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Western Union vs Moneycorp
Compare two established money transfer providers on cost, features and efficiency.
We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .
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
Quick verdict
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.
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 Union | Moneycorp | |
|---|---|---|
| Transfer fee | $9 | $9.20 |
| Exchange rate | 1 AUD = 0.6721 | 1 AUD = 0.7007 |
| Transfer speed | Within minutes | Up to 4 days |
| Total USD received | US$666 | US$694.25 |
| Receiver gets | US$28.25 less | US$28.25 more |
Sending $5,000 to the United States
| Western Union | Moneycorp | |
|---|---|---|
| Transfer fee | $30 | $9.20 |
| Exchange rate | 1 AUD = 0.6721 | 1 AUD = 0.7007 |
| Transfer speed | Within minutes | Up to 4 days |
| Total USD received | US$1,996.10 | US$2,096.20 |
| Receiver gets | US$100.10 less | US$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
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.
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 methods | Receiving options | Minimum and maximum transfers | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
| Western Union | Bank account, credit or debit card, cash | Bank transfer, cash pick-up, e-wallet | Minimum: $1 Maximum: $50,000 | Same day | 100+ currencies |
| Moneycorp | Bank account, credit or debit card | Bank transfer | Minimum: $50 Maximum: No limit | 1 - 2 days | 35+ 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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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