Western Union and Revolut are two of the biggest companies in the online money transfer market, and they have a number of similarities and differences. The main difference is, of course, that Western Union is a global corporation, while Revolut is a start-up. While the latter has significant momentum and has grown in stature since it was launched in 2013, it is nowhere near as old as Western Union, which was founded back in the 19th century.

In some ways, the two firms are on an equal footing. They both offer local settlement options across the world, and transfer speeds are between one day and three days for each. However, Revolut can still hold its own in many ways – and especially in terms of fees. No fees are levied on cross-border payments transactions with Revolut, and this isn’t the case for Western Union. There, fees can range from £1 to closer to £5 depending on the nature of the transaction. Revolut also offers a distinctive product portfolio, including cryptocurrencies – meaning that there is, in some ways, more choice for the end-user.

For many customers, and especially those in locations where underbanking is a problem and there is little digital penetration, the main advantage of Western Union is that it offers physical branches for customers to use. Western Union ‘agents’, as they are known, are scattered all over the globe and are a crucial node in the firm’s ability to ensure that cash is transferable in more than 200 nations. Some customers may also avoid Revolut because it uses what is known as the ‘interbank’ rate for settlements made at weekends – this could cause significant losses if the market moves in the customer’s favour before the real rate has a chance to catch up.

Currency Solutions
Amount Received
£ 200.00
EUR246.65
USDn/a
CAD343.05
AUD379.85
£ 5.85 Avg. Saving vs. Banks ?
Go to site
Xoom
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
?
Est. 2001
Currency Solutions
Fee: ? £10 below £5,000
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? UK
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA
General Notes N/a
Country Notes Country specialists for Brazil and Spain money transfers
Xoom
Fee: ? $4.99 to $10.99
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Worldwide
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FinCEN
General Notes N/a
Country Notes N/a

The pros and cons of using Currency Solutions

pros

14 years of history in the FX space

New online offering

Wide range of products and services for businesses

Products for receiving international payments

Personal account team to support larger transactions

cons

Fees charges for smaller transaction sizes

Online account maximum transfers of 20,000GBP

No mobile transaction offering

The pros and cons of using Xoom

pros

Actively reply to any issues or queries on Trustpilot

Apps on iOS and Android can be used to transfer money on-the-go

Transferred money delivered via bank account, reload airtime, cash or can be used to pay utility bills

Same-day delivery available in many countries

$10,000 daily maximum limit

cons

Higher markups on exchange rates than a lot of competitors

Minimum fee of $4.99 for credit cards

No live chat feature for customers

cons

Fees charges for smaller transaction sizes

Online account maximum transfers of 20,000GBP

No mobile transaction offering

cons

Higher markups on exchange rates than a lot of competitors

Minimum fee of $4.99 for credit cards

No live chat feature for customers

Currency Solutions
Amount Received
£ 200.00
EUR246.65
USDn/a
CAD343.05
AUD379.85
£ 5.85 Avg. Saving vs. Banks ?
Go to site
Xoom
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site

Compare Other Currency Rates

Advanced: compare to quote from your bank ?

Other International Money Transfer Quotes

OFX (US)

Est. 1998

OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

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Amount Received
GBP £163.87
USD $33.24
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WorldRemit

Est. 2010

Use the code '3FREE' and pay no fees on your first three money transfers

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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Amount Received
GBP £162.05
USD $31.04
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Wise

Est. 2011

Wise is an online only provider

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FXcompared Rating
Amount Received
GBP £161.06
USD $29.84
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Average US Bank

Est. 1900

Average of the top US Banks costs as compiled by our own FXC Intelligence group

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Amount Received
GBP £159.79
USD $28.30
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MoneyGram

Est. 1940

MoneyGram is a leading remittance provider serving countries across the globe.

 

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FXcompared Rating
Amount Received
GBP £156.35
USD $24.14
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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.