Western Union Fees And Charges
The fees charged by Western Union vary according to where youre sending money, and also the payment method. Some of the steepest fees youll run into are from international money transfers with Western Union.
Here are the charges you need to know about:
| Type of fee | |
|---|---|
| Cancellation, query and alteration fees | Fees vary |
Not all payment options are available in all countries and currencies, so youll need to check the specific details for your transfer.
Money Transfers Within The Eu And Eea
By law, the SHARE regulation is generally applied to money transfers completed within the EU, plus the EEA countries of Iceland, Liechtenstein and Norway. However, since these countries are all part of the Single Euro Payments Area , money transfers between them are often free of charge anyway.
Backed by the European banking and payments industry, the SEPA scheme aims to make cross-border money transfers as efficient as those completed domestically. The same standards apply across all SEPA members, and money transfers are normally free when they only involve EU or EEA banks.
Western Union Exchange Rates: A Hidden Fee
Heres what Western Union say in the Send Money Online page² in the footnotes, relating to international transfers:
In addition to the transfer fee, Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
To really understand what Western Union means here, you need to understand a bit about the mid-market rate. Thats the only real exchange rate and the one that banks and financial institutions use when trading currency on the open market. You can check the mid-market rate using an online currency converter, or by googling the currency pairing you need.
And this is where customers should be wary. It is true that many foreign exchange and international money transfer services do not use the mid-market rate to complete transactions.
However, there are services out there, such as Wise, which believe it is fairer – and better value for customers – to use the mid-market rate and apply only a small transparent fee to each transaction.
In many cases, the spread applied by banks and foreign exchange services can add a significant cost to the customer. Using a provider who sticks as close as possible to the real exchange rate, can make a significant difference.
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How To Send Money With Western Union Canada And Get A 0$ Transfer Fee*
Once you have downloaded Western Union Canadas app, or accesed our website you will see it is quite easy to send money abroad. All you have to do is follow these steps:
3 If youre using a credit card, a card-issuer cash advance fee and associated interest charges may apply. To avoid these fees or for reduced fees, use a debit card or check other payment methods.
Research Exchange Rates Or Convert Before The Transfer
Many financial institutions use a marked-up exchange rate as part of their service fees. Because of this, some banks offer lower fees if you let them convert the funds before transferring, or if you provide the currency already converted. Contact your financial institution to see if this option is available.
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Typical Western Union Fees
Perhaps the most complex of the fees Western Union charges is their foreign exchange fees.
Foreign exchange, even in a perfect world with no fees, can incur costs. This is because of the way currencies change in relation to one another.
If you buy 10 British pounds for $20 today, there is a chance youâll only get $18 for those pounds tomorrow.
This is a natural occurrence in the forex market and should be factored in by every international business.
One fee that brokers often charge is called a bid-ask spread. The bid price is the amount a broker will buy a currency for the ask is how much they will sell it to you for. The discrepancy in these prices is what you pay in fees as the bid-ask spread.
Western Union uses something called the mid-market rate.
This mid-market rate is calculated by finding the average of all bid-ask spreads and then using the median of all of those averages as the going rate.
The mid-market rate itself is a fair price – one that doesnât earn Western Union any profit. To make a profit, Western Union will charge up to 6% on top of your transaction.
This places them in the realm of âgood, but not the bestâ when it comes to forex exchange rates.
Fees for an international transfer are quite varied with Western Union.
They vary based on how quickly the money needs to be received, where your recipientâs located, and how much money is being transferred.
Frequently Asked Questions About Sending Money
Sending money overseas is easy with our app. Hereâs how to do it:
Follow these steps to transfer money overseas from an agent location:
3 Network data valid as of 30th September 2021.
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A Straightforward Way To Send Money Overseas With Multiple Transfer Options
- Next-day delivery to most countries
- 24/7 secure online transactions
Western Union has a gigantic global network of agent locations and bank connections that makes it easy to send money to almost anywhere. Transfer money fast for higher fees, or a bit slower for lower fees, depending on your needs and resources.
However, given Western Unions history of customer complaints and lawsuits, maybe consider looking at smaller money transfer providers who have a better track record and also offer better exchange rates and lower fees. Having said that, Western Union will almost always be a cheaper option than your bank, especially when sending one-off transfers or to remote destinations.
Why should I consider Western Union?
What to be aware of
- Weak exchange rates. Unfavorable exchange rates will lead to less money going to your recipient and more to Western Union. Exchange rates offered by Western Union can be as high as 20% worse than the mid-market rate.
- Maximum transfer limits. There is a maximum limit on how much you can send online which is determined by which country you are sending to. However, agent locations typically have no limit, as long as you can provide adequate identification while sending.
- High fees. Nearly all transactions through Western Union will have a transfer fee attached, ranging from $3.50 to $100 or more. Occasional promotions and coupons may help, but always expect to pay a fee when sending money through Western Union.
What Are The Fees Associated With International Transfers
Knowing and understanding the reasons why international transfer fees are applied is important before you send money around the world. Whether theyre individual agency fees or exchange rate conversion charges, you should know where your money is going.
In this helpful guide, learn everything you need to know about international bank transfer fees. Understand the different types of fees applicable when sending money to other countries and territories and how foreign exchange currency transfers work.
Whether youre sending to or receiving money from another country, being well-informed of the fees you may be expected to pay when supporting loved ones from afar can help you budget.
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Fees On Foreign Currency Transfers
International currency transfer fees are calculated with both exchange rates and individual bank and provider fees in mind. Exchange rates fluctuate constantly and they also differ between institutions. So do the sending and receiving fees, which all contribute to conversion charges.
