5 Cheaper Money Transfer Alternatives to Western Union
Western Union is maybe the most well known name in money remittance. Just because they’ve been around the longest, doesn’t mean they should be the company you use though. There are many alternatives to Western Union that can offer you a safe and fast transfer, while saving you some money!
Today, there are many companies like Western Union that are cheaper and more convenient. When it comes to making your next international money transfer, have a look at some of Western Union’s competitors. We’ve got our top 5 similar companies listed below.
5 Similar Sites to Western Union
Below, we’ve listed 5 companies that are cheaper competitors to Western Union. We’ve taken their level of convenience, cost and security into consideration so you can decide who to use for your next international money transfer.
InstaReM is an excellent alternative to Western Union. They offer the wholesale or 'mid-market' exchange rate. This means you don't need to worry about hidden fees or loaded exchange rates.
We also like them because their fees are generally much lower. They usually range between 0.25% and 1% and are clearly explained and calculated. InstaReM have an easy to use website and app but unlike Western Union, do not offer cash pick-up as an option.
They support international money transfers from over 55 countries in more than fifty currencies. If you’re making an online transfer, it is definitely worth looking at InstaReM as an alternative to Western Union.
- Great exchange rates across a range of currencies and amounts.
- Low fee
- Access to 24/7 customer support.
Learn more about InstaReM
Customers that have used Western Union are likely to feel comfortable using WorldRemit. The most important thing that Western Union and WorldRemit have in common is cash pick up. While WorldRemit don’t offer it for every location they can transfer money to, it’s worth checking. Often you will find the rates they off are better than Western Union’s exchange rates.
It's also important to know what makes them different. You can make a higher transfer with WorldRemit. While Western have a transfer limit of $5,000 you can send up to $10,000 with WorldRemit, depending on the currency.
- Very low fees and excellent exchange rates for transfers to India, the Phillipines, Africa and South America.
- Their website and app is easy to use and allows you to pay by credit or debit card.
- Great alternative when you need cash pick-up.
Learn more about WorldRemit
OFX is another excellent alternative to Western Union. We like them because their rates and fees are generally much lower. You can also make much larger transfers with them, if you need to. OFX have an easy to use website and app but unlike Western Union, do not offer cash pick-up as an option.
They are also one of the larger global transfer companies. They support international money transfers from over 190 countries in more than fifty currencies. If you’re making an online transfer, it is definitely worth looking at OFX as an alternative to Western Union.
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- After 20 years, OFX is one of the oldest money transfer companies and they have the expertise to go with it.
- Their rates are often better than the banks, especially for larger transfers.
- 24/7 phone support.
- They have a minimum transfer amount of $250
- Receiving or intermediary banks may charge fees on transactions
Learn More About OFX
If you want to use a large and established company, XE could be the one for you. They are one of the few companies on this list that are as large as Western Union. They are a really good option for making transfers online. Unlike Western Union, XE do not charge any fees and generally have much more competitive exchange rates.
Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending.
- Have competitive exchange rates.
- They don't charge any fees or commission for making a transfer.
- Large and well established global reach.
Learn more about XE Money Transfers
If you have an account, you may have considered making an international money transfer with PayPal. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.
If you’re thinking of using PayPal as an alternative to Western Union, it’s important to keep a couple of things in mind. PayPal doesn’t offer cash pick up, and the person you’re sending money to must also have a PayPal account. Finally, know that PayPal isn’t necessarily cheaper than Western Union.