In today's time, sending money has become so much easier than ever before. You don't have to meet someone or go to an ATM, just open your phone and click "send". Sounds accurate, right? In a wholesome, Yes, it does sound accurate!
The fun fact is, this smooth service isn't limited to one's own country, but to abroad as well. Whenever someone thinks of sending money abroad, they worry about the long hectic process and paperwork. But ever since the digitalization era took over, this has also become pretty simple.
Just like Western Union, which is considered as one of the biggest finance companies that provides the smoothest service of international payments across the world. But there are some pretty cool and genuinely better options available in the market, as an alternative to Western Union.
You can choose the company based on various tactics such as transfer mode, fees, incentives and what kind of currencies it's specialized in. Analyze the best exchange rate these companies are offering, then select the most suitable International payment provider for you.
To make this more simple for you, we have listed some of the best alternatives of Western Union across the globe. So, let's get started!
List of top 4 Alternatives of Western Union
Wise was founded in the year 2011 and soon became an ultimate choice for the customers. It eliminated all the conventional sending money methods along with the tight expenses that it would cost.
When they became absolutely frustrated with all the paperwork of sending money abroad, they created Wise. Yes, that's the actual story!
The company offered its customers the mid-market exchange rates that you can easily find on the Internet. Wise barely charges any amount of fees, but what it does is just one low percentage cost. This shows the exact fee amount to the customers for sending the money.
Moreover, Wise offers the service of borderless multi-currency accounts. This was basically for people who travelled a lot to different countries. Wise provides a free account login for everyone and also, allows the user to store multiple currencies, transfer them across the world and digital account details for receiving money locally in the United States, Australia, Europe and the United Kingdom.
Xoom is a PayPal company that provides the service of sending money very easily digitally directly to the bank account or can be added to the cash collection. Xoom supports multiple currencies across the world and the user can easily send money to different countries.
Xoom charges minimally on its transactions. And it entirely depends on where you are sending the money or your method of fund transfer.
When you use a card for your abroad transactions, it becomes really expensive but with Xoom (through PayPal) balance or the bank account which is linked to it, it's quite cheaper.
We all are familiar with the functioning and popularity of PayPal, especially for those who love to shop online. PayPal offers the users one of the best services to send money overseas.
For getting on with PayPal, the user, as well as the receiver, will require a PayPal verified account, where you will find a wide range of fee options that you can choose based on your preferences.
However, for sending money abroad, PayPal does charge higher as compared to the general domestic transactions.
WorldRemit has widely counted among the best alternatives of the Western Union. The company supports a huge range of currencies across the world and makes the process of sending, receiving, transferring and payment absolutely smooth and simple. It is very quick with its services and every transaction.
However, WorldRemit does have a small daily limitation on transactions which is around $9,000. For WorldRemit, you can pay with any method you prefer, for example, Bank transfer and Credit card.
In the end, we conclude that there are some pretty amazing companies out there in the market with great customers' bases for sending your money abroad more smoothly.
People often choose such a company also as they consider it the safest and the best option possible. But you also know that's not entirely true. Being a millennial, it's important for you to seek more fluent ways to send money abroad. Stay tuned for much more similar content.
What are some of the alternatives of Western Union?
PayPal, Wise, and Xoom are some of the alternatives of Western Union.
Who are the competitors of Western Union?
Western Union's top competitors are Worldline, Wise, Ebury, Flywire, American Express, PayPal and MoneyGram.
How much is Western Union fee?
The transfer fee of Western Union is $4.50 to transfer up to $50 and $9.50 to send up to $900.