When you need to transfer money overseas, you now have many options to choose from. Western Union is perhaps the most well-known international money transfer service, but newer companies like Ria offer competitive rates to save you money.
Western Union and Ria both offer online and in-person transfers.
Western Union
To transfer money online with Western Union, visit its site, enter the amount you’re transferring and to where, and confirm how much to pay for the exchange. Once complete, Western Union converts and delivers your money to a bank account or for cash pickup at locations worldwide.
Ria
To transfer money online with Ria, go to its site, enter the amount you’d like to transfer and to which country, and choose your payment and pay-out methods. On the same page, you’ll see the exchange rate and transfer fee for your particular exchange.
Western Union’s fees vary depending on how much you’re transferring, how you’re sending it and where you’re sending it to. Most transfer fees start at $5, but they can skyrocket to $45 or more if you’re paying by credit or debit card or for cash pickup in certain countries. However, some transfers to high-traffic countries such as Mexico or India offer no-fee transfer options.
Ria
Money transfer fees with Ria also vary by payment method, country and the amount you’re sending. The cheapest way to send money is by bank transfer, with a typical fee that’s lower than $5. However, fees for credit card payments can be as high as $45.
Winner: Tie Western Union and Ria offer similar transfer fee options. Although if you’re planning to pay by bank transfer, Ria may have a slight edge.
Which 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. Let’s take a look at the rates that Western Union and Ria offer compared to the mid-market rate.
Western Union
Depending on the country you’re sending money to, Western Union markup ranges from 1% to 5% above the mid-market rate. This means that If you’re sending a large amount overseas, hundreds of dollars go straight into Western Union’s pocket.
Ria
Ria takes a much smaller margin than Western Union and their markup typically adds to 1.5% to 2.5% to the mid-market rate.
Winner: Ria Ria’s competitive exchange rates make them the winner.
Which is 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). Transfers from your bank account can take two to five business days
Ria
Ria’s transfer speed also depends on the method that you choose to send your money. When you use your credit or debit card, the exchange typically takes 15 minutes or less. Transfers from your bank account can three to five business days
Winner: Western Union
Both providers offer similar transfer speeds but Western Union just pips Ria to the post.
Which 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; $50,000 maximum varies by method and payment
Bank transfer, cash pickup, e-wallet
Bank transfer takes 2 – 5 business days
200+ countries
Ria
Bank account, credit or debit card, cash
$1 minimum; $2,999 a day or $7,999 a month maximum
Bank transfer, cash pickup
Bank transfer takes 3 – 5 business days.
144 countries
Case study: sending $1,000 to Italy
Imagine that you’re sending $1,000 to your aunt who has recently moved to Italy. Here’s what an online bank-to-bank transfer would be with Western Union and Ria.
Western Union
Ria
Transfer fee
$0
$0
Exchange rate
1 USD = 0.9168 EUR
1 USD = 0.9145 EUR
Transfer speed
2-5 days
3-5 days
Total received
916.80 EUR
914.50 EUR
With Western Union, you get a stronger exchange rate and your aunt gets 2.30 euros more.
Bottom line
Western Union and Ria offer similar options, but are both more expensive than online money transfer providers. Based on our analysis, Western Union is a better option as they have a more extensive network and offer discounts for new customers. Of course, you’ll want to compare your options to find the service that best fits your individual needs.
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.
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.
Gabrielle Pastorek is an SEO strategist and publisher at Finder, specializing in banking. She's written more than 800 articles on the site and is a quoted expert in Best Company, HuffPost, Reader's Digest, MSN and MarketWatch. She's secured interviews with key stakeholders in the consumer insights industry, including a senior director at the National Retail Federation. Gabrielle has edited several creative manuscripts and holds an MFA from the University of Pittsburgh and BAs in English and French from Ohio University.
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.
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Western Union
Ria
