Western Union vs Wise (TransferWise)
Which money transfer service has less fees and better rates when you need to send funds overseas?
When you need to send money overseas from Australia, choosing the right provider to handle the transaction is crucial. Poor exchange rates and high transfer fees can turn a simple transaction into an expensive nightmare and leave a big hole in your bank balance, so it's worth comparing transfer providers before sending any funds overseas.
Western Union and Wise both offer international money transfer services from Australia to countries all over the world. But which company offers the most affordable and convenient transfers? Let's compare them and find out.
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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.
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How we picked theseMeet the contenders: Western Union vs Wise
Western Union: One of the most recognisable names in the international money transfer game. With a history dating back to 1851, Western Union offers quick and easy transfers to more than 200 countries around the world. You can use Western Union to send in-person cash transfers or online transactions, and you can send funds to overseas bank accounts or for cash collection from more than 500,000 Western Union locations worldwide.
Wise: Wise is a much newer arrival on the international transfer scene, founded in 2011. The London-based company operates a peer-to-peer money transfer service that promises fast transactions and bank-beating exchange rates. All transfers are sent online to your recipient's bank account.
Exchange rates: Western Union vs Wise
The exchange rate is often the most crucial factor in determining the affordability of a transaction. You want to find the highest exchange rate available so you get the best value for the Australian dollars you want to convert into another currency.
Western Union: Western Union's exchange rates vary greatly depending on the amount of money you are sending, where you send it and the transfer method you select. Like most money transfer providers, Western Union makes money on the margin between the mid-market exchange rate and the rate it offers to its customers. For example, Western Union adds a 3.5% mark when exchanging AUD to USD.
Wise: Meanwhile, because Wise is a peer-to-peer money transfer service, it is one of the few providers that use the real mid-market exchange rate. As a result, it offers superior exchange rates to Western Union and is a clear winner in this category. Wise's live rates are visible by selecting your currencies on the provider's homepage. Click 'Go to Site' in the table above to see the rates for your transfer.
The table below compares exchange rates for a $1,000 international money transfer in several common currencies. Make sure to compare current live rates between transfer providers before submitting a transaction request.
| Wise | Western Union cash transfer | Western Union bank account transfer | |
|---|---|---|---|
AUD/USD | 1 AUD = 0.6711 USD | 1 AUD = 0.6599 USD | 1 AUD = 0.6714 USD |
AUD/EUR (France) | 1 AUD = 0.6190 EUR | 1 AUD = 0.6091 EUR | 1 AUD = 0.6201 EUR |
AUD/GBP | 1 AUD = 0.5152 GBP | 1 AUD = 0.5089 GBP | 1 AUD = 0.5166 GBP |
AUD/INR | 1 AUD = 56.4096 INR | 1 AUD = 55.5221 INR | 1 AUD = 56.6575 INR |
AUD/NZD | 1 AUD = 1.1063 NZD | 1 AUD = 1.0594 NZD | 1 AUD = 1.0860 NZD |
AUD/CAD | 1 AUD = 0.9254 CAD | 1 AUD = 0.8454 CAD | 1 AUD = 0.9281 CAD |
AUD/PHP | 1 AUD = 38.6563 PHP | 1 AUD = 38.3208 PHP | 1 AUD = 39.8534 PHP |
AUD/CNY | 1 AUD = 8.0983 CNY | 1 AUD = 4.6965 CNY | 1 AUD = 4.8350 CNY |
*Exchange rates at 18/10/2024. Always source a quote for current rates.
Transaction fees: Western Union vs Wise
The other main cost you need to consider when sending a transfer – and the other way transfer providers make money – is the transaction fee.
Once again, Western Union's fee varies depending on the amount you send, the destination country and your transfer method. The price calculator tool on its website can be used to work out how much you will have to pay for your transaction.
As it doesn't apply an exchange rate margin, Wise relies on charging fees to make money. Fees vary depending on the amount you send and where you send it, but a minimum fee of $2 always applies. Wise fee's range from 0.35% to a max of 3% for more exotic currencies. Wise is very transparent with its fee structure which customers love.
