Western Union Business Solutions Review - Money Transfer Costs and FXcompared’s rating

3.8/5
Very Good
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Rating based on expert reviews by FXcompared
Last updated | June 16th, 2020

Western Union Business Solutions Review

Western Union, the parent company of Western Union Business Solutions, was founded in 1851 as a printing telegraph company in New York and the Mississippi Valley. Western Union Business Solutions provides various financial services to its corporate and business clients, including money transfers, incoming payment processing and currency risk management solutions.

Western Union Business Solutions has a network covering more than 200 countries and territories and has access to more than 130 currencies to meet the company’s foreign currency needs. Western Union’s global network and industry experience can help companies to cope with fluctuations in the foreign exchange markets and optimise their international business processes.

All Western Union features are available and distributed in the US, Europe, Canada, Australia and New Zealand. However, the priority for today is access to the markets of Asia and Latin America.

Currently, millions of users around the world use this service for international money transfers both for personal purposes (sending money to family members) and for business purposes — Western Union Business Solutions was developed for these purposes.

Western Union Business Solutions Transfer Fees and Costs

2.5/5
Acceptable
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Western Union Business Solutions Transfer Fees and Costs

Competitiveness on FXcompared for low value transfers e.g. sending GBP200
You could pay comparatively high fees for low cost translations.
3/5
Competitiveness on FXcompared for medium value transfers e.g. sending GBP10,000
You could pay comparatively high fees for low cost translations.
3/5
Competitiveness on FXcompared for high value transfers e.g. sending GBP250,000
Western Union Business Solutions provides competitive rates for large transactions.
1/5
Does FXcompared have direct access to the pricing
FXcompared receives prices directly from Western Union Business Solutions
1/2
Is it possible to lock in future exchange rates
No, but you can fix the rate during the placement of the transfer.
1/1

Western Union Business Solutions fees and exchange rates

Western Union tariffs are divided into ‘near’ and ‘far abroad’.

The commission for the transfer is from 4% to 25% of the amount of the transfer — the smaller the amount, the greater the percentage. For example, to send from $3–$200 to neighbouring countries, the client needs to pay $2 for the transfer. For shipping from $400.01–$500, the commission will amount to $40. For transfers to foreign countries above $3, the client must pay $10 commission.

In addition, there are restrictions on receiving and sending money within one day. Residents of Russia are entitled to transfer foreign currency abroad to residents of the Russian Federation (RF) in an amount not exceeding $2,000 per one business day (whereas, in comparison, residents of Ukraine can receive no more than $3,000 per day and transfer no more than $300 once a month).

The advantages of this method are the high reliability and speed of transfers, as well as the fact that neither the sender nor the recipient needs to have bank accounts. The disadvantages of this method include high commission for the transfer and restrictions on the amount of transfer.

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Western Union Business Solutions will offer you

  • Easy cash withdrawals worldwide
  • Flexible transfers that can be received to a bank account, mobile wallet or cash
  • There is a mobile application
  • More than 130 currencies

Usability

3.5/5
Very Good
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Usability

Easy to understand website
Western Union Business Solutions website is clear and easy to navigate.
1/2
Simple sign up process (number of steps)
Create an account by filling out your personal and business details.
1/2
Easy to setup a transfer once registered
Has a simple transfer setup process
2/2
Provider offers a service that our users often sign up to
Popular among users of Fxcompared
1/2
Mobile notifications available on completed transfers
It is possible to set up push notifications to track your trades.
2/2

Western Union acts as a third-party intermediary between senders and recipients. Although its core business model facilitates money transfers in person, the company has since diversified in four other areas.

Money can be transferred via a Western Union branch or by using the mobile application.

In order to use the services through the mobile application, the client must:

  • Download and install the WU for Android or iOS mobile application on their smartphone.
  • Open their mobile and click ‘send money’.
  • Choose the country of receipt of the transfer and indicate the amount of payment.
  • Choose the method of receiving money and the method of payment for the transfer.
  • Indicate the name of the recipient and the method of receiving money (in cash at the point of payment, to a bank card, bank transfer or mobile wallet). If this is a transfer to a bank account, the client must specify the details of the bank account (IBAN number) and phone number — if the item is sent to a mobile wallet. If the payment is in cash, nothing is necessary, because the client can receive a transfer at any nearby point.

To transfer money through the branch, the client needs to go to the nearest Western Union branch, fill out the form with the operator, specifying their name and country, as well as the payment method. After calculating the transfer amount, the client can deposit funds in cash or by credit card. After that, the client will receive their unique tracking number (MTCN). This is also necessary to transfer it to the recipient.

