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.

TorFX
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
Western Union
Amount Received
£ 200.00
EUR200.00
USDn/a
CADn/a
AUDn/a
£ 11.21 Avg. Saving vs. Banks ?
Go to site
?
Est. 2004
TorFX
Fee: ? No Fees via FXcompared
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Worldwide
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
FCA, ASIC
General Notes Personal account management and expert insights.
Country Notes Offices in UK, Australia and Singapore. Transfer 40+ currencies +120 countries.
Western Union
Fee: ? £1 to £4.90
Bank Partner: ?
Speed: ? 1-3 days
Local Settlement: ? Worldwide
Transfer Methods ?
Phone and online transfer services
Regulated By: ?
See Notes
General Notes N/a
Country Notes Western Union is supervised by the Austrian Financial Markets Authority and the FCA in the UK

The pros and cons of using TorFX

pros

Dedicated account management

Two customer service awards

Highest Trustpilot rating – 5 stars

Free to open an account

Fee-free transactions anywhere

Educational guides on buying a property abroad

cons

Market insights are often lagging, so too far behind for them to be actionable

Website information is hidden from main menus, leaving it hard to find

The pros and cons of using Western Union

pros

One of the largest financial companies in the world 

App on iOS and Android can be used to send money to bank accounts, mobile wallets or agents for cash pickup

Over 500,000 agent locations around the world

A well-respected company operating for over 160 years

Rating of ‘excellent’ on Trustpilot from over 16,000 reviews

Huge social media presence with over 10 million likes on Facebook

Send money via the website, mobile apps or in-person agents

High limits of USD 50,000 when transferring to countries including the UK

24/7 customer service by phone

Super-fast delivery option on the day of transfer

Money transferable from over 200 countries

cons

Not all payment options available in every country

Sending to some countries can be expensive

Exchange rate margins are not transparent

cons

Market insights are often lagging, so too far behind for them to be actionable

Website information is hidden from main menus, leaving it hard to find

cons

Not all payment options available in every country

Sending to some countries can be expensive

Exchange rate margins are not transparent

TorFX
Amount Received
£ 200.00
EURn/a
USDn/a
CADn/a
AUDn/a
£ 0.00 Avg. Saving vs. Banks ?
Go to site
Western Union
Amount Received
£ 200.00
EUR200.00
USDn/a
CADn/a
AUDn/a
£ 11.21 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.

More InfoLess Info
Amount Received
GBP £176.65
USD $33.24
saved vs. banks

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.

More InfoLess Info
Amount Received
GBP £174.69
USD $31.04
saved vs. banks

Wise

Est. 2011

Wise is an online only provider

More InfoLess Info
FXcompared Rating
Amount Received
GBP £173.65
USD $29.87
saved vs. banks

Average US Bank

Est. 1900

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

More InfoLess Info
Amount Received
GBP £172.25
USD $28.30
saved vs. banks

MoneyGram

Est. 1940

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

 

More InfoLess Info
FXcompared Rating
Amount Received
GBP £176.38
USD $32.93
saved vs. banks

Other Company Comparisons

Other Services

Site SSL Secured
You can trust our results, each provider goes through a full vetting and is regulated by the relevant authority (FCA in the UK, FinCEN in the USA, ASIC in Australia)

Trusted by sites like:

BBC Logo
Reuters Logo
Forbes Logo
Bloomberg Logo
Business insider logo
world bank Logo

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.