Question – should you use TransferWise or Western Union for your next international funds transfer? Western Union has served as a good alternative to banks in transferring funds overseas for quite some time, whereas TransferWise is a younger player in this field. Both companies can work well under different scenarios.
The reason Western Union scores higher banks has always been because it offers better deals. That still stands, which is why scores of people continue using this company. However, TransferWise has garnered a fair share of attention in a considerably short period, making it worthy of your attention.
The Western Union vs. TransferWise comparison on Trustpilot shows what customers of both companies feel about the services they receive. While TransferWise gets an average of 9.6 out of 10, Western Union’s score is noticeably lower, at 8.1 out of 10.
Choose Western Union or TransferWise only after you take your specific needs into consideration. Go through all of these sections of this comparison before deciding:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
International Money Transfer Fees
Whether you choose TransferWise or Western Union, savings in fees when compared to banks is virtually certain.
- Factors such as transfer method, payment method, and destination country can affect the cost of your transfer.
- Transferring funds to an overseas bank account usually costs less than sending money to a cash pick-up center.
- Paying via electronic bank transfers tends to attract lower fees in comparison to payments made using debit or credit cards.
- Use the Western Union price estimator to find out how much your transfer will cost.
Ease of Use
While this section of the Western Union vs. TransferWise comparison rates both companies well, one does better than the other with transfer methods offered. Both companies let you register online.
- TransferWise lets you use its website in English, German, Spanish, French, Italian, Hungarian, Polish, Portuguese, Russian and Japanese.
- You can use your Facebook or Google account to sign-up with TransferWise, which can save you time and effort.
- The company provides services to individuals, businesses, and online sellers.
- It gives you the option of providing payment using your debit or credit card, along with electronic bank transfers.
- You can use TransferWise apps with devices that run on Android and iOS.
- You can access the Western Union website in various foreign languages, some of which include Spanish, Italian, French, Russian, German, and Japanese.
- You can register as an individual or as a business.
- Payment methods can vary depending on where you live. Your options can include cash, debit cards, credit cards, and electronic bank transfers.
- Western Union lets you initiate your transfer online, in person, or over the phone.
- Destination country-dependant transfer methods include transferring funds to bank accounts and cash pick-up centers, as well as topping off mobile wallets.
- Western Union gives you the ability to transfer funds to inmates in American prisons.
Regular Overseas Payments
Scheduling overseas transfers in advance is not possible whether you use TransferWise or Western Union. If you want to set up scheduled transfers, you can turn to other prominent fund transfer companies such as OFX, TorFX, HiFX, World First, or Currencies Direct.
- Read about TransferWise features and their pro’s and con’s.
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