Western Union Exchange Rates and Fees

Overview

Western Union began as a Telegraph Company, the first transcontinental telegraph line that carried messages from one end of North America to the other. 1871 when the company introduced its Money Transfer services enabling people and businesses to send and receive money anywhere along its extensive telegraph network. In 2006, Western Union shifted its focus from communication to cross-border money transfer. Fourteen years later, in 2020, Western Union offered money transfer services to every country except Iran and North Korea, combining a 500,000+ Agent retail network with a digital platform averaging 24 transactions each second.

Their Mission is to make financial services accessible to people everywhere and their Purpose is to build and offer easy-to-use products and services that bridge digital and physical borders to give customers choice, security, and reliability wherever they are. 

Exchange Rates and Fees

In terms of the exchange rates, Western Union is not that competitive. The offered rate is not fixed daily and varies depending on the mode of payment: 

Everyday Great Rate with Smiles

Smiles Mobile Remittance – Today’s rate

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Rates are as of July 27, 2023, and comparatively not the highest in whichever mode of payment they have. Smiles Mobile Remittance’s fixed rate for the same day is 41.27. Western Union charges no fees, but they have a limit of $5,000.00 only for all payment methods. Higher than $5,000.00 requires payment through the “Cash in-store” payment method.

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