Western Union
Xe and Western Union are two well-known financial services, and one of them offers the fastest option — but not always the cheapest. We compare these money transfer giants side by side to find out which one offers the best value for your money.
Xe charges a small flat fee of $4 for transfers below $500 but the fee is waived above this amount.
Western Union’s fees vary depending on the currency, payment method and the transfer amount. For example, cash pickups generally have higher fees.
It’s important to get a price estimate using the Western Union calculator before committing so you know the exact fee.
Winner: Xe
Xe doesn’t charge any fees above $500, making it the clear winner in this category.
Let’s compare a $1,000 and $10,000 transfer to the UK to see which provider is the better choice and if the transfer amount makes a difference.
| Xe | Western Union | |
|---|---|---|
| Transfer fee | $0 | $0 |
| Exchange rate | 1 USD = £0.806 | 1 USD = £0.803 |
| Transfer speed | 1-2 days | 1-4 days |
| Total amount received | £803.18 | £803.00 |
| Receiver gets | £0.18 more | £0.18 less |
| Xe | Western Union | |
|---|---|---|
| Transfer fee | $0 | $0 |
| Exchange rate | 1 USD = £0.806 | 1 USD = £0.803 |
| Transfer speed | 1-2 days | 1-4 days |
| Total amount received | £8,061.64 | £8,030.00 |
| Receiver gets | £31.64 more | £31.64 less |
XE is slightly the cheaper option on the first transfer but the transfer speed is much quicker. The more money you transfer, generally XE offers you bigger savings. It’s also worth noting that Western Unions rates includes an promotional offer on your first transfer with them.
Xe adds a margin to the exchange rate, which varies based on the currency. Keep in mind that the rate you’ll pay is different from what’s shown on the Xe currency converter tool, which shows live market rates without the mark-up.
For a transfer to India:
This is a margin around 3.3%.
Western Union also adds a margin to its exchange rates, which widely varies depending on the currency, payment method and the way the receiver would like to collect the money. The exchange rate on cash pick-ups is not as good as the exchange rate on bank transfers.
For the same example:
This ends up at a margin of 3.6% for a bank transfer and 11% for cash pickup.
Winner: Xe
Xe generally offers better exchange rates than Western Union. Western Union’s rate for bank transfers — which can take up to five business days or more — are often close to Xe’s rates. But for larger transfers, Xe offers significantly better rates.
Xe will confirm the estimated date when you set up your transfer, but the majority of transfers are initiated within the same day. While some transfers arrive the same day, transfers to specific countries can take one to four days if you send after hours. And some less popular currencies may take longer.
Western Union cash pickups are available within minutes, but bank transfers can take up to six days. It depends on the transfer and how it’s received.
Winner: Tie
Both Western Union and Xe can get your money there on the same day, but it will be received in different ways. Western Union offers speedy cash pickups, but Xe has faster bank transfers.
| Payment methods | Receiving options | Minimum and maximum transfers | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
| Xe | Bank transfer | Bank transfer | Minimum: $1 Maximum: $500,000 | Within minutes | 100+ currencies |
| Western Union | Bank transfer, cash transfer, debit card, credit card | Bank account, cash pick-up, mobile wallet | Minimum: $1 Maximum: $50,000 | Within minutes | 100+ currencies |
Set up an account with Xe, get a quote and if you’re happy with that quote, you send Xe the money. Xe will complete the transfer for you.
Register for a Western Union account. After that, you go into your profile and select the Send money option. Once you’ve entered all the transfer details, you choose your payment method and pay Western Union. Once your payment is received, they’ll transfer the funds.
Overall, Xe is typically a better choice when compared side by side to Western Union. Western Union’s fees and exchange rates are so varied that you’ll often get stung by a hidden fee. On the other hand, Xe adds a smaller mark-up to the exchange rate, plus it has no fees below $500.
To get the best deal on your next transfer, compare other transfer providers to see how they stack up.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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