Last Updated on October, 2024
Transferring money abroad doesn’t have to be difficult or expensive. While Western Union is a popular choice, there are many other reliable options available that might better suit your needs.
This article will introduce you to seven top Western Union alternatives, each offering different benefits, such as lower fees, better exchange rates, and faster processing times.
Whether you’re looking for a service with a great mobile app, excellent customer support, or specific features like multi-currency accounts, you’ll find the right solution here.
Explore the pros and cons of Remitly, Wise, WorldRemit, OFX, TorFX, Revolut, and MoneyGram to make informed decisions for your international money transfer(s).
Quick Summary
There are seven alternatives to Western Union for international money transfers: Wise, Remitly, WorldRemit, OFX, TorFX, Revolut, and MoneyGram. Each offers various benefits like lower fees, better exchange rates, and faster processing times.
These services provide features such as multi-currency accounts, mobile apps, and different transfer speeds. For example, Wise uses the mid-market exchange rate, while Remitly offers both economy and express transfer options, allowing users to prioritize based on their needs.
While Western Union is convenient and widely available, it may involve higher costs due to transfer fees and exchange rate markups. The alternatives mentioned are reliable, licensed, and regulated, potentially offering lower costs and additional features.
Contents
7 Top Western Union Alternatives
Always know the right option for you with this easy-to-understand comparison table. Whether you prioritize exchange rates, speed of transfer, or convenience, I’ve got you covered.
Explore which provider best suits your needs, from instant transfers to multi-language support. Check the rates, speed, and customer service options from top platforms like Wise, Remitly, WorldRemit, OFX, TorFX, Revolut, and MoneyGram.
| Provider | Exchange Rate | Speed | Convenience |
| Wise | They use the mid-market rate | More than half the time, money arrives instantly Almost all money arrives within a day | You can use their mobile app. They have support all day in the app and through email They speak 16 languages |
| Remitly | They add extra to the mid-market exchange rate | Depends on where you’re transferring money and how you pay | You can use their mobile app They help through chat and phone calls They speak English, French, and Spanish |
| WorldRemit | They add extra to the mid-market exchange rates | Depends on where you’re transferring money and how you pay | You can use their mobile money transfer apps They help in person, through chat, and phone calls Languages depend on where you are |
| OFX | They add extra to the exchange rate | Most money arrives within a day | You can use their mobile app They help through phone calls and email The app is only in English, but they help globally |
| TorFX | They add extra to the exchange rate | It takes 1 to 2 workdays to transfer money | You can use their mobile app They help through phone calls and email The app is only in English |
| Revolut | They use the average exchange rate, but there are limits | Depends on where you’re sending money and how you pay | You can use their mobile app They help all day in the app and through email They mainly speak English |
| MoneyGram | They add extra to the exchange rate | Depends on where you’re sending money and how you pay | You can use their mobile app They help in person, through chat, and phone calls Languages depend on where you are |
1. Wise
A Wise account is an online banking service provider that makes sending money abroad easy and cheap. With Wise, you can hold and convert multiple currencies and transfer money internationally with low fees and real exchange rates.
It’s great for travelers, expats, and anyone who needs to manage money in different countries. Wise accounts are simple to set up and use, making global financial management stress-free.
Wise uses the mid-market exchange rate, offering low and transparent fees that you can see before making a payment. Over half of the transfers are instant, and almost all are completed within a day.
You can transfer money to more than 80 countries directly to bank accounts. Wise accounts let you hold and exchange over 50 currencies, receive payments like a local in up to 10 currencies, and spend in over 170 countries with a linked Wise debit card.
Curious about Wise? This article has all the details.
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2. Remitly
Remitly is a service that allows people to send money to family and friends overseas through its app or website.
It facilitates international transfers, ensuring that recipients receive funds securely and promptly. Remitly aims to make the process straightforward and stress-free for users.
Depending on the destination country, you can pick between two payment options:
Curious about Remitly? This article has all the details. Or you can read the comparison between Remitly and Western Union here.
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3. WorldRemit
WorldRemit is an online money transfer service that lets people send money to over 150 countries. It offers various methods like bank transfers, mobile money, cash pickup, and airtime top-up.
