Western Union and WorldRemit are both reputable money transfer providers and the best option will depend on your needs. We've compared them on fees, exchange rates and transfer speeds to help make your decision a bit easier.
Western Union and WorldRemit both offer flexible ways to transfer your money online.
Western Union
To use Western Union, go to its site, enter how much you're transferring and to where, and see how much you'll pay for the exchange. You also have the option of visiting an office, calling or using a mobile app to initiate a transfer. Once complete, Western Union converts and delivers your money to a bank account or makes it available for cash pickup at locations worldwide.
With WorldRemit, you go to its site, enter how much money you'll be transferring and then send your funds to WorldRemit. When setting up your transfer, you provide a mobile number for both yourself and your recipient, as well as a copy of your personal ID. Once approved, WorldRemit converts your currency and sends it to your recipient, who collects it via bank transfer, cash pickup or Mobile Money.
Western Union's remittance fees depend on how much money you're sending, where you're sending it and the payment method. It uses a tiered fee structure, so transfer fees increase at round numbers as the amount you send increases. Despite this, in recent years Western Union has become more competitive and offers discounts to new customers.
When sending money from Australia via bank transfer, fees start from $0. Western Union offers a "Price Estimator" tool on its website which you can use to check the exchange rate and transfer fee before proceeding.
WorldRemit
Similar to Western Union, WorldRemit's transfer fees will vary depending on where you're sending money. WorldRemit's bank transfer fees start from $0.99 and charge a fixed-rate transfer fee. Whether you're sending $1,000 or $10,000 the transfer fee will be the same.
Winner: WorldRemit
In many cases, WorldRemit's fees will be lower than Western Union's, especially because its fees don't rise as you send more money.
Let's crunch the numbers: Sending $1,000 and $10,000 from Australia to the US
Let's see how Western Union and WorldRemit compare when sending two different amounts from Australia to the United States.
Sending $1,000 to the United States
Western Union
WorldRemit
Transfer fee
$0
$0
Exchange rate
1 AUD = 0.666 USD
1 AUD = 0.665 USD
Transfer speed
Minutes
Minutes
Total US dollars received
$666.30
$665.60
Receiver gets
$0.70 more
$0.70 less
Sending $10,000 to the United States
Western Union
WorldRemit
Transfer fee
$0
$0
Exchange rate
1 AUD = 0.6848 USD
1 AUD = 0.714 USD
Transfer speed
Minutes
Minutes
Total US dollars received
$6662.95
$6,655.98
Receiver gets
$6.97 more
$6.97 less
Based on transfer fees and exchange rates taken from their websites on July 12th 2023, surprisingly Western Union is slightly cheaper than World Remit when sending money to USA via bank transfer.
Which offers better exchange rates?
Western Union
Western Union's exchange rate markup typically ranges between 1.5% to 5%. When we checked rates for converting $2,000 AUD to USD, they added a markup of 1.76% to the exchange rate. Western Union offer strong rates for USD but added a markup 4.55% to AUD/GBP and 3.88% to AUD/Euro.
WorldRemit
WorldRemit's exchange rates are around 1% to 2% above the mid-market rates for major currency pairs. For AUD/USD, WorldRemit adds a markup of 1.27%. Currently, WorldRemit doesn't support AUD/Euro.
The mid-market rate is the current official exchange rate between any two currencies. It's called the mid-market rate because it refers to the current buy and sell prices on the global currency markets.
By looking at the difference between a quoted exchange rate you receive and the mid-market rate, you can work out exactly how much you're paying as a "hidden fee" on the exchange rate margins.
Winner: WorldRemit
WorldRemit wins, coming out with more favourable exchange rates than Western Union will typically offer customers.
Which is faster?
Western Union
The speed of your transfer will depend on the delivery method. Some transfers might take a day or two, while the fastest transfers can arrive at their destination in just minutes, although sometimes these will cost more.
The slowest are typically bank transfers, which can take up to five business days.
WorldRemit
WorldRemit's transfer speeds also depend on your transfer method. Cash pick-ups, mobile money and airtime top-ups (when you top up someone's mobile phone airtime) can arrive instantly.
Bank transfers and cash home delivery are slower though. Home deliveries can take up to seven days depending on the location, while bank transfers can take several days depending on where the money is going and what day of the week it is.
Winner: Tie
Both Western Union and WorldRemit offer similar transfer speeds and options.
In both cases, the faster choices can arrive in a few minutes, while the slower ones can take up to a week.
General features
Payment methods
Receiving options
Minimum and maximum transfers
Transfer speeds
Currencies
Western Union
Bank transfer
Cash
Credit card
Debit card
Bank account
Cash pickup location
Minimum: $1
Maximum: $50,000
Within minutes
138 currencies
WorldRemit
Apple Pay
Bank transfer
Credit card
Debit card
Bank account
Cash pickup location
Home delivery
Mobile wallet
Prepaid phone credit
Minimum: $1
Maximum: $50,000
Within minutes
61 currencies
Western Union
Western Union locations can be found all over the world, making it relatively easy to drop in and make a cash transfer. You can also send funds over the phone or at Western Union online.
You can track your remittance and receive confirmation that it has arrived at the other end via email or SMS.
WorldRemit
You'll need to add a recipient phone number when making WorldRemit transfers. This is to ensure they're automatically updated on the progress of their transfer.
Both senders and recipients will be notified when a transfer is sent and again when it's received.
Western Union offers more flexibility in terms of transfer methods and coverage, but WorldRemit typically has lower transfer fees and better exchange rates for remittance countries. One big downside for WorldRemit is they don't currently support AUD to Euro transfers.
If low fees, competitive exchange rates and quick transfers are your main priorities, WorldRemit is the better choice. It's also worth noting, Western Union offers discounts for new customers so they could be cheaper if you're making one-off transfers.
Looking for more options?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Andrew Munro was the global cryptocurrency editor at Finder. During his time he covered all aspects of cryptocurrency and the blockchain. Before he became cryptocurrency editor, he was a content writer for Finder covering various topics over his nearly 5 years in the role. Prior to joining Finder he was a web copywriter. Andrew has a Bachelor of Arts from the University of New South Wales.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
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