Western Union Alternatives and Competitors

October 12, 2020

The international funds transfer marketplace is rife with competition. While Western Union gives you a secure way to transfer money overseas, so do several of its competitors. Money transfer companies generally offer better exchange rates in comparison to banks. However, is there a Western Union competitor that is better than the others?

If you are transferring money internationally from one bank to another, there are many options available that are vastly cheaper than Western Union. The best and cheapest are shown below.

Because Western Union is traditionally best known for cash transfers or cash pick up's, perhaps you are looking for the best Western Union competitor for sending money overseas for cash pickup? For that reason, we have put this competitor first on the list below. If you are sending money from local bank to a foreign bank, have a look at the remaining cheaper Western Union competitors on the list. They are best suited to your needs.

Bank account transfers and cash transfers
Mobile airtime and mobile wallets top up
Home delivery of transferred funds
Multicurrency WorldRemit Wallet
Multilingual website

medium

Fees

fast

1-2 days

Go to Site

0.4% margin for new customers referred by iCompareFX
Fee-free transfers
Scheduled transfers
Online and phone transfers

low

Fees

medium

2-3 days

Go to Site

Low Transparent fee structure
Forward contracts
Scheduled transfers
Dedicated account manager
Live chat support

low

Fees

fast

1-2 days

Go to Site

Transparent fee structure
Send money to email addresses
Multicurrency account with debit card
Multilingual website & app

low

Fees

fast

1-2 days

Go to Site

Jump to an alternative provider

WorldRemit

Jump to

OFX

Jump to

WorldFirst

Jump to

TransferWise

Jump to

WorldRemit

If you are looking for a Western Union competitor that can send money internationally for cash pickup WorldRemit is the cheapest alternative. WorldRemit can also pay bills in foreign countries and send money to their WorldRemit Wallet. Receivers can use the WorldRemit Wallet to pay for goods and services in their country where supported. That's a pretty cool feature.

Their website is available in English, French or Spanish. This company has been around since 2010. It has its headquarters in the UK, with offices also in North America and Australasia. You can pay for your transfer through this company using local bank transfer, debit or credit card. Local bank transfers have the cheapest fees. Using a debit or credit card will cost you more. If you want to learn much more you should read the detailed WorldRemit review.

Cash transfer pickup

Foreign bill payments and foreign mobile credit top up

Send and spend with the WorldRemit mobile wallet

Transfer as little as £1

UK-based, with offices also in U.S., Canada, Australia and New Zealand

Multilingual website

Online only - no access to account managers

Does not offer services for business

Transfer limits can vary depending on your country of residence and the desired transfer method

Scheduling transfers is not possible

Cost of a transfer depends on the currencies being traded, the transfer amount and the transfer method

Unavailability of market orders and forward contracts

OFX

Until 2015, OFX operated as OzForex. This Australia-based money transfer company began operations in 1998. This Western Union competitor also has offices in New Zealand, the UK, the U.S., Canada and Hong Kong.

OFX can be the cheapest to send large sums between $10,000 and $750,000 with a low 0.4% margin for customers who mention iCompareFX on registration. OFX business customers have access to a multi-currency receiving accounts. This allows you act like a local and have local banking details in USD, EUR, GBP, CAD, AUD and HKD currencies.

Read the detailed OFX review.

Lets you sign up as an individual or a business

Access to personal and business account managers

Initiate your transfer online or over the phone

Online sellers get free, local receiving accounts with unique bank account details through the Global Currency Account. USD, EUR, GBP, CAD, AUD and HKD currencies supported

Scheduled transfers are supported

Australia-based, with offices also in the U.S., the UK, New Zealand and Hong Kong

Currency fluctuation risk management tools are available. Such as market orders and forward contracts

Website available only in English

No cash pick up centers

Some currencies can be traded only over the phone

Debit or credit card payments are not supported. Local bank transfer only

WorldFirst

WorldFirst is another Western Union competitor that is suitable for local bank to international bank transfers. WorldFirst also offers local banking details for multi-currency receiving accounts through their WorldFirst World Account. GBP, EUR, USD, CAD, NZD, SGD, AUD, HKD, JPY and CNH local receiving banking details are supported. All held within the World Account digital wallet.

WorldFirst is best for large cumulative transfer amounts over the year. Their fees are significantly reduced the more you send, making it the cheapest form of sending and receiving money internationally for businesses.

Unfortunately, WorldFirst does not allow you to send money overseas for cash pickup. WorldFirst is also, no longer available to USA residents due to its buyout by Ant Financial. Read the complete WorldFirst review.

Provides services to individuals, businesses and online sellers

Use the “WorldFirst World Account” to receive and make payments in different currencies while avoiding currency conversion fees

Transparent exchange rate margin makes up the only fee for transfers

Personal and Business account managers available

Risk management tools available to manage future currency risk

Connect Xero and the World Account in minutes

Scheduled transfers supported

UK-based, with offices also in the Netherlands, Singapore, Hong Kong and Japan

Multilingual website

You cannot register as a customer from the U.S.

No cash pick up centers

TransferWise

Developed in Estonia, this Western Union competitor has its headquarters in the UK. TransferWise also has offices in Estonia and the U.S. While this specialist money transfer company offers a single website, you can access it in multiple languages. These include English, French, Italian, Spanish, Dutch and Portuguese. This is another company that accepts payments via credit cards. Start reading the complete TransferWise review.

No minimum transfer limit

The TransferWise Borderless account gives individuals and businesses unique local banking details in 5+ currencies

TransferWise debit card available and is attached to the Borderless account balance

Send and receive funds using no more than email addresses with the “send money” and “receive money” options

Multilingual website

No peer-to-peer transfers available in all countries

Does not allow scheduling of transfers

No currency risk management tools available to individual or businesses

No cash pick up centers for sending money for cash pick up

Online only service with no access to personal or business account managers