Exploring how to send money abroad, I’m looking at Remitly and Western Union closely. With the average cost of sending money from the U.S. being $451, finding better options is crucial. Remitly offers good exchange rates, around 0.5% to 1%12, and fast transfers.
Western Union, however, is everywhere with services in over 200 countries and territories, but its fees can vary widely1. To truly understand which is better, we need to think about speed, reliability, and how easy they are to use for your money transfer needs.
An Overview of International Money Transfer Services
International money transfers have changed the game. Now, brands like Western Union let you send money to over 200 countries3. Remitly’s exchange rates have made a big impact too. They offer rates that help save on transfer costs4. Yet, Western Union’s fees might be higher, but their reputation and many locations make up for it3.
It’s crucial to grasp exchange rates these days. They can greatly affect the money you send or get. Currencies like the GBP and USD show this well. They can double in value or drop after events like Brexit4. Paying attention to these changes can help you get the most from your money.
Traditional banks are losing ground to fintechs like Wise and Revolut for money transfers4. Fintechs and digital banks offer better deals than banks often can4. This makes checking out different services more important than before.
Let’s take a closer look at the international money transfer scene:
| Service | Coverage | Transfer Limits | Typical Speed | Fees |
|---|---|---|---|---|
| Western Union | 200+ countries3 | Up to 5000€ (verified users)3 | Varies by location | Varying fees3 |
| Remitly | 70+ countries | Depends on level of verification | Minutes to 1 business day | Competitive rates4 |
| Digital Banks (e.g., Wise, Revolut) | Multiple countries | Varies by provider | Instant to 2 business days4 | Low fees4 |
| Traditional Banks | Global | Usually high | 1 to 7 business days5 | High Fees4 |
Choosing the right international money transfer service isn’t just about preference. It’s about closely looking at fees, limits, rates, and speed. These factors deeply affect the cost and speed of every transfer.
Guide to Remitly vs Western Union
I was searching for the best way to send money abroad and focused on Remitly and Western Union. I explored what they offer to see which one fits my needs better. Remitly, started in 2011, connects people in over 170 countries through its easy app6. Western Union, however, is huge, with an average of 24 online transactions per second and over 500,000 locations worldwide6.
Both Remitly and Western Union offer fast money transfer options. With Remitly, your money can arrive in 3-5 days with Economy or instantly with Express in some situations6. Western Union can also transfer money very fast, depending on how you send it and where6. But, the costs and exchange rates are important to consider. Remitly often has better fees and rates7.
In comparing Remitly with Western Union, they each serve different needs. People like Remitly for its great customer service, scoring 9.3 out of 107. Yet, many trust Western Union for its long history7. Choosing between them depends on what’s more important to you: Remitly’s speed or Western Union’s large network.
Source Links
- https://www.nerdwallet.com/article/banking/best-ways-to-wire-money-internationally
- https://money.com/best-ways-to-send-money-internationally/
- https://www.westernunion.com/it/en/send-money-with-western-union.html
- https://www.forbes.com/uk/advisor/money-transfer/how-to-send-money-to-the-united-states/
- https://www.rbcroyalbank.com/banking-services/international-money-transfer.html
- https://wise.com/gb/blog/remitly-vs-western-union
- https://www.monito.com/en/wiki/remitly-vs-western-union