WesternUnionMobile.png

Western Union Business Solutions mobile app

Whether you want to talk through your options with our team or move money on the go in a couple of clicks, you’ll always get great exchange rates and five star customer service.

Mobile product

4.5/5
Exceptional
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Mobile product

Easy to use mobile website
The website could be better optimised for mobile use.
1/2
Easy to use mobile app
Western Union Business Solutions app is clear and well developed.
2/2
Can transact in the app
It can work with the application as easily as on the site
2/2
Range of in-app product offering
You can access the same functions in the app as on the website.
2/2
App store rating
Apple Store rating 3.7 and Google Play rating 3.3
2/2

Western Union offers its own mobile application, which can be downloaded for free through the Android and iOS store. The application works the same as the online version. Clients can send funds, download payment methods, find the nearest MoneyGram agent, check previously sent transfers and much more.

Trustworthiness & Reliability

4.1/5
Outstanding
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Trustworthiness & Reliability

Fully licensed and authorised
Licensed as Money Transfers by the New York State Department of Financial Services.
4/4
Total amount transferred for their customers
3/3
Business revenue
Estimated at $5.6bn.
3/3
Year on year growth
10-12%
0/1
Number of employees
9000
1/1
Head office location
Denver, USA.
0/1
Branded search performance
Good brand search performance.
1/1
How long has the company been a partner of FXcompared
1/2
How long has the company been established?
1851
3/3
Quality of financial backers
2/2
Private or public company
Public, part of Western Union
0/1

Services may be provided by Western Union Financial Services, Inc. NMLS No. 906983 and/or Western Union International Services, LLC NMLS No. 906985, which are licensed as Money Transfers by the New York State Department of Financial Services. See conditions for details.

Due to scale and large coverage, Western Union is regulated in many countries.

Business product offering

4.6/5
Exceptional
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Business product offering

Distinct offering for business
Specialising in the provision of monetary intermediation services.
4/4
Broader product set for business
Additional products and offers for business.
3/3
Specialised team to support businesses
Business customers can avail of specialised support.
2/2
Receivables product options
Not available.
1/1
Marketplace seller product offering
Not available.
1/2

Western Union Business Solutions offers its customers the ability to send money and make payments, receive payments, and provide customised risk management solutions. Businesses can use the Western Union online system or talk with a representative over the phone to determine the outgoing payment needs of their business or discuss options for receiving foreign payments and converting foreign funds.

Western Union Business Solutions’ outgoing foreign payment services can help enterprises simplify outgoing payment processes and reduce risks in the forex market. It offers these services in more than 200 countries using more than 130 currencies. Western Union will appoint a specialist in foreign currency who will analyse the industry and business requirements of the client and help minimise currency risk and exchange rate fluctuations by recommending an individual solution.

Western Union offers two methods of solutions for incoming payments that help companies manage the processing of receivables — incoming electronic funds transfers (EFTs) and cheque conversion services. Electronic payment cards are offered through the Western Union Business Solutions GlobalPay platform or through the company’s correspondent bank account. EFTs allow the company to control the speed of funds conversion. This tariff can be blocked until funds are received or after funds are received in the account and confirmed. EFTs are easy to configure and are fully supported by Western Union systems.

Cheques in foreign currency can also be easily converted using the Western Union Business Solutions foreign exchange service. These cheque services are provided for over 130 currencies.

Western Union Business Solutions provides a set of risk management tools that help corporate clients manage their currency risks. A foreign currency specialist can help develop a risk management plan to minimise the company’s currency risk by using tools including forward contracts, stop-loss orders, currency options, exchange rate offers, exchange rate monitoring services, and advanced monitoring and compliance with risks.

EDGE Corporate Digital Global Exchange is the new digital platform for Western Union Business, the goal of which is to create a simple virtual trading arena for high-end private clients and enterprises of any size. WU EDGE makes buying and selling abroad as easy as trading on the doorstep. The ‘net effect’ is the unprecedented ability of SMEs to trade internationally.

WU EDGE technology allows hundreds of thousands of companies around the world to easily engage in global trade, potentially allowing them to grow, invest and create jobs in the future.

The Western Union cross-border platform combines digital payment solutions and payment systems, as well as global conversion into foreign currency. This allows retail consumers to cover more than 500,000 service points in 200 countries and territories, more than 100,000 ATMs and kiosks on the internet in 35 countries.

