If you need to make an international money transfer, you want a service that’s fast, reliable, and affordable. Whether you want to send money home, help a family member pay bills, or give some funds to a friend, Western Union and Wise are two great options.
Both platforms let you send money directly to a mobile wallet or bank account, but they differ in terms of rates, fees, flexibility, and reach. Below, we’ll go over a variety of factors that set each service apart.
Explore our guide to Wise vs. Western Union to help you choose the right service for your needs.
Key takeaways
- While both Wise and Western Union offer international transfers, the services differ in access and availability.
- Western Union offers online, mobile, and in-person money transfer services, while Wise offers electronic transfers only, plus a multi-currency account.
- Wise is available in 140 countries, compared to Western Union’s 200, and does not provide cash pickup options.
Comparing reach and availability
One of the biggest differences when comparing Wise vs. Western Union is the availability of each service. Wise offers international money transfers that are entirely digital, via bank transfer or direct debit. This can be useful if your recipient already has a bank or mobile wallet account and prefers to receive money electronically instead of cash. Wise is available in 140 countries.
Western Union offers digital transfers to bank and mobile wallet accounts, just like Wise. But since Western Union uses a hybrid model, it also offers in-person cash pickups, which Wise does not. All your recipient needs to do is show up at one of the Western Union locations and present their ID to pick up their cash. Western Union is available in more than 200 countries and territories.
Western Union vs. Wise: Fees and exchange rates
When sending money internationally, you’ll need to account for the exchange rate, which determines how much foreign currency the recipient will get for every dollar you send.
Wise uses a mid-market exchange rate, which is essentially the midpoint between buy rates and sell rates on foreign exchange markets. Wise also charges fees starting at 0.57%, depending on the currency. The cost to receive money with Wise also varies based on currency.
Western Union uses an exchange rate with a small markup. When sending money overseas, Western Union charges a flat fee, such as $2, based on the transfer amount. Western Union also often offers fee-free promotions, which can save you money.
Transfer speed and delivery options
If you need to send money fast, you’ll want to compare the estimated transfer times and payout options for Western Union vs. Wise.
Western Union offers speedy delivery of funds with flexible delivery options, which include sending to bank accounts, mobile wallets, and cash pickup locations. Depending on the transfer method, the recipient can receive money in minutes. No matter which option you choose, you’ll receive a money tracking control number (MTCN) that lets you track your transfer along the way.
When using Wise, you can send money to either a bank account or a digital wallet. Wise does not offer cash pickup. Most Wise money transfers are completed in one day, or two business days if converting currencies.
Comparing the digital experience
Wise and Western Union each offer websites and free mobile apps for sending and receiving money online.
Western Union’s online tools also integrate with its in-person ecosystem. When you use the Western Union app to send money, you can see transfer rates, track your transfer, and find agent locations. You can also pay bills and even start a cash transaction on your phone and complete it in the store to save time and money.
With the Wise app, you can track your transfer, open a multi-currency account for personal or business use, and send and receive money electronically. Wise doesn’t offer in-person services or agent locations.
Wise vs. Western Union: Reliability and trust
It’s important that you can trust your money transfer service to protect your funds as well as your personal information. Both Wise and Western Union use multiple security measures to keep your money and data safe, including two-factor authentication.
Wise’s privacy guidelines are regulated by country, and the company is ISO 27001-certified for information security.
In addition to two-factor authentication and regulatory compliance, Western Union also uses photo identification and SSL/TLS encryption to protect your account.
To protect against fraud, Western Union offers a fraud protection hotline, fraud monitoring, and fraud education, keeping you informed and up-to-date.
Why choose Western Union vs. Wise
Both Wise and Western Union serve global customers with safe money transfer services, but Western Union stands out for its flexibility, security, and reach. It’s more widely available than Wise and offers more options for sending and receiving money, including a vast network of in-person locations for cash pickup.
You can also earn discounts and perks with Western Union Rewards, including savings on transfer fees. You can even build credit while sending money with Western Union’s credit builder program, which reports to major credit bureaus and offers free credit reports to members.
Use the Western Union app, website, or authorized agent location to send money now and enjoy the benefits of membership.
FAQs
Both services offer strong encryption and two-step authentication to protect your private information and your money. Western Union also uses photo identification to verify your identity and prevent fraudulent use of your account.
Wise does not offer cash payout locations like Western Union does. Western Union offers more than half a million agent locations around the world.
While Wise is a solid option for international money transfers, it doesn’t offer the same level of flexibility and reach as Western Union. Not only does Western Union offer thousands of cash pickup locations worldwide, it’s also available in more countries.
Western Union has a vast global reach, with more than 500,000 authorized agent locations across 200 countries. Unlike Wise, Western Union offers the option to both send and receive cash in person, as well as conduct fast international transfers online or through its mobile app.
