Are you tired of paying exorbitant fees when sending money abroad? You’re not alone.
Enter Western Union and WorldRemit.
One has been around for over 150 years 😵💫, covers most countries, and boasts a large range of currency options, while the other offers affordable fees, competitive exchange rates, and lightning-fast transfer times. Both offer cash collection, making it even harder to choose.
In this post, we dive deep into each service’s nitty-gritty, including fees, transfer times, cash pickup options, and more, so you can make the best pick.
Overview
| Western Union | WorldRemit | |
|---|---|---|
| New user incentive | $0-fee first transfer | No fee on the first 3 transfers using our code |
| Fees and costs | ⚪ | 🟢 |
| Safety | ⚪ | 🟢 |
| Transfer speed | 🟢 | 🟢 |
| Transfer limits | 🟢 | ⚪ |
| Ease of use | 🟢 | 🟢 |
| Customer reviews | 🟢 | 🟢 |
| Availability | 🟢 | ⚪ |
| Try Western Union | Try WorldRemit |
Western Union vs WorldRemit: Company Comparison
Western Union
Western Union is a global financial services company that has operated for over 150 years. The company provides money transfers, bill payments, and prepaid cards.
It has a vast network of 500,000 agent locations and operates in over 200 countries with over 130 currencies available. This makes it ideal for people wanting to fund transfers by depositing cash worldwide at agent locations.
New customer incentives: The first transfer for new users is fee-free. You can also signup for the My WU Rewards program which enables you to collect points that can be used to reduce the cost of transfer fees.
WorldRemit
WorldRemit is a digital money transfer company founded in 2010. The company provides international money transfer services to over 130 countries in 70+ currencies.
WorldRemit allows you to send money to bank accounts, mobile wallets, and cash pickups at agent locations.
New customer incentives: No fee with the code 3FREE. On top of it, WorldRemit offers a referral program that starts once you make your first transfer. Click on the “refer a friend” button and send out the referral code to friends and family. When they sign up and transfer £75+, WorldRemit sends a £25 voucher that can be used on transfer fees. The voucher expires in 12 months.
Both companies allow for cash pick-up services, but Western Union offers its services in more countries and has more agent locations compared to WorldRemit.
See our review of WorldRemit.
Fees and Costs Comparison
| Western Union | WorldRemit | |
| Transaction Fee | Varies by amount, destination, and payment method. It can cost up to $75 for cash pickup and $35 for bank transfers. | Typically ranging from $0.99 to $4.99. For example, sending $1,000 from the US to Mexico for cash pickup can cost as low as $3.99. |
| Exchange Rate | Markup applied. | Markup applied to the mid-market rate. |
| Credit Card Fee | Varies depending on the card used. | Typically ranges from 0% to 4%, depending on the payment method. |
| The minimum Limit | Varies depending on the country and payment method. | Generally, $1 can vary depending on the country and payment method. |
| Maximum Limit (24 hours) | Up to $10,000 for online and agent transfers and up to $50,000 for bank transfers. | Varies depending on the country and payment method. |
| Total Amount Upfront Quote | No, the final amount may differ due to exchange rate fluctuations. | Yes, the exact amount the recipient will receive is displayed before the Transaction is completed. |
| Fee-Free First Transfer | Occasional promotions are offered for new customers. | Regularly offers fee waivers or Discounts for new customers. |
Verdict: WorldRemit offers lower fees than Western Union.
Exchange Rate Comparison
Western Union: Their exchange rates vary and they add a markup to the mid-market rate. They can also charge further fees for the currency exchange.
WorldRemit: Adds a markup to the mid-market rate which can vary and isn’t always clearly disclosed.
Verdict:
Western Union may charge an additional currency exchange fee which can make international transfers expensive. However, WorldRemit isn’t as transparent about the markups that it adds to foreign exchanges.
Safety Comparison
Western Union: Subject to regulation by various regulatory bodies in different countries. The Western Union is regulated by Financial Crimes Enforcement Network (FinCEN) in the USA and Financial Conduct Authority (FCA) in the UK. The European Central Bank (ECB) regulates Western Union in the EU.
The company implements various security measures to protect its customers, such as fraud prevention tools, encryption, and identity verification checks. However, some negative reviews of fraud and scams have been reported online.