Product Coverage & Service

4.8/5
Exceptional
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Product Coverage & Service

Number of sending and receiving countries
Western Union Business Solutions operates in more than 200 countries.
4/4
Number of available languages
Available in many languages.
2/2
Pay in options
Through a bank account, debit and credit cards, as well as online payment methods.
3/4
Pay out options
To bank accounts, mobile apps or box office cash outlets.
2/2
Additional services
N/A
2/2
Minimum send amount
From $3 upwards.
2/2
Maximum send amount
Western Union Business Solutions has no restrictions on transaction sizes.
2/2
Speed and options for speed of transfer
Depends, but on average one working day.
2/2

Western Union Business Solutions has a network covering more than 200 countries and territories and has access to more than 130 currencies to meet the company’s foreign currency needs. Western Union’s global network and industry experience can help companies cope with fluctuations in the foreign exchange markets and optimise their international business processes.

Customer Feedback & Satisfaction

4.4/5
Outstanding
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Customer Feedback & Satisfaction

Customer help including onboarding
Accounts are easy to set up.
1/2
Ease of transfer
Customers find the service easy to use.
2/2
Exchange rates
Customers are generally satisfied with exchange rates.
1/2
Fees
Reasonable rates are offered.
2/2
Solving issues
The team is helpful and will quickly resolve any issues.
2/2
Online/mobile experience
EDGE platform improved this a lot for business products.
2/2
Customer service
Most reviews praise customer service.
2/2
Overall experience
Company overall rated positively in reviews
2/2

Western Union is a very convenient service — the client just needs to register to transfer their funds through a bank account, debit card, credit card or cash withdrawal. Western Union offers services worldwide with the help of its translators and collaborates with several banks. At the same time, the website is available in several languages, so users can receive information in their languages.

Customer Help & Assistance

3.5/5
Very Good
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Customer Help & Assistance

How good is the help section on the website?
FAQs can be found on the Western Union homepages.
1/2
Is there live online support?
Not online.
0/1
Is there email support - and to customers and non customers?
Email support is available on the site.
1/1
Is there phone support ?
Phone support is available.
1/2
Is the company easy to contact?
Yes, email via website or app
1/1
Are FAQs and support available in more than one language?
N/A
1/1
Is there an FX dealer to support customers
2/2

One of the most important factors when choosing a money transfer service is customer support. The Western Union team can be contacted at any time of the day by writing an email directly on the site or by calling the following numbers:

  • Support Service (US): 1-800-325-6000
  • Site Care: 1-877-989-3268
  • For TTY users: 1-800-877-8973

Pricing Transparency

2.5/5
Acceptable
Western Union Business Solutions
Rating based on expert reviews by FXcompared
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Pricing Transparency

Is there an explicit exchange rate margin in the total cost of transfer?
Included as part of the cost.
2/2
Are the fees easy to understand?
Rates vary, but are easy to understand.
0/2
Does the company combine fees and exchange rate or clearly broken out?
Fees are separated from exchange rates.
2/2
Is a real time quote available without registering?
You must register to receive prices in real time.
0/2

The company offers transparent services and does not charge any hidden fees. The company blocks the exchange rate after the start of the transaction, and the recipient will receive the same amount.

Alternatives to Western Union Business Solutions

TorFX
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WorldFirst
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Go to WorldFirst
OFX (UK)
Rating based on expert reviews by FXcompared
Go to OFX (UK)

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Rates From The Average UK High Street Bank

Est. 1934

Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK  by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.

We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
 

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Amount Received
USD $12,616.05
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PayPal

Est. 1998

Shop with PayPal and you’ll still earn your points, airmiles and cashback. Fees are shown as part of the overall exchange rate.

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Amount Received
USD $12,556.29
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Where can Western Union Business Solutions be used?

Western Union Business Solutions has a network covering more than 200 countries and territories and has access to more than 130 currencies to meet the company’s foreign currency needs.

How can Western Union Business Solutions be contacted?

Clients can contact Western Union by email via its website or call the Support Service number (US): 1-800-325-6000.

Is Western Union Business Solutions reliable?

Western Union services are regulated by US authorities under licence number 906983.

Can payments be tracked with Western Union Business Solutions?

Yes, the client can track the status of the money transfer on the website or in the mobile application. To do this, enter the transaction number.

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FXcompared's mission is to help you (and thousands of others each day) find the best providers for your money transfers.

We do that by providing real-time comparison of exchange rates and fees (you can use the form below to make a comparison) and by writing in-depth reviews about money transfer providers.

We have partnerships with many money transfer providers (Western Union Business Solutions included), which help us get access to their exchange rate and fees information (which we always check for accuracy). Those partnerships help us support our activity and offer our service for free.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.