When you need to transfer money overseas, you have a lot of options. Western Union is one of the global leaders in international money transfers, but newer companies like Ria offer competitive rates, which can help you save money.
Western Union’s fees vary depending on the destination country, transfer amount, payment method and receiving method. Transfer fees start at $1.99 for transfers to bank accounts, assuming you pay by debit or credit.
But fees can shoot as high as $100+ if you’re paying by cash (in store) for cash transfers in large amounts.
That being said, online transfers to some countries come with zero fees.
Ria
Money transfer fees with Ria also vary based on the destination country, transfer amount, payment method and receiving amount. It’s generally cheaper to pay by debit and send to a bank account than it is to pay by credit and send funds for cash pickup.
Fee amounts typically start around $3 but can go as high as $65 for transfers at the maximum amount ($2,999).
As with Western Union, some types of transfers come with zero fees.
Winner: Tie
Western Union and Ria both offer zero-fee transfers to some countries, and both are fairly inexpensive for sending small amounts. While Ria’s fees don’t go as high for large transactions, you can send more with Western Union, which explains its potentially higher fees.
Which offers better exchange rates?
The midmarket rate is the “true” exchange rate between 2 currencies, or the real value of one currency when exchanged for another currency. The exchange rate you get from money transfer services like Ria and Western Union is the midmarket rate minus a small fee worth a percentage of the midmarket rate. This fee is sometimes referred to as a markup on the exchange rate.
A lower exchange rate means more of your money is pocketed by the transfer service and your recipient gets less money. A higher exchange rate means the transfer service pockets less of your money and more goes to your recipient.
Western Union
Depending on the country you’re sending money to, a typical exchange rate at Western Union can be anywhere between 1% and 6%+ less than the midmarket rate. For perspective, a 4% markup on the exchange rate means you could lose hundreds of dollars on very large transfers.
Here’s how Western Union’s exchange rate markup could work if you’re sending CAD to euros (EUR):
If the midmarket rate is 1 CAD = 0.7165 EUR
Western Union’s exchange rate might be 1 CAD = 0.6969 EUR (2.74% markup)
Ria
Ria takes a substantially smaller margin than Western Union, typically between 1% and 3%.
Here’s how Ria’s exchange rate markup could work if you’re sending CAD to euros (EUR):
Ria’s competitive exchange rates give it an advantage over Western Union.
Which is faster?
Western Union
Western Union’s transfer speed varies depending on the type of transfer. Sending money for cash pickup can take just minutes, but sending money between bank accounts can sometimes take up to 4 business days.
Ria
Ria’s transfer speed also depends on the way you send money. When you use your credit or debit card, transfers typically arrive within 15 minutes. Transfers funded from your bank account can take up to 4 business days.
Winner: Tie
Both Western Union and Ria offer transfers that can arrive within minutes and transfers that can take up to 4 business days. There’s no clear winner here.
Western Union vs. Ria: Sending $1,000 to India
Here’s how fees, exchange rates and transfer speeds break down if you send $1,000 from Canada to India through Western Union and Ria. In this example, we assume funds are sent to a bank account, payment is made by debit and the fee is charged on top of the sending amount (not deducted from it). This information is current as of March 18, 2022.
Western Union
Ria
Transfer fee
$1.99
$0
Exchange rate
1 CAD = 59.2923 INR
1 CAD = 59.148766 INR
Transfer speed
Minutes
Minutes
Total received
59,174.31 INR
59,148.77 INR
In this case, Ria’s transfer fee is lower, but Western Union offers a stronger exchange rate, resulting in your recipient getting more money. This is why it’s important to check all the details of your transfer. Lower fees might not mean your recipient gets more money. Conversely, a stronger exchange rate might not mean every other features of a transfer service is better as well.
Western Union
Ria
Availability
200+ countries
Approx. 160 countries
Fees
Starts around $1.99 ($0 fee for some transfers)
Starts around $3 ($0 fee for some transfers)
Exchange rates
Typically between 1% and 6%
Typically between 1% and 3%
Speed
Minutes up to 4 business days
15 minutes up to 4 business days
Transfer limits
Minimum: $1.00
Maximum: $7,500 CAD per online transfer. Send more in person at an agent location. Additional receiving limits may apply based on the destination country.
Minimum: $1.00
Daily maximum: $2,999
30-day maximum: $7,999
Payment methods
Debit
Credit
Bank transfer
Cash
Debit
Credit
Bank account
Cash
Receiving methods
Cash pickup
Direct deposit to bank account
Mobile wallet
Cash pickup
Direct deposit to bank account
Home delivery (available for select countries)
How it works
Visit Western Union’s website or login to its mobile app.
Select the destination country.
Enter the sending or receiving amount.
From here, you can see the exchange rate and the total cost. Choose your payment method and the way you want the money received.
Enter your receiver’s details, and complete the transaction.
Visit Ria’s website or login to its mobile app.
Enter the destination country, sending amount, currency, payment method and receiving method. You can see details like the fee, receiving amount and transfer time.
Enter the recipient’s information.
Enter the details of the receiving method (i.e. bank deposit)
Enter your payment information, and complete the transfer.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Western Union and Ria offer similar options, but you can potentially save money with Ria’s competitive exchange rates. Of course, you should always compare your options to find the service that best fits your needs.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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Winner: Tie
Western Union
Ria