Many countries have strict rules as to how much money one can send between borders, and what information must be disclosed within each transaction. The last thing you want is a knock at the door by an agent with a badge. Here are a few fees, as a reference, for transferring $1,000 USD from the United States to Hong Kong within various time constraints, using different methodsĪs evident in the above table, your cheapest option for a Western Union transfer will depend on your proximity to a WU location, the speed at which you need the transfer done, and what payment methods you have available.īear in mind that not every transfer process is available in every country - you may not have the application available for download in your region you may not have a WU location within driving distance.Ĭheck your local Western Union website, and use their price estimatorto find a better estimate on your fees.Īnother thing to keep in mind: If you are using Western Union for international payroll or business payments, do some research into your local laws to ensure you are in compliance with money laundering regulations. They vary based on how quickly the money needs to be received, where your recipient’s located, and how much money is being transferred. This places them in the realm of “good, but not the best” when it comes to forex exchange rates.įees for an international transfer are quite varied with Western Union. To make a profit, ⚡Caution:Western Union will charge up to 6% on top of your transaction The mid-market rate itself is a fair price - one that doesn’t earn Western Union any profit. the middle value between each bid price and ask price from all available brokers.) and then using the median of all of those averages as the going rate. This mid-market rate is calculated by finding the average of all bid-ask spreads (i.e. Western Union uses something called the mid-market rate. The discrepancy in these prices is what you pay in fees as the bid-ask spread. The bid price is the amount a broker will buy a currency for the ask is how much they will sell it to you for. One fee that brokers often charge is called a bid-ask spread. This is a natural occurrence in the forex market and should be factored in by every international business. If you buy 10 British pounds for $20 today, there is a chance you’ll only get $18 for those pounds tomorrow. Perhaps the most complex of the fees Western Union charges is their foreign exchange fees.įoreign exchange, even in a perfect world with no fees, can incur costs. This is because of the way currencies change in relation to one another. We’ll try to clear up some of that murkiness here, so you don’t have to!īelow is a breakdown of every Western Union fee. Many fees vary depending on where you are, where the money is going, and how much money is moving. See terms for details.Western Union, being such an old and large company, has a somewhat complex fee structure. Fees and rates subject to change without notice.ĥ Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory issues, identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Please contact your card issuer for more information.Ĥ Western Union also makes money from currency exchange. See Mobile Form for Restrictions.ģ Some card issuers may charge additional fees for using our services. Funds availability subject to terms and conditions of service. Additional third-party charges may apply, including SMS and account over-limit and cash-out fees. 1 Agent location count valid as of 31 December 2021.Ģ Funds will be paid to receiver’s mWallet account provider for credit to account tied to receiver’s mobile number.
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