5 Cheaper Money Transfer Alternatives to Western Union

Western Union is maybe the most well known name in money remittance. Just because they’ve been around the longest, doesn’t mean they should be the company you use though. There are many alternatives to Western Union that can offer you a safe and fast transfer, while saving you some money!

Today, there are many companies like Western Union that are cheaper and more convenient. When it comes to making your next international money transfer, have a look at some of Western Union’s competitors. We’ve got our top 5 similar companies listed below.

 

5 Similar Sites to Western Union

Below, we’ve listed 5 companies that are cheaper competitors to Western Union. We’ve taken their level of convenience, cost and security into consideration so you can decide who to use for your next international money transfer.

1. WorldRemit

Worldremit logoCustomers that have used Western Union are likely to feel comfortable using WorldRemit. The most important thing that Western Union and WorldRemit have in common is cash pick up. While WorldRemit don’t offer it for every location they can transfer money to, it’s worth checking. Often you will find the rates they off are better than Western Union’s exchange rates.

It's also important to know what makes them different. You can make a higher transfer with WorldRemit. While Western have a transfer limit of $5,000 you can send up to $10,000 with WorldRemit, depending on the currency.

  • Very low fees and excellent exchange rates for transfers to India, the Phillipines, Africa and South America.
  • Their website and app is easy to use and allows you to pay by credit or debit card.
  • Great alternative when you need cash pick-up.

Learn more about WorldRemit

2. OFX

OFX is another excellent alternative to Western Union. We like them because their rates and fees are generally much lower. You can also make much larger transfers with them, if you need to. OFX have an easy to use website and app but unlike Western Union, do not offer cash pick-up as an option.

They are also one of the larger global transfer companies. They support international money transfers from over 190 countries in more than fifty currencies. If you’re making an online transfer, it is definitely worth looking at OFX as an alternative to Western Union.

  • Great exchange rates across a range of currencies and amounts.
  • Lower fees than Western Union.
  • Access to 24/7 customer support.

Learn more about OFX

3. XE

If you want to use a large and established company, XE could be the one for you. They are one of the few companies on this list that are as large as Western Union. They are a really good option for making transfers online. Unlike Western Union, XE do not charge any fees and generally have much more competitive exchange rates.

Owned by Euronet and home to xe.com, the company has an incredibly wide reach. They are able to transfer money to bank accounts in many countries worldwide, and don’t charge fees no matter how much you’re sending

  • Generally, they have more competitive exchange rates than Western Union.
  • They don't charge any fees or commission for making a transfer.
  • Large and well established global reach.

Learn more about XE Money Transfers

4. MoneyGram

MoneyGram is the second largest provider of money transfers in the world. Their service is available in 197 countries with an huge network of agents including 7-Eleven and global convenience stores. There are two ways to use MoneyGram for international money transfers: online or through an agent.

  • MoneyGram's fees are variable and can be hard to calculate.
  • Cash transfers can arrive within minutes.
  • You can send money as cash or a bank transfer.

Learn more about Moneygram

5. PayPal

If you have an account, you may have considered making an international money transfer with PayPal. They are one of the world’s most popular payment systems to purchase goods and pay for services. It is a convenient way to transfer money to people in the same country and internationally, if they also use PayPal.

If you’re thinking of using PayPal as an alternative to Western Union, it’s important to keep a couple of things in mind. PayPal doesn’t offer cash pick up, and the person you’re sending money to must also have a PayPal account. Finally, know that PayPal isn’t necessarily cheaper than Western Union.

  • They are good for sending money within the same country, but can be expensive internationally.
  • Accept a variety of payment methods.
  • If you’ve used them before, the process is very straightforward.

Learn more about PayPal

Compare money transfer companies like Western Union

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,999.55Exchange Rate0.7176Transfer Fees$64.21Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,999.55Rate Updated less than 5 mins agoGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7176 will cost you $13,999.55 which includes a fee of $64.21

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated less than 5 mins ago
TorFXRead ReviewTotal (AUD)$14,005.37$5.82 more expensive Exchange Rate0.7140 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,005.37$5.82 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7140 will cost you $14,005.37 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$14,016.64$17.09 more expensive Exchange Rate0.7134 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,016.64$17.09 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7134 will cost you $14,016.64 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$14,019.46$19.91 more expensive Exchange Rate0.7133 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,019.46$19.91 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7133 will cost you $14,019.46 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,077.40$77.85 more expensive Exchange Rate0.7106 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,077.40$77.85 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7106 will cost you $14,077.40 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,124.29$124.74 more expensive Exchange Rate0.7080 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,124.29$124.74 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7080 will cost you $14,124.29 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,450.87$451.32 more expensive Exchange Rate0.6920 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,450.87$451.32 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6920 will cost you $14,450.87 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,748.22$748.67 more expensive Exchange Rate0.6786 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,748.22$748.67 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6786 will cost you $14,748.22 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates