Western Union Competitors and Alternatives | Compared
Tags: Currency, Fintech, Western Union, Competition, Alternative

Wondering Which Western Union Competitor Will Work Best for You?

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?

Since foreign currency exchange rates are subject to fluctuations, there is no telling which company is the best at any given moment. While one company might offer the best rates today, another might take its place tomorrow. If you plan to transfer funds overseas periodically, you can benefit by registering with multiple companies. This way, each time you wish to make a transfer, you can compare exchange rates on offer.

The table below gives you an easy way to pick a Western Union alternative according to your specific needs. Using it is easy — simply follow these steps:

Narrow down the options based on your desired transfer method.

Find out if you meet the minimum transfer amount requirement.

Compare fees and turnaround times.

Select a company.

Click on the ‘Visit Website’ button to go to the chosen company’s website.

Western Union Competitors

Currencies Direct

Currencies Direct is a UK-based business. It began operations in 1996, which makes it one of the oldest specialist money transfer companies. Today, this alternative to Western Union also has offices in the U.S., France, Spain, Portugal, South Africa, and India. It has dedicated websites for residents of the UK, the U.S., France, Italy, Spain, Portugal, Norway, Sweden, and China. Depending on the website you log on to, you may be able to access it in a local language. Continue reading to learn more, click here.

Pros

Provides services to individuals, businesses, and online sellers

UK-based, with offices also in the U.S., Spain, France, Portugal, India, South Africa, and China

Multilingual website

Get access to an account manager

Lets you schedule transfers

Provides choice between spot orders, limit orders, and forward contracts

Offers travel money solutions in the UK

Cons

Residents of a few American states cannot register as customers

No cash pick up centers

OFX

Until 2015, OFX operated as OzForex. This Australia-based money transfer company began operations in 1998. However, at that point it functioned as an information-only website. Now, this Western Union alternative also has offices in New Zealand, the UK, the U.S., Canada, and Hong Kong. The OFX group has dedicated websites for different markets. These include NZForex, UKForex, USForex, and CanadianForex. Go through this page to read more about OFX.

Pros

Lets you sign up as an individual or a business

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

Local phone assistance provided in some countries

Tries to offer similar or better rates when compared to its competitors

Transfer over preset threshold limits and pay no fees

Initiate your transfer online or over the phone

Scheduling transfers is possible

Choice between spot orders, market orders, and forward contracts

Cons

Website available only in English

No cash pick up centers

Some currencies can be traded only over the phone

CurrencyFair

Originating in 2009, CurrencyFair has its headquarters in Ireland. It also has offices in the UK and Australia. While this Western Union competitor provides its customers with a single website, you can access in it English, Polish, and French. One aspect about this money transfer company that you won’t find with other many of its competitors is the unique CurrencyFair MarketPlace. This platform lets you bid for preferred exchange rates, giving you the ability to get better-than-prevailing market rates. Keep track with the latest updates about CurrencyFair, visit this page.

Pros

Sign up as an individual or a business

Ireland-based, with offices also in the UK and Australia

Multilingual website

Use the CurrencyFair MarketPlace to bid for preferred rates

Transfer as little as €8

Schedule transfers easily

Cons

Residents of the U.S. cannot register as customers

Cost of a transfer includes a €3 fixed fee plus 0.35% of the transfer amount

No cash pick up centers

Unavailability of limit orders and forward contracts

Phone support could be better, mainly an online company

World First

As with several other Western Union alternatives, this money transfer company started out small. It began operations from a basement in South London, in 2004. It now has offices in Australia, the U.S., Hong Kong, and Singapore. Depending on where you live, you can use its dedicated websites for the UK, the U.S., Canada, France, Australia, Japan, China, Hong Kong, and Singapore. However, the website you choose has a bearing on the services you can access. For example, the Japanese and Chinese websites are only for online resellers. Depending on the website you choose, you might be able to access it in a local language. Read the World First Review here.

Pros

Provides services to individuals, businesses, and online sellers

Creates unique offers for individuals and businesses from time to time

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

Multilingual website

Local phone assistance provided in some countries

Pay no fees when you transfer more than preset threshold limits

Allows scheduling of transfers

Choose from spot orders and forward contracts

Use the “World First” account to receive and pay bills in different currencies

Cons

Residents of the U.S. states of Alabama and Nevada cannot register as customers

No cash pick up centers

Sending limits depend on where you reside and the payment method

FrontierPay

This UK-based alternative to Western Union set up shop in 2009. It operates a single website for all worldwide customers, which is available only in English. What brings the FX Firm FrontierPay to this list is the fact that every registered user has access to a personal dealer. Like its competitors, it offers better exchange rates than banks. Read great insights on FrontierPay reviews.

Pros

Register as an individual or a business

Get access to a personal manager

Pay no fees for personal transfers

Transfer funds online or over the phone

Businesses can choose from spot orders, limit orders, option dated forward contracts, fixed forward contracts, and multi forward contracts

Cons

Minimum transfer amount is £500

No cash pick up centers

UK-based, with no international offices

Website available only in English

Assistance over the phone only through a UK-based number

HiFX

HiFX is a UK-based money transfer company that began operations as Halewood International Foreign Exchange Limited, in 1998. Now, Euronet Worldwide, one of the biggest money transfer companies in the world, owns this firm. HiFX operates dedicated websites for the UK, the U.S., Australia, and New Zealand. You can use these websites only in English. Using the services of this company can be better than Western Union if you plan to relocate overseas or are planning to buy real estate in another country. It gives you the ability to transfer up to £75,000 using debit and credit cards. Go through this page to learn more.

