Western Union Money Transfer: Exchange Rates, and Fees

Western Union began as a telegraph company, operating the first transcontinental telegraph line that connected North America from coast to coast. In 1871, the company introduced money transfer services, allowing individuals and businesses to send and receive money across its vast telegraph network.

By 2006, Western Union had fully shifted its focus from communication to cross-border money transfer services. Fourteen years later, in 2020, the company offered money transfer services to nearly every country in the world — except Iran and North Korea. Today, Western Union operates a global network of over 500,000 agent locations, supported by a robust digital platform that handles 24 transactions every second.

Mission and Purpose

Western Union’s mission is to make financial services accessible to people everywhere.
Its purpose is to provide easy-to-use, secure, and reliable products and services that bridge both digital and physical borders, giving customers freedom and flexibility wherever they are.

Exchange Rates and Fees

When it comes to exchange rates, Western Union tends to be less competitive compared to other providers. Their rates fluctuate daily and vary depending on the payment method used — whether through bank transfer, card payment, or cash pickup.

Western Union generally offers no transfer fee on certain transactions. However, they limit transfers to $5,000 CAD for all payment methods. Any amount above $5,000 must be processed using the “Cash in-store” option.

Comparison: Everyday Great Rate with Smiles

As of July 27, 2023, Western Union’s exchange rate was lower than the fixed rate offered by Smiles Mobile Remittance, which stood at 41.27 PHP per CAD. While Western Union offers flexibility in payment methods, Smiles Mobile Remittance provides consistently higher rates and transparent, fixed pricing that helps customers maximize their remittance value.

Smiles Mobile Remittance – Today’s rate

Final Thoughts

While Western Union money transfer remains one of the most trusted and widely available remittance options globally, customers looking for better exchange rates and cost efficiency may find Smiles Mobile Remittance a more rewarding choice. Smiles offers competitive fixed rates, loyalty points, and a seamless digital experience designed for Filipinos in Canada who send money home regularly.