Review: Western Union Business Solutions
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- Minimum Transfer Amount
- $1
- Fastest Transfer Speed
- Within minutes
- Receiving Options
- Cash pickup location, Bank account
Summary
Western Union's business product can help you manage cash flow and international payments around the world.
Western Union Business Solutions is now Convera
Western Union Business Solutions was renamed Convera after it was bought by Goldfinch Partners and The Baupost Group in March 2022 for $910 million.Convera is a business-to-business cross-border payments company. It offers transfers in more than 140 currencies to over 200 countries and territories. It also offers Convera GlobalPay for Students, a tuition payment and student money management service used by more than 700 universities around the world.
Details
Product details
| Product Name | Western Union Business Solutions |
| Pay By | Cash, Credit card, Debit card, Bank transfer |
| Receiving Options | Cash pickup location, Bank account |
| Customer Service | Phone, Live chat, Email, In person |
| Available Currencies | AED, AFN, ALL, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BZD, CHF, CLP, CNY, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HUF, IDR, ILS, IQD, ISK, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MUR, MVR, MWK, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PLN, PYG, QAR, RON, RSD, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SRD, THB, TJS, TMT, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VES, VND, VUV, WST, XAF, XCD, XOF, YER, ZAR, ZMW, SLE |
Get customized rates and advice for your business
Western Union Business Solutions helps your business get the best exchange rates by assigning a specialist who can research an individual plan for you in the following industries:
- Education
- Law
- NGO
- Financial institutions
These plans get you the best rates and minimize the risk of rate fluctuations when you transfer money overseas.
Business solutions
Western Union offers multiple ways to make international payments and helps your business manage risk. Here are the highlights.
International payments
With Western Union Business Solutions, your business has options for making payments, including:
- Outgoing payments. Send global payments to almost anywhere in the world.
- Incoming payments. Get paid with Western Union’s accounts receivable.
- Mass payments. Send mass payments in 130 currencies.
- Online payments. Conveniently make payments from your computer or on your smartphone.
Risk management
In addition to international payments, Western Union will help your business manage risk by:
- Optimizing your cash flow.
- Reducing your exposure to currency fluctuations.
- Implementing a hedging strategy.
- Protecting your profits.
How much does WU Business Solutions cost?
Transaction and handling fees vary depending on where you’re sending money. Whenever possible, Western Union Business Solutions keeps money in its banking network to avoid fees.
In some cases, it transfers money through correspondent banks that could possibly charge fees.
Calculate your fees and exchange rate
What other services does Western Union Business Solutions offer?
In addition to international payments, WUBS customers can receive payments from customers and conduct business in their native language through a number of services that include:
- Cross-border business payments. Western Union helps small and medium-sized businesses manage their international transactions.
- WU Edge. Through this free international platform, you can find business partners, make global payments and manage your cash flow and international transfers.
- Online FX. This streamlined platform helps you send outgoing payments and transfers 24/7 from your computer or mobile phone.
Pros and cons of WU Business Solutions
Pros
- It’s secure. WUBS is backed by Western Union, a company that’s been around for more than 150 years.
- Recurring payments. Western Union saves your billing information so that you can make automatic, recurring payments.
- Competitive exchange rates. And you can lock in those rates for future payments.
- Customized services. An exchange specialist evaluates your business to get the best rates for you.
- Customer service. Speak on the phone with a representative 24/7.
Cons
- Bank-to-bank transfers only. Unlike standard Western Union services, you can’t use cash or prepaid cards to fund a transfer.
- Funding fees. Bank transfers can cost as much as $22.
- Delayed delivery. Sending from a linked bank account can take up to five days for receipt.
- No domestic payments. You cannot send money to and from the same currency.
How do I make international payments through WU Business Solutions?
To get started with Western Union Business Solutions, visit its website to set up a personal or business account. Be sure to have two forms of government-issued ID, like a driver’s licence and a passport.
Each time you log in to your account, you’ll have access to your payment history. If you use WU Edge, you can also manage your funds through an easy-to-use dashboard.
Making payroll payments and sending money through Western Union Business Solutions is quick and easy.
- Log in or create a free account. To create an account, you will need two forms of ID.
- Provide your recipient’s details. Including bank account information.
- Initiate your payment. Select your currencies from drop-down menus and enter the amount of your payment.
- Provide your funds. Pay with a wire transfer, linked bank account or bill pay.
Bottom line
Western Union Business Solutions is a way for businesses of any size to streamline their international billing. It’s customized service finds the best exchange rates and fees for your specific industry and business.
But depending on your needs, be sure to compare the fees, rates and delivery speeds offered by other money transfer specialists before you part with your money.
How does Western Union Business Solutions compare to other business services?
Frequently asked questions about Western Union Business Solutions
Your reviews
Adrienne Finder
Head of publishing and editorial
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