The service is known for its speed, with 95% of transfers arriving within minutes, and it is often cheaper than traditional banks. Users can track their transfers and get updates via the WorldRemit app, making it a convenient option for many customers worldwide.
However, If your recipient doesn’t have a bank account, they can also collect the money in cash, which is a popular option for quick transfers.
Curious about WorldRemit? This article has all the details.
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4. OFX
OFX is a fintech company that helps people and businesses send money internationally. They do this online, making it simple and convenient. It’s like having a digital bridge between countries, allowing money to travel safely and quickly.
With OFX, you can have a high minimum transfer amount and better exchange rates than traditional banks. Whether for personal reasons or business transactions, OFX makes sending money across borders easy and affordable.
OFX offers personalized service, allowing you to consult a broker at any time for guidance, which is particularly beneficial for large payments or managing currency risks.
When using OFX, there are no transfer fees; instead, a small markup is added to the exchange rate for better value compared to traditional banks.
Curious about OFX? This article has all the details.
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5. TorFX
TorFX is a company that helps people and businesses exchange money between different currencies. It makes it easy to send money overseas and gets the best exchange rates.
They offer services like currency exchange, international payments, and personalized assistance to ensure smooth transactions. TorFX aims to save customers money by providing competitive rates and avoiding hidden fees.
TorFX has some great features. You can use it through the phone, online, or in the app. You can send one-time or recurring payments and access currency services like forward contracts and market orders.
It’s available for both personal and business customers. TorFX is known for its excellent customer support in the payments industry.
Curious about TorFX? This article has all the details.
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6. Revolut
Revolut is a financial app that helps you manage your money easily. It allows you to open a bank account, spend and make an online transfer globally without high fees, and exchange currencies at good rates.
You can hold and manage up to 30 different currencies in your Revolut account. This includes major global currencies like USD, EUR, GBP, and many others.
It also offers features like budgeting, saving, and investing. You can use Revolut with your smartphone, making it convenient for everyday use.
With Revolut’s free Standard account, you can exchange up to $1,000 monthly at the real exchange rate. For additional features, the Premium account is available for up to $16.99 per month.
Every Revolut account comes with a linked debit card, some no-fee ATM withdrawals, and budgeting tools to help manage your money.
Curious about Revolut? This article has all the details.
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7. MoneyGram
MoneyGram is a company that lets you send money to friends, family, or businesses around the world. They have many locations, like banks and stores, where you can send or receive money easily.
You can also use their website or app to send money online.
MoneyGram is a safe and fast way to send money internationally, helping people stay connected and support each other financially, no matter where they are.
MoneyGram has some great features. You can pick from various ways to receive your money, and they have many agents worldwide, making it easy to collect cash. You can pay online by bank transaction or debit card or in person if you prefer.
Curious about MoneyGram? This article has all the details. Or you can read the comparison between Moneygram and Western Union here.
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Why You Should Use Similar Companies to Western Union?
If you’re considering options besides Western Union, here’s why these alternatives to Western Union might be better for you:
Why Should You Consider Alternatives to Western Union?
Western Union is a well-known brand for transferring money around the world. You can send money online, in the app, or person at many locations worldwide. They cover almost every country, so it’s convenient for transferring money to your loved ones.
But sometimes, using Western Union can cost you more than you expect. First, there’s a fee for the transfer, which changes depending on where you’re sending the money and how you’re paying.
The biggest extra cost comes from the exchange rate. When you send dollars, and they’re converted into another currency, Western Union adds a markup to the exchange rate.
This markup can make the overall cost of your transfer much higher.
On the plus side, if someone needs to collect the money in cash, they can often do it right away. There are also different ways to pay and receive money, whether through the app or in person at an agent.
In short, while Western Union offers convenience and a wide reach, extra costs like exchange rate markups and varying fees should be considered.
Are the Alternatives to Western Union Safe?
Yes, I’ve selected reliable alternatives to Western Union that their customers trust. These companies are licensed and regulated in the countries where they work so you can trust them, too.
Conclusion
Choosing the correct money transfer service can save you time and money. By comparing these Western Union alternatives, you can find the best fit for your needs, whether it’s lower fees, faster transfers, or better exchange rates.
Don’t let high costs and slow transfers hold you back. Explore these options and start transferring money easily and affordably.
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