In this article we take a look at Western Union exchange rates & international money transfer services compare to other options available to you.
Not the cheapest currency provider but perhaps the most convenient with locations on practically every street corner especially in developing world.
In order to send funds, a sender goes to a Western Union office and presents funds (plus fees) for “Next Day” or “Money in Minutes” service. A sender provides his or her name and address, the recipient’s name, and a designated payment destination. Western Union then provides the sender a 10-digit Money Transfer Control Number (MTCN) that must be transmitted separately by the sender to the recipient. The recipient then proceeds to a Western Union agent office in the designated payment location, presents the 10-digit MTCN, and a photo ID. Money is then paid out to the recipient. If a recipient lacks identification documents, the sender and receiver can set up a pre-arranged password. Funds are paid out in cash, although if payment exceeds a local maximum or cash on hand, a check is issued. Alternatively, a sender may forward funds online to a recipient by using Western Union’s online site.
Fees differ based on originating and receiver countries and type of transfer. Generally, fees are less if using the website rather than using a partner agent location.