Should You Use Western Union? 3 Cheaper Ways to Transfer Money OverseasOn January 15, 2020 by Raul Dinwiddie
Western Union is a very well-known name
in currency transfers. They offer you the convenience of cash pickup and can make transfers in minutes. It’s just important to know that they can be expensive and
there are other affordable options that will still help you keep your money safe. When it comes to making your
international transfer, keep four factors in mind. You want to consider the
security of your money, the rate you’re receiving, the fees you’ll be charged and
the speed at which your money will be transferred. Let’s look at the total cost of transferring $3,000 to the United States and compare Western Union against three other options. The money transfer specialists we’ll compare a TransferWise, OFX and World First. In terms of security all of these companies are excellent.
They are all licensed with an Australian Financial Services license and are
regulated by the Australian Securities and Investment Commission just like your
bank. So that’s a thumbs up all around. Western Union can transfer your money in
minutes if you opt for cash pickup but in this example all providers are more
than $120 cheaper than using Western Union. if you can do a bank transfer instead. Western Union is the most expensive in this example but it really does depend on the context of your transfer for transfers under $5,000 Western Union will give the option of
cash pickup in the country you’re sending to. And you won’t find this option with
the other providers we’ve compared but if you’re making large transfers or
regular payments the fees associated with Western Union can really add up. Your situation is unique so you should make the decision on who you use based on the currency, how much you’re transferring, how you want the money sent, how often you’ll be doing it and how quickly you need the money sent overseas. If this was helpful please like this video and subscribe to our Channel. And we’d love to hear from you if you have any questions about making international money transfers, exchanging currency or anything. Just leave them in the comments below.