Western Union is a reliable and time-tested system of international money transfers. But despite its popularity, users should learn more about its peculiarities before starting to work with the service. Western Union fees depend on the chosen method of sending. The fees may be not only for sending funds but also for currency conversion. Keep reading so you don't miss important information.
Peculiarities of Western Union money transfers
Before working with Western Union, it's worth familiarizing yourself with the current fees. The level of additional withdrawals depends on the following factors:
- The cheaper the currency the user uses, the more expensive the commission will be.
- If you use a method such as a bank transfer, be aware that it will take longer.
- This procedure can take several business days, so it will not work if one of your conditions is urgent.
- Sending from a bank deposit to a mobile wallet is used very rarely, as this option is unprofitable.
But in any case, a transfer from a bank account will be more favorable compared to other methods. For example, it is possible to understand this by analyzing the difference between a bank account and a mobile wallet, cash transfer, etc.
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Western Union commissions vary from country to country. In Canada, USA, and India they may be different, so it is useful for the user to track the commissions on the official website before making payments. As far as exchange rates are concerned, there is a difference in the fees that are charged for the transaction. Like all financial institutions, foreign currency is exchanged on the basis of the interbank exchange rate. The payment system we are considering uses an undervalued exchange rate in order to receive standard earnings. Take into account that if there is a transaction other than a bank-to-bank transfer, the commission may be higher.
Final opinion
The amount of commission is an important factor that every user should take into account. It is easy to determine how much money will be charged for a financial service, given the transparency of information. All tariffs are described on the official website, so they are available to everyone.
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The amount of the transfer depends on the location of the sender and recipient, the amount of the transaction, the method of transfer, and the currency used. Calculate in advance how much the transaction will cost and find out how long you need to wait for the crediting. Also, the commission may not exist at all in some cases, which is a positive aspect. In general, taking into account the features of Western Union, we can characterize this system as convenient and thoughtful. Thanks to favorable conditions, it has gained a high reputation and is popular among representatives of different countries of the world.
