Western Union is a familiar name in the money transfer business, and nearly everyone has a bank account. But which should you use when sending money to friends and family? Western Union is typically cheaper than a bank but is still more expensive than other money transfer providers.
Both major US banks and Western Union can send your money next door or to the other side of the world.
Western Union
To make a transfer with Western Union, go to its site, enter how much you’re transferring and to which country, and see how much you’ll pay for the exchange. Once complete, Western Union converts and delivers your money to a bank account or for cash pickup at locations worldwide. You can also initiate a transfer by phone, through a mobile app or in person. Read review: Western Union
Major US bank
Bank wire transfers are a quick, efficient way to move your money from one bank account holder to another through banking networks. While in the past you had to visit a bank branch to initiate a money transfer, these days most banks allow you to initiate transfers online and by phone as well. However, delivery options are typically limited to bank account deposits.
Who offers lower fees?
Western Union
For domestic transfers, Western Union typically charges $5.99 to send up to $50 for cash pickup anywhere in the US, with the transfer fee soaring to about $100 for a transfer of $1,000. For transfers to a bank account, you’ll pay lower fees: $5 for transfers up to $50 and about $45 to transfer $1,000.
For international transfers, figuring out your transfer fee can be muddied. Although most fees start at $5, they can be as much as $45 or more when paying by credit or debit card for cash pickup in certain countries. When sending money to high-traffic countries such as Mexico or India, however, some agents offer fee-free transfer options.
Major US bank
While most major US banks offer free bank-to-bank domestic transfers —or waive fees for specific account levels — they’re typically your most expensive option when sending money internationally. Banks charge higher fees — anywhere from $25 to $85 or more, depending on the details of your transfer — and a bigger variety of fees: incoming, outgoing and other fees.
On top of high fees, they offer weaker exchange rates than money transfer specialists. They also offer fewer options for your recipient, typically requiring they have a bank account in which to receive your cash.
Winner: Western Union
For international money transfers, Western Union’s typical starting fee is lower than your average fee at a major US bank. Not to mention more ways for your friends and family to receive your cash.
Compare other transfer services
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
To understand who offers better exchange rates, you’ll need to first look at the midmarket rate. This is the true exchange rate that averages the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.
Western Union
Depending on the country you’re sending money to, a typical exchange rate at Western Union could be up to 6% above the midmarket rate. If you’re sending a large amount overseas, this means hundreds of dollars that go straight into Western Union’s coffers.
We’ll use the example of a transfer to euros (EUR):
If the midmarket rate is 1 USD = 0.96 EUR
Western Union’s exchange rate might be 1 USD = 0.88 EUR
Major US bank
Nearly all banks skew the published exchange rate for a profit, but you could pay higher margins than even those at Western Union.
Using the example of a transfer to euros (EUR):
If the midmarket rate is 1 USD = 0.96 EUR
Your bank’s exchange rate might be 1 USD = 0.86 EUR
Winner: Tie
Unless you’re transferring a considerable sum of money, the difference in exchange rates offered by Western Union or your bank is negligible. Though Western Union may offer rates that are slightly better, depending on where you’re sending your money.
Who’s faster?
Western Union
Delivery speed varies with transfer options. At an agent location or by phone, your transfer could be delivered in minutes — at higher cost. Your cheapest options could take five days or longer, depending on the country.
Major US bank
While delivery speeds vary by bank, your recipient would wait up to a week to receive their money.
Winner: Western Union
Both Western Union and your typically US bank will take many days to deliver an international money transfer. However, Western Union offers expedited service that could shave that time down to minutes, depending on where you’re sending it.
Depending on your transfer method and speed, Western Union could offer you lower fees and better exchange rates than your typical US bank will. It also offers your recipient ways to get your cash beyond a bank account.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Andrew Munro was the global cryptocurrency editor at Finder, covering all aspects of cryptocurrency and the blockchain. Andrew has a Bachelor of Arts from the University of New South Wales.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
From bank transfers to specialist money transfer companies, there are several options available when you need to transfer money overseas from your bank account.
If you need to transfer money overseas using your credit card, you can do so via your bank, MoneyGram, Western Union and PayPal. This can be useful in emergency situations, but credit card transfers are usually not a cost-effective option.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Western Union
Bank Transfers
