Western Union vs Moneycorp

Compare two established money transfer providers on cost, features and efficiency.

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Western Union has been around for more than a century through its 500,000 agent locations worldwide. Started in 1962, Moneycorp is a major player with a presence in 150 countries.

Neither Western Union nor Moneycorp is necessarily the cheapest or fastest option out there, but they are certainly amongst the most visible and credible. We compare the two to help you decide between them.

The fees and rates used in this comparison are current as of 8 March 2019

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 Same day AUD 20.00 0.727 USD
712
Western Union sends money online to friends and family in 200+ countries around the world. Show details
GBP 50 1 - 2 days AUD 0.00 0.75 USD
750
The longest standing and largest full service specialist currency provider in the UK. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Which has lower fees?

Western Union

Figuring out how much you'll pay to transfer money internationally can be muddied. Although most fees start at $4, they can be quite high when paying by credit or debit card for cash pick-up in certain countries.

Moneycorp

For one-off transfers with Moneycorp, the transaction fee you are charged varies depending on the speed of your transfer. As a British company, its fees are denominated in British pounds and so will vary depending on exchange rates.

A standard payment attracts a fee of £5 while an express payment costs £9. Transfers booked over the phone are sent express and incur a fee of £15.

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Winner: Tie

For larger international transfers you may find the fees skyrocket with Western Union. But for smaller transfers, the flat Moneycorp fees might make it less cost-effective.

Let's crunch the numbers: Sending $1,000 and $5,000 to the United States

The tables below show the total cost of sending $1,000 and $5,000 from Australia to the United States, so you can see how much real transfers could cost with each.

Sending $1,000 to the United States

Western UnionMoneycorp
Transfer fee$9$9.20
Exchange rate1 AUD = 0.67211 AUD = 0.7007
Transfer speedWithin minutesUp to 4 days
Total USD receivedUS$666US$694.25
Receiver getsUS$28.25 lessUS$28.25 more

Sending $5,000 to the United States

Western UnionMoneycorp
Transfer fee$30$9.20
Exchange rate1 AUD = 0.67211 AUD = 0.7007
Transfer speedWithin minutesUp to 4 days
Total USD receivedUS$1,996.10US$2,096.20
Receiver getsUS$100.10 lessUS$100.10 more

MoneyCorp gives better value for money on both transfers. It charges slightly higher fees for a $1,000 transfer, but this is compensated for by more favourable exchange rates.

The difference grows on larger transfers. Moneycorp fees remain the same while Western Union's grow, and Moneycorp's better exchange rates make a bigger difference.

Which offers better exchange rates?

Western Union

Depending on the country you're sending money to, a typical exchange rate at Western Union could be up to 6% above the mid-market rate. If you're sending a large amount overseas, this means hundreds of dollars that goes straight into Western Union's coffers.

We'll use the example of a transfer to euros (EUR):

  • If the mid-market rate is 1 AUD = 0.63 EUR
  • Western Union's exchange rate might be 1 AUD = 0.56 EUR

Moneycorp

MoneyCorp's exchange rates fluctuate regularly in line with market exchange rates throughout the week. However, as there is no trading on foreign exchange markets from 10pm Friday to 8pm Sunday GMT, the rates offered by Moneycorp will not fluctuate during this time.

The exchange rate you receive for your transaction will be determined by the amount and the currencies you're sending, but will typically be 1-2% above the mid-market rates.

  • If the mid-market rate is 1 AUD = 0.63 EUR
  • Moneycorp's exchange rate might be 1 AUD = 0.617 EUR

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Winner: Moneycorp

Moneycorp has a vast amount of transfer options, as well as a personal account manager, which means you will have someone to help you get the best rates possible.

However, Moneycorp uses GBP as its intermediary currency, meaning transfers sent through it to any other currency will have to be converted twice, incurring additional expenses.

Which is faster?

Western Union

Delivery speeds vary with transfer options. At an agent location or by phone, your transfer could be delivered in minutes (at higher costs). Your cheapest options could take five days or longer, depending on the country.

Moneycorp

Delivery speed with Moneycorp also varies by transfer option: the "express" transfers are delivered in 0-2 days (with higher costs); the "standard" option takes 2-4 business days.

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Winner: Moneycorp

With Moneycorp you know what you're getting, based on the service you pay for. There aren't any variable factors or fees, like with Western Union.

General features

Payment methodsReceiving optionsMinimum and maximum transfersTransfer speedsCurrencies
Western UnionBank account, credit or debit card, cashBank transfer, cash pick-up, e-walletMinimum: $1

Maximum: $50,000

Same day100+ currencies
MoneycorpBank account, credit or debit cardBank transferMinimum: $50

Maximum: No limit

1 - 2 days35+ currencies

Western Union

You can walk into a Western Union branch, create an account to send money online or call Western Union on the phone to set up a transfer, and choose your options.

Once you've made a deposit, Western Union will initiate your transfer.

Moneycorp

You'll have to create an account at Moneycorp and then verify your identity by providing documentation such as driver's licence or passport.

Once that's done you can initiate a transfer online or over the phone.

Bottom line

While Western Union is the behemoth in terms of international money transfers, you may get a stronger exchange rate with Moneycorp, which is especially important for larger transfers.

However, if it's more important that your friends or family be able to pick up your money in cash, Western Union's 500,000 agent locations worldwide is what you are after.

These two services aside, you could do better with another money transfer specialist. Compare your options to find a provider that's perfect for your situation.

Looking for more options?

If you're looking for more options, or hunting for a better deal, the calculator below can help you work out how much a transfer will cost with different providers to different locations.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 0 1 - 2 days AUD 0.00 0.747 USD
7,474
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.75 USD
7,496
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.75 USD
7,496
Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.75 USD
7,496
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.75 USD
7,496
$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
AUD 1 1 day AUD 52.00 0.749 USD
7,450
Pay no fees on your first two transfers, up to $3,000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
AUD 10 Within an hour AUD 2.99 0.744 USD
7,441
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
AUD 1 Same day AUD 0.00 0.749 USD
7,489
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
AUD 200 1 - 2 days AUD 50.00 0.752 USD
7,482
New customers sending over AUD 500 from Australia use code FINDER50 to get AUD 50 off. Valid till 30th June 2021. T&Cs apply.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
AUD 1 Same day AUD 3.99 0.744 USD
7,433
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
AUD 1 1 - 2 days AUD 45.00 0.75 USD
7,462
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

More guides on Finder

International Money Transfer Offers

Important Information*
Logo for Azimo International Money Transfers
Azimo International Money Transfers

Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

Logo for TorFX International Money Transfers
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

Logo for WorldFirst International Money Transfers
WorldFirst International Money Transfers

Better exchange rates for Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.

Logo for Send International Money Transfers
Send International Money Transfers

Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.

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