If you are looking for a quick and dependable way to transfer funds overseas, you can turn to CanadianForex or Western Union. Since both companies are international funds transfer specialists, they serve as better alternatives to most banks. However, in deciding which company will work better for you, identifying your individual requirements at the outset is crucial.
Taking the Western Union vs. CanadianForex comparison to Trustpilot to look at customer ratings shows there is little that sets both companies apart. CanadianForex gets an average score at 8.1 out of 10, and western Union is not far behind, scoring 8.0 out of 10.
Before you pick Western Union or CanadianForex, identify how these companies vary in their operations. Use the multiple sections of this comparison to simplify the decision-making process:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
Global Fund Transfer Fees
Other than the exchange rate, the cost effectiveness of your transfer using CanadianForex or Western Union depends on this factor, as well.
- The company has predetermined fee-free thresholds that vary depending on the currency you use to make your payment.
- Transfers of less than CAD $10,000 attract CAD $15 as fees.
- If you transfer any amount below USD $5,000, a USD $5 fee applies.
- If you pay for your transfer in Euros and transfer less than €5,000, you pay a fee of €10.
- View the latest fee-free thresholds and fees for other currencies on this page.
- Factors that affect the fees Western Union charges include the mode of payment, the destination country, and the transfer method.
- Sending money to a cash pick-up center usually costs more than transferring funds to a bank account.
- Paying for your transfer using a debit or credit card usually attracts higher fees when compared to paying via an electronic bank transfer.
- Find out the fees you have to pay by using the company’s price estimator.
Ease of Use
Registering as a new customer with either company requires that you follow a simple online process. You can start transferring funds as soon as the company you register with verifies your details. If you want website access in a foreign language, this CanadianForex vs. Western Union comparison favors the latter.
- CanadianForex provides website access only in English.
- The company provides services to individuals, businesses, and online sellers.
- It lets you set up fund transfers online and over the phone.
- International customers can pay for transfers via electronic bank transfers.
- If you live in Canada, you can pay for your transfer via a pre-authorized debit or by using the online bill payment service linked to your bank account.
- Transferring funds while on-the-move is easy when you use the CanadianForex app for iOS or Android.
- Western Union provides website access in a number of foreign languages, some of which include French, Spanish, Italian, and Japanese.
- The company provides services for individuals and businesses.
- Available payment methods, depending on where you live, include electronic bank transfers, cash, debit cards, and credit cards.
- You can initiate transfers online, over the phone, or by visiting a Western Union outlet.
- Transfer methods vary depending on the destination country. Your options can include transferring funds to bank accounts, sending money to cash pick-up locations, and topping off mobile wallets.
- The company lets you send money to prison inmates in the U.S.
Regular Overseas Payments
This section of the CanadianForex vs. Western Union comparison tilts the scale in favor of one company. While CanadianForex gives you easy means to schedule regular transfers, Western Union does not offer this service yet.
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