Plus, of course, there’s the ever-changing exchange rate and the amount of markup added to it. You’ll encounter different fees and exchange rates depending on where you’re sending the money to and how much you’re sending, as well as factors like payment and receipt method. You should also be conscious of how costs vary. And Worldfirst has a minimum transfer amount of AUD 2,000 – so the above is the lowest amount you can send with them⁶. For instance, Western Union offers cash pickup at its agent locations around the world – but that often means an extra fee³. There are a few other factors to bear in mind, too. Generally they include fees, but there may be extra fees for things like credit card payment. They’re based on estimates from the providers’ websites, checked on 8 July 2020 at around 1550 BST. In the table below, you can see how much your recipient could get if you send AUD 2,000 with a range of services – including Western Union and Wise. That’s why it’s worth comparing a few different services. In fact, it’s the norm in the international money transfer business. Western Union’s habit of making money off their exchange rate isn’t uncommon at all. But that isn’t the full picture: in effect, there is a fee after all – it’s just hidden in the exchange rate. If you’re paying WU via POLi, and sending your money to a bank account, you might be excited to see that the Western Union transfer fee is a big, satisfying 0. When services like Western Union exchange money, they can set their own exchange rate – to the disadvantage of you, the customer. That’s why it so often pays to shop around when it comes to sending money abroad. When Western Union converts your Australian dollars, it uses a marked-up exchange rate rather than the real mid-market rate – and it keeps the difference. It means this: the exchange rate that Western Union offers, isn’t the same as the real value of your money in the foreign currency. Read the smallprint on Western Union’s website and it states, “ Fees and rates subject to change without notice.⁴”Īdditionally, the smallprint says this: “ Western Union also makes money from currency exchange.”⁴ And it’s well worth considering what that means. You’ll therefore need to check the Western Union exchange rate at the latest possible moment before making your transfer. What exchange rate does Western Union use?Įxchange rates change all the time, as the markets go up and down. Let’s take a closer look at what that means. As Western Union’s site states, “ exchange rates change frequently”³. However, watch out for the exchange rate in particular. If you’re doing it online, you can simply type in the amount you want to send, or the amount you want your recipient to get, and see a broken-down estimate of the fees you’ll have to pay⁴. Western Union’s international money transfer service lets you send money online, or in person at one of their agent locations in Australia (or elsewhere). It used to be the leading force in sending telegrams, too – though those days have now passed². One reason for its popularity is how well established it is: WU has been in the money transfer business for more than 145 years¹. As you’d expect, WU is active in Australia. From more than 200 countries and territories around the world, you can use Western Union to send money abroad¹. These days, Western Union is known mainly as a money transfer service. That’s why this article explains what the Western Union exchange rate is, and how it works – as well as how it compares to exchange rates offered by some other international money transfer services you can use in Australia. Western Union, for example, is one of the most familiar names in the international money transfer business – but if you start comparing its exchange rates and fees to its competitors’, the numbers might not seem so simple after all. Sending money overseas isn’t really complicated, but sometimes it looks like it is.
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