WorldRemit: Subject to regulation by several regulatory bodies in different countries. In the UK, WorldRemit is regulated by the Financial Conduct Authority (FCA); in the USA, WorldRemit is regulated by the Financial Crimes Enforcement Network (FinCEN); in Canada, WorldRemit is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
The company employs several security measures, such as two-factor authentication and encryption, to protect its customers’ information and transactions. The company generally has positive customer reviews and is rated highly for its security measures.
Verdict:
Western Union and WorldRemit are both monitored by regulators around the world. However, Western Union’s scam and fraud problem is a significant downside compared to WorldRemit. Therefore, we recommend WorldRemit as the safer option.
Transfer Speed Comparison
Western Union: You can send money for cash pickup within minutes at one of their agent locations worldwide. Online transfers can take anywhere from 1-2 business days up to several days depending on the destination country, the transfer amount, and the payment method.
WorldRemit: Delivery times can range from a few minutes to a few days, depending on the selected option and destination country.
Verdict:
Western Union’s cash pickup option is generally faster, with transfers available within minutes at agent locations. However, WorldRemit offers more reliably fast online international transfers.
Ease of Use Comparison
Account Setup:
Setting up an account with Western Union and WorldRemit is straightforward. You’ll need to provide your details and a valid form of identification before you can start transferring money.
Payment Methods:
Western Union and WorldRemit’s payment methods include direct bank transfers, debit/credit cards, and cash deposits.
Mobile Apps:
Western Union and WorldRemit offer mobile apps that can be downloaded on iOS and Google Playstore. These apps allow users to transfer money, track transfers and manage their accounts from their mobile phones.
Transfer Limits:
Western Union’s maximum transfer limit is $50,000 for verified users and $3,000 per day for unverified users. It also has a minimum transfer of $20.
WorldRemit allows US users to transfer up to $5000 per transaction and up to $9000 per day.
Customer Review Comparison
Western Union
Western Union has a Trustpilot score of 3.9/5 with over 43,000 Reviews. The company also has 4.6/5 out of 261,000 reviews on the Android store, and 4.8/5 out of 578,000 reviews on the Apple store.
Users have been pleased with the company’s widespread agent locations as it can be an additional form of support that makes money transfers easy.
However, several users have complained about lengthy delays in their international money transfers.
WorldRemit
WorldRemit has a 4/5 star rating on Trustpilot with over 67,000 reviews. It also has 4.7/5 stars with over 151,000 reviews on the Android store and 4.6/5 stars on the Apple store with over 159,000 reviews.
Users appreciate how WorldRemit’s app is easy to use and how the transfer times are relatively accurate. However, some users have issues with WorldRemit’s customer support team and problems with receiving refunds.
Western Union’s transfer time delays are a significant downside. WorldRemit users experiencing issues with refunds is also a major downside to consider.
Verdict
Western Union and WorldRemit have similar customer satisfaction levels (as expressed by their ratings). The general sentiment also tends to be similar, with some customers frustrated about the delays and refunds.
Availability Comparison
Western Union is available in over 200 countries worldwide, making it widely available for users to send and receive money globally. They have a vast network of 500,000 physical locations, which is an advantage for users who prefer to deal with cash.
WorldRemit‘s availability in 130 countries and support for a wide range of currencies make it a worthy option for those looking to send money online overseas.
Verdict:
Western Union is available in more countries, offers more currencies, and has a vast network of 500,00 physical locations, which is great for users wanting to transfer money for cash pick-ups. Therefore, Western Union wins when it comes to availability.
Final Verdict
WorldRemit is the more reliable option for low fees and faster transfer times. But for those who need to transfer money to a wider range of countries that WorldRemit doesn’t cover, Western Union may be the more viable choice.
Hopefully, the details throughout this post have helped you gain a better understanding of what these money transfer services offer so that you can decide on the one that’s best for you.
FAQ
Is there a better solution than WorldRemit?
Remitly is a viable alternative to WorldRemit. It offers 350,000 cash pickup locations around the world and its app is rated more highly by customers than WorldRemit. However, WorldRemit is cheaper, offers fast transfer speeds without an additional cost, and has more currencies.
Which is cheaper, Western Union or WorldRemit?
WorldRemit offers lower fees and a smaller markup on the exchange rate compared to Western Union.
How many currencies do Western Union or Worldremit support?
Western Union supports more than 130 currencies, while WorldRemit supports over 70 currencies.