Western Union vs. CurrencyFair

We compare a household name in international money transfers with a newer, simpler way to pay.

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Western Union is a household name for money transfer and other financial services, but it’s no longer the only option out there. Newer companies like CurrencyFair offer competitive exchange rates through peer-to-peer services to earn your business loyalty.

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CurrencyFair is not available in the US. Instead, a great alternative we recommend is XE Money Transfer. You can expect a similar experience sending money with XE as most details of the service, such as fees and currencies, are the same as CurrencyFair.

Read our full review of XE Money Transfer or click the Go To Site button on this page to be taken directly to its website.

Western Union chasebank
Fees Fees start at $5 On average, customers at the moment pay around 0.38%
Exchange rates Up to 6% above the mid-market rate Exchange rate varies by user
Speed Varies from minutes to 5+ days 2–4 business days
Max Transfer Amount Varies by method and payment No limit
Read review Read review

Western Union and CurrencyFair: How they work

Both services offer online transfer options.

Western Union

To use Western Union, you go to its site, enter how much you’re transferring and to where, and see how much you’ll pay for the exchange. (You also have the option of visiting an office, calling or using a mobile app to initiate a transfer.) Once complete, Western Union converts and delivers your money to a bank account or for cash pickup at locations worldwide.
Read review: Western Union


For CurrencyFair, you go to its site and set an exchange rate you want on your currency. You’re then matched with someone who wants to exchange money with you. After your currency is converted, CurrencyFair transfers it to your recipient’s bank account.
Read review: CurrencyFair

Who offers lower fees?

Western Union

Fees vary depending on how much you’re transferring, how you’re sending it and where you’re sending it to. While most transfer fees start at $5, they can reach as high as $45 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, though, some agents offer fee-free transfer options.


When customers exchange money on CurrencyFair, CurrencyFair charges a fee of the total amount. If you’re able to find another CurrencyFair user with whom you can exchange your money, CurrencyFair charges 0.15% of the total transfer amount. If you exchange with CurrencyFair, that percentage jumps to 0.4% to 0.6%.

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If you can find another CurrencyFair user to exchange with, you’ll pay 0.15% of the transfer total — a bargain compared with Western Union.

Compare other transfer services

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 1 - 2 days USD 0.00 18.693 MXN 93,467 Offering no maximum and no minimum limit transfers with $0 fees. Go to site Show details
USD 1 1 - 2 days USD 50.00 18.787 MXN
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 3.99 18.708 MXN 93,467 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. Go to site Show details
GBP 1,000 1 - 2 days USD 0.00 18.599 MXN 92,997 Exclusive: Minimum transfer of $1,000 for Finder readers (normally $5,000).
For larger transfers, get no transaction fees and no maximum send limits.
Go to site Show details
USD 1,000 1 day USD 0.00 18.599 MXN 92,997 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
USD 5,000 1 day USD 0.00 18.599 MXN 92,997 Venstar will support you through the entire process of your international transactions, from start to finish. Go to site Show details

Compare up to 4 providers

Who offers better exchange rates?

To understand who offers better exchange rates, you’ll need to first look at the mid-market 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.

We’ll look at the rates that Western Union and CurrencyFair offer compared to the mid-market rate.

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 mid-market rate. If you’re sending a large amount overseas, this means hundreds of dollars that goes straight into Western Union’s pocket.

We’ll use the example of a transfer to euros (EUR):

  • If the mid-market rate is 1 USD = 0.96 EUR
  • Western Union’s exchange rate might be 1 USD = 0.88 EUR


CurrencyFair takes a much smaller margin than Western Union, with rates that are usually within 0.5% of the mid-market rate.

Using the same example of a transfer to euros (EUR):

  • If the mid-market rate is 1 USD = 0.96 EUR
  • CurrencyFair’s exchange rate might be 1 USD = 0.95 EUR

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CurrencyFair edges out Western Union with competitive exchange rates. Its website also provides a handy side-by-side comparison of its exchange rate and fee versus what your bank might offer you for an identical transfer to help you make an informed decision.

Who’s faster?

Western Union

Western Union’s delivery speeds vary, depending on your transfer options. At an agent location or by phone, your transfer could be delivered in minutes (at higher costs). Your cheapest options could take five days or longer, depending on the country.


With CurrencyFair, your recipient will receive funds within 1 to 4 business days, depending on your recipient’s location.

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Winner: Tie

CurrencyFair gets bonus points for being upfront about when your recipient will have access to the money, and with no extra fees, while Western Union can offer nearly instant transfers but at higher costs.

Who offers more options?

Payment Methods Minimum and maximum transfers Delivery methods Transfer speeds Countries and currencies
Western Union Bank account, credit or debit card, cash $1 minimum; maximum varies by method and payment Bank transfer, cash pickup, e-wallet Varies from minutes to 5+ days 200+ countries
CurrencyFair Bank account, credit or debit card (Irish only) $1 minimum; no maximum Bank transfer 1–4 business days 18 countries

Send $1,000 to Australia

Let’s say you want to send $1,000 to your sister who’s traveling in Australia. Here’s what an online bank-to-bank transfer would like with Western Union and CurrencyFair.

Western Union CurrencyFair
Transfer fee $5 $3
Exchange rate 1 USD = 1.27 AUD 1 USD = 1.32 AUD
Transfer speed 7 days 3 days
Total received 1,274.32 1,316.50 AUD

Bottom line

Western Union offers flexibility in terms of transfer methods, but CurrencyFair comes out on top when comparing nearly every other aspect of your money transfer.

Of course, you’ll want to compare your options to find the service that best fits your individual needs.

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