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| bet | 3/5 | | Sana | 28.05.2024 | | Hajmi | 0,89 Mb. | | #255652 |
Bog'liq mus ishAbout Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of December 31, 2019, our network included over 550,000 retail agent locations offering their branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 75 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends, and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
Contacts
Media Contacts:
Western Union Global Communications
Pia De Lima; Pia.DeLima@westernunion.com
+1 (954) 260-5732
Western Union Americas
Margaret Fogarty; maragaret.fogarty@wu.com
Western Union Middle East & Africa
Mohamed El Khalouki; Mohamed.ElKhalouki@wu.com
Western Union Asia-Pacific
Karen Santos; Karen.Santos2@westernunion.com
If you need to financially support your loving ones who live far away but do not have a bank account, Western Union empowers you to send monetary funds via their service. The company appears to be one of the biggest names among transfer networks. Like any company in the sphere, Western Union has its merits and flaws. Let’s consider some of the essential parameters:
Pros
Being one of the greatest networks, Western Union allows to send and receive money almost in every part of the world.
Impressive history and Background — the company has been conducting monetary transfers since 1871.
Speed — traditionally, the recipient gets the payout within 3-5 days after the operation is established. Still, if you need a faster transaction that takes only up to 10 minutes, some extra charges are being collected.
Variety of transfer options — the sender is allowed to choose the most preferable method of transaction and payout type, including cash, bank account, mobile wallet, credit or debit, wire transfer, and more.
Mobile app available both for Android and iOS users
Cons
The fee percentage is rather high. Nearly any transaction method demands the customer to pay extra fees for the service. The good news is that you are welcome to use coupons (if any) to redeem the charges. Still, be prepared to provide additional payments for the service.
Unfavorable exchange rates — in case you send money in one currency and the recipient expects to withdraw the sum in another coin, be ready for the unpleasant moment of losing some value due to exchange rates that are rather weak in Western Union. On average, Western Union exchange policy can be up to 20 percent worse compared to mid-market parameters.
How Does Money Transfer Work?
Before you start sending the money, you are expected to register within the service’s system. All operations can be conducted online, in person, or via the official Western Union mobile app. Enter the system and create an account to start sending you financial support to the close ones.
Some people, however, prefer personal contact and face-to-face assistance. If this is your case, ensure to follow these instructions to complete the transfer operation:
Select the preferable Western Union Center. There are around 42,000 locations in North America by now.
Submit your contact data and legal name to create an account and enter the WU database.
Validate your account by using the code (or link) sent to your email or mobile.
Fill out the sending info and the payment methods
Specify the recipient
Provide verification data for the recipient to withdraw the money.
All inherent info, including the tracking details, can be found on the transaction receipt. You are welcome to supervise the tracking by using the money tracking control number recognized as MTCN. Go online, seek assistance from a WU representative, or obtain the needed info by phone. All you need to provide to verify the qualification are:
The sender’s (or the recipient’s) name and phone number
Country of destination
Value sent
Date of transfer
Also, be ready to comply with the service’s charges for the money transfer.
What Are the Transfer Fees?
Western Union fee policy depends on several factors that eventually form the final charge payment for almost any transaction. Consider the below-listed merits to understand the algorithm of establishing the fee:
Under the company’s strategy, all locations make a different rate. Thus, for example, sending money to Europe creates 20 percent markups, while sending funds to India will only make 1.99 percent of extra fees.
Payment and receiving methods
Different payment (or receiving) methods have various markups, too. Sending money via a credit card appears to be the most expensive strategy that can build up to 34 USD per transaction. Also, you need to consider your card provider’s fee policy, which can also withdraw some charges. When receiving the money, claiming cash will be more expensive compared to banking account transfers.
Following the company’s policy, exchange rates are based on the currency type and transfer method.
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