You can find full details of Wise's fees on its pricing page, but the table below outlines transaction fees for a number of common currencies when sending AUD$1,000:
| Wise | Western Union cash transfer | Western Union bank account transfer | |
|---|---|---|---|
AUD/USD | $6.02 | $9 (debit or bank transfer) $16 (credit) $12 (cash in-store) | $1.99 (debit) $0.99 (bank transfer) $6.99 (credit) |
AUD/EUR (France) | $4.86 | $9 (debit or bank transfer) $16 (credit) $12 (cash in-store) | $1.99 (debit) $0.99 (bank transfer) $6.99 (credit) |
AUD/GBP | $5.30 | $9 (debit or bank transfer) $16 (credit) $12 (cash in-store) | $1.99 (debit) $0.99 (bank transfer) $6.99 (credit) |
AUD/INR | $6.77 | $6 (debit or bank transfer) $13 (credit) $7 (cash in-store) | $0.99 (debit or bank transfer) $6.99 (credit) |
AUD/NZD | $5.39 | $6 (debit or bank transfer) $13 (credit) $7 (cash in-store) | $1.99 (debit) $0.99 (bank transfer) $6.99 (credit) |
AUD/CAD | $5.31 | $9 (debit or bank transfer) $16 (credit) $12 (cash in-store) | $1.99 (debit) $0.99 (bank transfer) $6.99 (credit) |
AUD/PHP | $8.22 | $6 (debit or bank transfer) $16 (credit) $7 (cash in-store) | $0.99 (debit or bank transfer) $6.99 (credit) |
AUD/CNY | $14.66 | $9 (debit or bank transfer) $16 (credit) $12 (cash in-store) | $1.99 (debit) $0.99 (bank transfer) $6.99 (credit) |
*Rates correct as of 18/10/2024. Always source a quote for current rates.
As you can see, the right provider for your transfer will depend on the size of your transaction. For example, while Wise is a cheaper option when sending $1,000 to China as per the table above, if you were sending $5,000, Wise's fee rises to $44.97 while you still only need to pay $3.99 (bank account transfer) or $12 (cash transfer) to send the funds with Western Union.
How to send money with Western Union and Wise
It's quick and easy to send money overseas with both Western Union and Wise. If sending money online with Western Union you will need to follow these simple steps:
To send cash online with Western Union:
- Click 'Go to Site' in the table above.
- Register for a free account online.
- Verify your identity with a valid form of ID, for example your driver's licence or passport.
- Login to your account and enter the details of your transaction (how much you're sending and where, including your recipient's bank account details).
- Pay for the transaction with your credit or debit card.
- You will receive an email confirmation with a tracking number.
- The money is deposited into your beneficiary's account.
To send cash from a Western Union location:
- Visit your nearest Western Union branch.
- Complete a "Send Money" form.
- Give the Western Union agent the completed form and the funds to cover the transfer amount and fee.
- Save your receipt and give the tracking number to your recipient so they can collect the cash.
If you want to send funds with Wise, you will first need to sign up for an account:
- Click the 'Go to Site' button at the top of this page.
- Sign up for an account on the Wise website.
- Verify your ID.
- Enter the details of your transfer, including the amount, currency and your recipient's bank account details.
- Pay for the transaction using your bank account or card.
- Your funds will be sent to your beneficiary's bank account within 1–4 working days.
Supported countries and currencies
Before you choose a transfer provider, it's important to check whether it will allow you to send money to your chosen destination and in the currency you want.
Western Union is the clear winner in this category, offering transfers in more than 135 currencies to over 200 countries. Rather than listing all the supported transfer destinations here, we recommend using the price calculator tool on the Western Union website to find out where you can send funds.
Wise doesn't support as many currencies as Western Union, but it does allow you to send and receive the following currencies:
- AUD
- USD
- GBP
- EUR
- CHF
- PLN
- SEK
- NOK
- DKK
- HUF
- CZK
- BGN
- RON
- NZD
- JPY
- BRL
It also allows you to send (but not receive) the following currencies:
- INR
- HKD
- MYR
- PHP
- PKR
- MAD
- THB
- AED
- UAH
- IDR
- COP
- GEL
- TRY
- MXN
- RUB
- KRW
- CNY
- LKR
- BDT
- VND
- ZAR
Transfer options: Western Union vs Wise
There are several other options you should consider to help you decide which transfer provider offers the most convenient service for you. Check out the table below to see how Western Union and Wise stack up across a number of other key categories.
| Payment methods | Receiving options | Minimum and maximum transfers | Transfer speeds | Currencies | |
|---|---|---|---|---|---|
Western Union |
|
| Minimum: $1 Maximum: $50,000 | Within minutes | 130+ currencies |
Wise |
|
| Minimum: $1 Maximum: $1,800,000 | Within minutes | 50+ currencies |
Customer support
One of the often-neglected factors you should consider before choosing a money transfer service is the customer support it provides. This ensures that you will be able to have your questions answered promptly and problems efficiently dealt with if they arise.
Western Union: Western Union offers a frequently asked questions section on its website, while you can also access help via phone and email customer assistance.
Wise: Wise offers a handy online help section with a wide range of frequently asked questions and basic advice articles. Phone, email and live chat support are also available.
To get a clearer idea of the services and support offered by transfer providers, it's a good idea to read online reviews from other customers.
Which option is better: Western Union or Wise?
In most cases Wise will be the much cheaper option with better exchange rates and lower transfer fees. However, there are situations where Western Union is a more suitable choice, such as if you want to send an exotic currency not supported by Wise. Western Union is also a worthwhile option if you're looking for the speed of a near-instant cash transfer, allowing you to transfer cash to someone on the other side of the world within minutes.
Consider your transfer needs and objectives before you lodge a transaction and you will be able to choose the right provider to help you send money overseas.
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