These foreign currency transfer fees are either charged at a fixed or percentile rate. Again, each differs depending on the decisions made by individual banks and providers. With this in mind, its best to shop around to compare international money transfer fee rates and get the right deal for you.
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Frequently Asked Questions About Western Unions Transfer Fees And Exchange Rates
Western Union charges vary depending on the destination, transfer amount and how quickly you want your money to arrive.
If you are sending money online: Western Union transfer fees from Spain start from 0 ⬠transfer fee1.
If you are sending money via the Western Union® app: Western Union transfer fees from Spain start from 0 ⬠transfer fee1.
If you are sending money in person: Western Union transfer fees from an agent location in Spain start from 2,90 ⬠transfer fee1. The exchange rates that will be applied and the transfer fees that you will be charged by Western Union, are explained in the money transfer form that will be provided to you at the agent location where you carry out the money transfer.
Note: If you are using a credit card4 to send money online or over the phone, a credit card issuer cash advance fee and associated interest charges may apply. You can avoid these fees by using a debit card.
If you are sending money online or with the app, you can get a free estimate anytime and without an obligation to send money later using our price estimator.
You can also get an estimate by visiting the send money form and entering your destination and the amount youâd like to send.
Transfer fees and exchange rates provided are estimates only and are not guaranteed. Additional taxes and fees may apply.
When you make a money transfer with Western Union, our transfer fees and exchange rates are always transparent.
Countries Locations And Currencies Available To Receive Money
Below is a list of most of the countries and their currencies used for Western Union®’s International Money Transfer Service. Use the link below to check most of the locations available to receive the money.
* Call the customer service center to see the latest information for the countries, locations and currencies available to receive money.
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How Can I Avoid Western Union Fees
If you pay online by bank transfer or by card, youll usually avoid paying Western Unions transfer fee. By paying online youll usually get a better exchange rate too. If your recipient is happy to receive the funds direct to their account, rather than picking up cash, that can also help you to access the best exchange rates Western Union offers.
Western Union also now accepts payent through Klarna. Looking at Western Unions own calculator, we found that the rates and fees when paying with Klarna were most closely aligned with the rates and fees for paying by bank transfer.
Wise Vs Western Union: A Comparison
If you choose to send money with Western Union, from the US to UK, its only possible to do so by having the recipient pick up the cash from a Western Union location.²
Sending money online with Wise lets you send money at the real exchange rate and avoid exchange rate markup charges.
Heres a comparison of what the costs will be to send USD 1000 to GBP, using both Wise and Western Union. In both cases, this assumes the transfer is funded by a bank account – not credit or debit card – and processed by wire transfer.
| Fee* |
|---|
| 734 |
Data collected on 18 December, 2020
With Wise, you simply get 10 on your transfer, with the real exchange rate despite a higher upfront fees. This is how Western Union sneaks in hidden fees to your international transfers.
Its worth noting that the costs could be significantly higher if you want to use a different payment method.
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A Complete Guide To Western Union Transfer Fees
Western Union, being such an old and large company, has a somewhat complex fee structure.
Many fees vary depending on where you are, where the money is going, and how much money is moving. Weâll try to clear up some of that murkiness here, so you donât have to!
Below is a breakdown of every Western Union fee.
Western Union Fees For Sending Money In Person
With 500,000 agents around the world, the changes are that theres one somewhere near you if you want to arrange your payment in person. Visiting a Western Union office means you can deal face to face with a customer service agent and pay in cash. However, you may find that the overall costs of your payment are higher when using this service.
Youll see from the example above that sending your payment in cash comes with a fixed fee – in our example, this is USD9. However, the exchange rate applied to this transfer is the lowest of the three on offer. This means your recipient gets less in the end, no matter whether your payment is collected in cash or sent to their bank account.
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How Much Does It Cost To Send Money Western Union
With Western Union, you can make a transfer to a bank account, or have the recipient collect the cash from a Western Union location somewhere convenient for them.¹ Its possible to fund transfers using cash, bank transfer, credit or debit card.²
However, the costs can be high if youre sending money using a credit or debit card, or if your transfer is headed abroad.
If you need to make a transfer directly to another bank account, which requires a currency conversion, you might be better off choosing a specialist in international money transfers like Wise.
Are There Any Limits
When sending money online with Western Union, there are some limits to consider.
If you want to send more than £799.99 GBP in a 5-day period, then youll be asked for some additional verification information.²
Once your account is verified, your online limit will be increased to £4,000 GBP within a 3-day period.² This is for payments where cash pickup is the chosen collection method.
If you want to send a bank-to-bank transfer, the upper limit will be £50,000 GBP per transfer.² However, this will depend on where youre sending your money.
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How Much Are Western Unions Transfer Fees
Western Union has different fees for nearly every country it sends to, and weve seen fees range from as low as $3.50 up to $100 or more. These fees depend on how you are paying for the transfer and how the transfer will be collected. Agent location fees arent typically posted online, but Western Unions online fees are based on:
- Location. The fees you pay will be different when sending to different countries around the world.
- Payment. Paying with a credit card versus a debit card or a bank account will have different fees. Keep in mind that if you choose to pay with a credit card, you may be charged fees by your credit card provider too.
- Receiving method. Picking up cash is typically more expensive than having money sent straight to a bank account.
When sending money to China from the US for cash pickup, here are the fees we encountered using Western Unions price estimator tool on November 21, 2022:
| Sending $1,000 to |
|---|
Fees for money transfers within the US
The cost to send money within the US via Western Union depends on the amount you are sending, your payment method and how your recipient would like to receive their cash. To send $100 from your bank account to their bank account still carries a significant fee of $14.00.
Sending the same amount from your credit card as a cash pickup will cost you $20.50. The maximum you can send in one day is $5,000 which would cost you $243 with a credit card and $50 via bank transfer.