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 not as big or well known as Western Union. What it lacks in size, it makes up for in exchange rates. InstaRem offers excellent exchange rates and clear, low-cost fees. They also help customers from all over the globe, send money home or to friends and families just like Western Union.
Where they differ is their online and offline services. InstaRem is a remittance service that is online only. This means, it doesn't offer branches, stores or agents like Western Union. It also means that they can keep theirs costs relatively low, allowing them to offer better exchange rates and lower fees.
- Have competitive exchange rates.
- Clear, low cost fee structure.
- Products and services for business.
Learn more about InstaRem
Western Union are good at sending money to countries in South America, Asia and Africa through their massive network of agents and physical locations.
Similarly, Remitly are excellent at sending money to these countries, but online via your computer or mobile app.
In many cases, they are far cheaper than Western Union, because they are online only. They don't have the extra costs of having to deal with physical locations. While this means their service offering may be more limited, their process of sending money online is so much easier.
- Remitly offer to send your money "Express" which is faster, but comes with a higher fee or "Economy" which is cheaper, but can be slower
- A very good option to send money online to South America, Asia or Africa
- 24/7 customer support online or over the phone
Learn more about Remitly
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 Philippines, 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.
Fee Free Offer
The Currency Shop has partnered with OFX to offer fee free money transfers. Click on this offer, register your details and avoid paying a fee to transfer money overseas.
- 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 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.