Western Union is considered to be among the biggest businesses in the money transfer service. They have a firm grip in the market, with operations in more than 200 countries and countless satisfied clients around the world. Their fund transfer services can easily be accessed using their online website or from any one of their many pick-up places. They have more than 500,000 pick-up locations around the globe, and you can easily locate one near you. They have continuously maintained a trustworthy track record and a customer friendly mindset. The company was founded almost 167 years ago, and over the years, they’ve been a pioneer in their industry. In this review, I will show you a few of the most important functions of Western Union and my personal take on its services.
Funds transfer with Western Union
Transferring money is quite simple with Western Union. It’s even easier if you do it online! I tried it and realized it to be quite fast and user-friendly. They also developed a mobile app. All you have to do is register for an account. Once it is ready, you can quickly start transferring money all over the world. Just enter the amount of money and the currency in which you wish to transfer money to, then proceed to the payment. Just like that, Your transaction is done! Before you make any transfer, you can also see the fee and currency exchange rate of the transaction. Towards the end, you will also be notified of the approximate receiving date. They have multiple payment choices: debit cards, credit cards, and direct payment from your bank account. In just a couple of moments, your transfer is all done. You can also make your funds transfer by visiting a local pick up point. Submit all the details for sending your funds, and your money is instantly on its journey to its destination. Isn’t it just so simple?
Transfer fees and currency exchange rate
Western Union’s transfer charge is low in comparison to most service providers. They provide one of the best fees in the market. See? I have compared its transfer fee and currency exchange rate with two other significant companies. They are 2 new and upcoming firms, WorldRemit and Xendpay. Here I have compared their transfer fees with Western Union’s. I sent different amounts from the United Kingdom to many locations and compared their results.
|Country||Amount sent||Western Union||WorldRemit||Xendpay.com|
It’s quite obvious that for £ 100 Western Union’s charges weren’t the best. But for bigger amounts, like GBP 1000 and GBP 10000, Western Union’s fee was the most affordable.
In the same way, the currency exchange rate provided by all are also reviewed here. I found that the rates offered by all three had little variation between them. Western Union doesn’t provide the best exchange rates of them. However, it still was much better than lots of others in the market.
Western Union Quick Collect
Were you aware that Western Union also offers a service to help their customer with the online bills payment? It makes paying your electrical energy bills, home mortgages, and telephone bills quite easy, irrespective of what country it’s in. You can also buy from eBay using this facility. Quick Collect is present on Western Union’s website and mobile app. You can utilize your credit/debit card to complete your payments.
Western Union Speedpay
Speedpay is another awesome product which provides payment solutions to businesses through Western Union. It helps them to carry out large financial operations. It can be utilized to make payments to the customers or receive payments from their users. Typically, these services are needed by organizations that manage a big number of payments on a monthly basis to different parties. Speedpay turned into a subsidiary of Western Union in 2002, and it has been a benefit to many organizations.
An introduction to Western Union Netspend prepaid card
The WU Netspend card is an outcome of a fresh collaboration between Western Union and Netspend. This gives you all the benefits of a Netspend card along with all the benefits of using Western Union. You can make payments for all your bills, make overseas money transfers, fast online transfers, and cash from ATM machines with this pre-paid card. Along with all this, you can gain money back rewards on a few of your purchases. They also offer a Refer-a-friend program. With this, whenever the individual you referred loads a minimum of $40 on his prepaid card, you get a $20 credit as a reward for getting the word out.
My concluding remark
Western Union represents reliability and persistence in its work. They get awesome reviews from their customers. Now they are introducing new products and services that everyone can enjoy as well. But they are still quite dedicated to their primary service of money transfers. In my view, one of the biggest improvements Western Union could attain would be their currency exchange rate. Emerging businesses are providing much better exchange rates and even much better deals, which could put WU out of business one day. Nevertheless, even after having a substantial amount of competitors, Western Union is still among the top companies for transferring cash anywhere you wish it to go.