Pros

Provides services to individuals and businesses

UK-based, with offices also in Australia, New Zealand, and Spain

Dedicated websites for the U.S., the UK, Australia, and New Zealand

Pay no fees if the transfer amount exceeds preset threshold limits

Tends to provide better than usual rates for large value transfers

Lets you schedule transfers

Offers choice between spot orders and forward contracts

Cons

Website access only in English

No cash pick up centers

No app for mobile devices

TorFX

This alternative to Western Union began operations in 2004. It has its headquarters in the UK, along with offices in mainland Europe, Australia, and South Africa. Until 2013, all of its global customers used a single UK-based website. Since then, it has operated an Australia-based website, as well. Both websites are available only in English. Visit this page to learn more about TorFX.

Pros

Sign up as an individual or a business

Aims to offer better rates than its competitors

No fees for personal transfers

Schedule transfers with ease

Choose from spot orders, limit orders, stop loss orders, and forward contracts

Provides travel money solutions in the UK

Cons

UK-based, with international presence only in Australia

No multilingual website

No cash pick up centers

No app for devices that run on Android

TransferWise

Developed in Estonia, this Western Union competitor has its headquarters in the UK. It 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.

Pros

Register as an individual or a business

Sign up using your Facebook, Google, or PayPal account

UK-based, with offices also in Estonia, the U.S., Hungary, Ukraine, Australia, Japan, and Singapore

Multilingual website

No minimum transfer limit

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

Payment methods, depending on where you live, can include debit cards, credit cards, bank transfers, direct debits, POLI, and SOFORT

The TransferWise Borderless account gives businesses the ability to save in fees when dealing in more than 15 currencies

Cons

Unavailability of peer-to-peer transfers in all countries

Does not allow scheduling of transfers

No limit orders and forward contracts

No cash pick up centers

Cost of a transfer depends on the destination country, mode of payment, and transfer method

Azimo

Azimo is a relatively new player in this field, having begun operations in 2012. This company has its headquarters in London, the UK, with an office also in Krakow, Poland. This alternative to Western Union lets you pay for your transfer using debit and credit cards. You can access the Azimo website in English, Spanish, Portuguese, Italian, Russian, German, Romanian, and Polish. Check out the most comprehensive Azimo review here.

Pros

Destination country-dependant transfer methods can include bank transfers, transfers to cash pick up centers, topping up mobile wallets and airtime, and home delivery of cash

Website access and email support in different languages

Cons

Does not serve businesses

Accepts customers only from Europe

Accepts payments only in European currencies

UK-based, only international office in Poland

Scheduling transfers is not possible

Unavailability of limit orders and forward contracts

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

FC Exchange

This Western Union competitor has its headquarters and a couple of offices in the UK, as well as offices in South Africa and Cyprus. It has been around since 2005. Access to the global FC Exchange website comes only in English. However, access to the dedicated website for online sellers in China comes in English as well as Chinese. Payment methods can vary depending on the country of your residence. Follow this link to read FC Exchang review.

Pros

Register as an individual or a business

Provides services to online sellers from China

UK-based, with offices also in Cyprus and South Africa

Get access to a dedicated currency broker

Transfer funds online, over the phone, via fax, or via email

Scheduling transfers is simple

Choose from market orders and forward contracts

Cons

Website access only in English

No cash pick up centers

Cost of a transfer varies depending on the destination country and the payment method

WorldRemit

If you are looking for a Western Union competitor that provides website access in English, French, or Spanish, WorldRemit requires your attention. 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 different methods, credit cards included. Continue reading about WorldRemit.

Pros

Destination country-dependant transfer methods can include bank transfers, transfers to cash pick up centers, and topping up mobile wallets and airtime

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

Multilingual website

Transfer as little as £1

Cons

Does not serve businesses

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

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

Scheduling transfers is not possible

Unavailability of market orders and forward contracts

The Big Banks

Banks tend to charge noticeably higher fees when compared to specialist money transfer companies, and their exchange rates also leave room for improvement. The fact that these companies usually offer quicker turnaround times also makes them faster than banks.

Go to top

Learn More

Is CurrencyFair’s competition up to the task?

Should one consider TransferWise or are their better alternatives?

Do HiFX have adequate competition or is it all the same with a different name?

Western Union Competitors Updates

4th September 2016 : Added FC Exchange and Azimo to the Western Union competition list.

: Added FC Exchange and Azimo to the Western Union competition list. 15th October 2016 : Western Union alternative comparison tables updated to include FC Exchange and World Remit.

: Western Union alternative comparison tables updated to include FC Exchange and World Remit. 1st November 2016 : New CurrencyFair website logo updated in the post and added WorldRemit to the Western Union competition list.

: New CurrencyFair website logo updated in the post and added WorldRemit to the Western Union competition list. 12th December 2016 : USForex.com has been rebranded to OFX.com!

: USForex.com has been rebranded to OFX.com! 15th January 2017 : The FX Firm is now known as FrontierPay.

: The FX Firm is now known as FrontierPay. 21st February 2017 : ukforex.co.uk has a new name — OFX.com!

: ukforex.co.uk has a new name — OFX.com! 3rd June 2017 : Added Pro’s and Con’s for each provider.

: Added Pro’s and Con’s for each provider. 3rd July 2017 : World First new logo updated.

: World First new logo updated. 16th September 2017 : Azimo updated with new logo.

: Azimo updated with new logo. 6th January 2018: Updated World First’s removal of transaction fees, replacement of new logo and CurrencyFair’s fee free transfer change.

Content Credits: icomparefx.com

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