange Charges Calculator. These tools put you on top of your cross-border payments by enabling you to make informed decisions that bring maximum benefits.
Skrill
Skrill is a digital wallet that individuals, freelancers, digital nomads, and businesses can use to transfer money to bank accounts abroad at zero fees. This Western Union alternative provides innovative, secure, fast, easy, and cheap online payment services. It operates 24/7, enabling you to make online transactions whenever the need arises. Besides, Skrill can be used to send money via email.
Refer a friend to Skrill and you will earn €10 when they create an account and use this service to send money. You are allowed to invite up to 50 friends and make up to €500 in the process.
Are you interested in knowing more? In this review, you can read about Skrill's full features as well as its noteworthy pros and cons. Also, here is our comparison of which e-wallet is better between Skrill and Neteller. Both are popular brands of the Paysafe Group.
TransferGo
TransferGo is a Western Union alternative that you can use to send money to anyone anywhere, from your next-door neighbour to recipients in more than 160 countries. While most banks do not open at weekends, thereby limiting your access to their financial services, TransferGo offers a digital platform and a mobile app that you can use to make 24/7 transactions at home and abroad.
It is rewarding to join over four million people who use TransferGo. They send money at high speed and with low fees. Moreover, if you invite a friend to TransferGo, you will earn €22 for each one that joins through you.
FAQ
If you do not want to use Western Union, you can create an account with Wise, OFX, PayPal, CurrencyFair, Instarem, Paysera, Paysend, WorldRemit, Xe, Skrill, or TransferGo. They are the best money transfer apps that offer cheaper and faster payment services across the world.
Western Union and MoneyGram are the two biggest money transfer service providers in the world, with the former being the oldest and largest. Both services are similar in many ways. Nevertheless, MoneyGram is slightly cheaper, while Western Union is more favourable for transferring large amounts of money.
The best platform for money transfers is one that is safe, secure, fast, and less costly in terms of fees and exchange rates. Examples of the best platforms include Wise, OFX, CurrencyFair, Paysend, PayPal, and TransferGo.
Remitly is typically cheaper, faster, and more efficient in terms of customer service than Western Union. Therefore, if you have to pick one, you already know which to choose.
You can transfer money internationally by using a traditional bank, neobank, SWIFT, SEPA, a fintech company, or EMI, an online payment service, or a reputable money transfer app. You only need to ensure that your choice offers affordable rates, low fees, advanced security, and fast processing and delivery of funds.
The best and safest way to make international money transfers is to use any of the top services we have listed in this article, which include Western Union, MoneyGram, Remitly, Wise, TransferGo, Ria, WorldRemit, Instarem, CurrencyFair, PayPal, and Paysend. To use any of them, you need to check their websites or read our overviews to find out whether their services are available in your location.
The cheapest way to receive money from abroad is to create a digital account with an online cross-border payment service that your sender is familiar with or most likely to use to send you money. The options include WorldRemit, Paysera, Paysend, PayPal, Instarem, CurrencyFair, OFX, and TransferGo.
Conclusion
There are more than 50 alternative payment services that you can use instead of Western Union. In this article, we have discussed the top 10 among them so that you can focus on only those that give the best value to your patronage. We hope that you were able to find a substitute that is not only cheaper but also better in terms of meeting your expectations regarding local and international money transfer services.
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