Many people use Western Union to send money because it has over 550,000 agent locations worldwide. But, there are many other secure ways to send money that might be cheaper. Banks, for example, can charge up to 13.40% of the total amount sent, making them very expensive.
In this guide, I’ll show you five secure money transfer companies. They offer better exchange rates and lower fees, like Wise, which has fees under 1%. This way, you can send money abroad more efficiently. Let’s explore these alternatives together.
Why Consider Alternatives to Western Union for Money Transfers?
Looking into Western Union alternatives can bring many benefits. Western Union has over 550,000 locations worldwide. But, the fees can be high, and the exchange rates are not always clear. This makes it hard to know the total cost of sending money.
More people want to send money abroad without spending too much. Services like Remitly and PayPal offer better rates and easier use. They make sending money a better experience.
Remitly, started in 2010, is a big player in the market. It lets users send from $2,999 to $60,000, depending on how they’re verified. Western Union, on the other hand, limits unverified accounts to $3,000 and verified to $50,000.
Other services like MoneyGram and WorldRemit are also popular. MoneyGram has over 380,000 locations for quick transfers. WorldRemit works in over 70 countries, meeting different needs.
Choosing these alternatives can save you money and make your transactions more valuable. For more information, check out this resource for detailed comparisons.
TransferGo: A Leading Alternative for Affordable Transfers
TransferGo is a top choice for those looking to send money without spending a lot. It started in 2012 and now has over 7 million users worldwide. This shows it’s reliable and good at sending money across borders.
It offers transfers from over 30 countries to more than 150 countries. This makes it a great option for people all over the world.
TransferGo is known for its good prices. It has different transfer options like standard, expedited, and even free transfers. This makes it easy for users to know what they’re paying without surprises.
The app is easy to use, making sending money simple. The customer service team is also quick to help with any questions. These features make TransferGo a good choice for easy and affordable money transfers.
But, there’s a downside. TransferGo doesn’t have in-person support. This might be a problem for people who like to talk to someone face-to-face. Yet, many users find the benefits of using TransferGo worth it.
| TransferGo Features | Details |
|---|---|
| User Base | Over 7 million customers |
| Countries Supported | More than 150 |
| Transfer Options | Standard, Expedited, Fee-free |
| Fee Structure | Transparent and competitive |
| Mobile Application | User-friendly interface |
| Customer Service | Responsive support available |
| In-Person Support | Not available |
MoneyGram: Accessible Cash Transfers Around the Globe
MoneyGram is a top choice for sending money internationally. It works in over 200 countries and territories. With over 430,000 locations worldwide, it offers many ways to send money.
MoneyGram is fast, with cash pickups happening in minutes. It’s great for urgent needs. You can also set up regular transfers for convenience.
But, MoneyGram might cost more than some rivals. Fees can add up, like a $2.99 fee for a $200 domestic transfer. You can send up to $10,000 every 30 days, though.
MoneyGram and Western Union both have big networks. But MoneyGram supports more than 135 currencies, including cryptocurrencies. Western Union works in around 130 currencies and has 500,000 agents worldwide. For more details, check out this comprehensive resource.
Knowing MoneyGram’s good and bad points helps you pick the best service. It has strong fraud protection and keeps improving security. So, it’s a solid choice for sending money abroad.
OFX: Personalized Support for Large Transactions
OFX is a top choice for those with big international money moves. It works in over 190 countries and handles more than 50 currencies. This means people and businesses can easily manage their money needs.
One big plus of OFX is no fees for sending money abroad in USD. This can save a lot of money, as sending money overseas often costs about 6% of the amount sent. For big money moves and business clients, OFX offers special rates. This makes it a great pick for big payments.
OFX has a global network of 115 local bank accounts. This helps avoid fees that many banks charge for international transactions. Banks can charge up to a 5% margin on exchange rates, showing how OFX can save money.
My experience with OFX shows they can do same-day transfers for key currencies. Most transactions are done in 1-2 business days. They also offer 24/7 customer support for help with big transactions. Plus, using direct debit is free and easy, making the experience better with OFX.
| Feature | OFX | Traditional Banks |
|---|---|---|
| Transfer Fee | None for USD | Average 6% |
| Exchange Rate Markup | Customized rates for large transfers | Up to 5% margin |
| Transfer Speed | Same-day for major currencies | Varies by bank |
| Customer Support | 24/7 personalized assistance | Limited hours |
5 Secure Money Transfer Companies Like Western Union
Many reliable payment providers have emerged as strong alternatives to Western Union. Companies like MoneyGram and PayPal’s Xoom offer great solutions for those who value convenience and global reach. MoneyGram works in over 200 countries, making it perfect for international transfers. Xoom, on the other hand, allows fast transfers to bank accounts and cash pick-up spots, improving the user experience.
Wise (formerly TransferWise) is great for sending large amounts with its clear fee structure and mid-market exchange rates. It’s a top choice for saving on fees when sending money abroad. Remitly focuses on customer satisfaction and security, providing various transfer options like bank deposits, cash pickups, and mobile transfers. This meets different user needs.
WorldRemit makes money transfers easy with its user-friendly app, allowing for quick transactions. Ria Money Transfer and Skrill also offer big networks and new services for tech-savvy users. Exploring these alternatives helps find the best service for international money transfers, whether it’s about fees, speed, or customer support.
