Xoom Money Transfers
Find out more about Xoom money transfers here. Xoom is one of the many options available to people around the world when it comes to …
Fact checked
Western Union has been in existence for more than 145 years, so it’s one of the best-known international money transfer companies in the world. If you’re thinking of sending money overseas, find out if Western Union is your best option right here with Savvy. You can compare providers with us and start your overseas transfer today.
*All product information is correct as of August, 2022.
Western Union was founded in 1851 in New York as a telegraph company. It completed the world’s first transcontinental telegraph in 1861 and got into the money transfer business in 1871. After buying out its two main competitors, Western Union had a virtual monopoly on delivering telegraphs in the USA for many decades.
Today, the company has grown to become the second largest international transfer company in the world (behind PayPal) and operates in every country on the planet (except North Korea and Iran). It has over 12,000 direct employees and is headquartered in Denver, Colorado.
Western Union is best known for its fast international money transfers of small sums and for its vast network of remittance agents, which is said to number more than 525,000 located around the globe. In Australia, Western Union has partnered with Australia Post, so all post offices in the country offer its money transfer services.
Online money transfers
Western Union offers an international money transfer service that enables payments to be sent internationally to any bank account almost anywhere in the world. It offers this service via its website and also a mobile app. These transfers can be completed as quickly as a matter of seconds up to as long as five days, depending on where you’re sending your money. In most cases, though, transfers will be completed within two banking days through Western Union.
Cash transfers
In addition, it offers an instant cash pickup and delivery service, where cash can be sent to be collected in person at the other end. In certain circumstances, Western Union can also arrange for cash to be delivered.
Transfer limits
Although there is no minimum amount you can send with Western Union, there is a maximum online transaction limit of AUS $50,000 which applies to transfers from Australia to some other nations. However, depending on the destination of your funds, a $5,000 maximum limit may also be applied.
A transfer fee is charged to send money overseas based on the amount you wish to send. This percentage-based fee will vary depending on your intended destination, with less common destinations more expensive than the more popular ones. In addition to the transfer fee, a markup is also placed on the exchange rate, so you won’t be offered the mid-market rate. For cash pickups, this markup can be as high as 5% or more. The mid-market rate represents the best exchange rate available at any point in time.
To find out how much your transfer will cost, you’ll have to get a quote from Western Union. The transfer fee and exchange rate on offer will be displayed, which you’ll be able to use to compare transfer services with Savvy.
A Western Union account can be opened either online or through the Western Union app. You’ll need to initiate a transfer to start the identification process, which is as follows:
You can use Western Union to send money to more than 200 countries around the world in more than 135 currencies; they have the largest forex agent network of any transfer provider.
Once you’ve registered with Western Union and set up your account, international money transfers are very easy to arrange and can be completed in less than two minutes.
Western Union prides itself on offering a fast international money transfer process, so your money will frequently arrive the same day, if not within two business days. This is far faster than the timeline offered by bank transfers, which is three to five business days.
Western Union is one of only a handful of transfer providers in the world that can get cash to remote locations where recipients may not have a bank account.
Fees charged by Western Union can be quite high, particularly if you want a priority service or an instant cash transfer.
The exchange rate you receive from Western Union may not be the most competitive exchange rate available, so your transfer could end up costing you more than anticipated.
Western Union sets maximum daily transfer limits, which vary according to where you wish to send money. These can be as low as $1,000 a day for transfers to some countries.
Once a cash transfer has been sent, and the money collected in person, there’s no way to wind back a cash transfer, so it’s important to never send cash to a person you don’t know, or have met in person.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
