Frequently Asked Questions

The prices of crypto, and therefore any crypto balances you have, are volatile and can move up or down suddenly.  Once you confirm your buy or sell transaction it cannot be reversed or canceled.

Crypto is a digital medium of value that uses a decentralized computer network to secure transactions between two parties on public ledgers, called blockchains. 

The term ‘crypto’ can be synonymous with digital assets, cryptocurrency, coins or tokens.

Cryptocurrencies can only be bought from your primary account, with USD or any crypto credits you may have.  If you have non-USD balances in your wallet, you will need to convert those funds to USD to purchase crypto.  When you sell cryptocurrency, the proceeds will be returned to your USD primary account and can be used for any other transaction then available in your wallet.

After passing the three-question quiz, simply use the money in your Western Union USD (US dollar) account to buy the crypto offered by Western Union, spending as little as $1 or as much as $10,000 per transaction.

The quiz at the end of an Earn While You Learn courses can only be taken once. You can take a different course, if there is one available, for a chance to earn crypto credits. If you’d like to review your answers and/or the correct answers, this remains available within the course material.  

Currently, Bitcoin and Ethereum are available to buy, sell or hold in the Western Union wallet.

Western Union may charge fees for buying and selling crypto; however, these will be communicated to you upon a purchase or sale.  In addition, Western Union does collect a spread on all transactions, which is defined as the difference between the price we receive from our trading service provider and the price displayed to the user. Please see Terms and Conditions [link] for further details 

Currently, there is not a total daily limit for buying or selling; however, you are limited to $10,000 per transaction.  

If you are in the greater US, please contact us via chat online [chat link] or call us toll free 24/7 at 1-800-325-6000

Once you have your Western Union Wallet account set up and pass a short, three-question crypto onboarding quiz,  you can use your Western Union wallet to buy select cryptocurrencies — all from within this app, 24 hours a day, 7 days a week. 

Mobile: You can see it on the “My Money Crypto” tab, as well  in the rewards tab, under the crypto section. Desktop: You can see it in the “My Crypto” tab as well as in the rewards tab, under the crypto section. 

If you are using a VPN, reside or are physically located in Louisiana, Hawaii, New York, Northern Mariana Islands, American Samoa, or anywhere outside of the US, then buying and selling cryptocurrency is currently not available. 

If you are in the greater US, not including the above jurisdictions, and are not connected to a VPN, yet still cannot complete your transaction, please contact us via chat online [chat link] or call us toll free 24/7 at 1-800-325-6000

At this time, cryptocurrency purchased from Western Union cannot be transferred from your Western Union wallet to another wallet or to another individual.  Similarly, you are unable to receive any crypto from other sources.

Blockchains are internet protocols that log transactions and allow for decentralized, direct exchange of data, assets, and information.  They are systems that allow one to track the sending and receiving of types of information over the internet – in a peer-to-peer manner.

Western Union partners with a trusted third party for its cryptocurrency custody services and this means that our customers’ crypto is stored using our partner’s custody platform.  However, crypto is not protected by FDIC or SIPC insurance.

Any gains or losses recognized from the purchase and sale of cryptocurrency are taxable. You are required to certify your personal details on a W9 form before buying crypto. You will also receive a 1099-B form following the year end (viewable in the “Profile Management” section, under tax documents) which you can use to file crypto related taxes.

Contact your tax professional for more information on your specific situation.

You can see IRS guidance here: https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions

Crypto credits can only be used to purchase cryptocurrencies from Western Union. In order to use them to purchase crypto, choose your cryptocurrency and USD amount.  Next, on the “Review and confirm” screen you will see available crypto credits applied to the purchase details.  You can also opt to remove the crypto credit value from the purchase and save for future use. 

Once your purchase is confirmed, the transaction details are emailed to the address on file and reflect the crypto credits used. Your crypto credit balance can be seen on the “My Rewards” screen.  Crypto credits are solely available for crypto purchases and not redeemable for USD or any other currency.  They are also non-transferrable.  Any and all crypto credits you have will expire when your wallet is suspended and/or terminated by you or Western Union.  

No, your crypto holdings are not FDIC or SIPC insured.

Please be mindful when making your selections, as there are no refunds, chargebacks or reversals.  If you would like to sell any cryptocurrency that you may have inadvertently purchased, please do so by clicking on the “Sell” button located in your mobile app or through our website. You will receive an email confirmation for any transaction completed (purchase or sale).

To change your permanent address, you must contact us via chat online [chat link] or call us toll free 24/7 at 1-800-325-6000.

At the change of address effective date / time, if the updated address is in a region where crypto trading is not currently offered in the Western Union Wallet (Hawaii, New York, Northern Mariana Islands American Samoa or anywhere outside of the US.):

You will no longer be able to buy or sell cryptocurrency.

Additionally, your crypto holdings will be sold for USD.

Your holdings and will not be affected and you can continue to buy and sell crypto, if your updated address is not located in one of the regions listed above.

Buying and selling cryptocurrency is only available to U.S. customers, excluding  customers who have a home address or are physically located in the following regions:  Louisiana, American Samoa, Hawaii, Northern Mariana Islands, and New York 

There is no limit on the amount of crypto you can hold. However, if a sale of crypto results in your wallet balance exceeding 50,000 USD, you will be temporarily restricted from adding more USD to your wallet until you withdraw your wallet balance below 50,000 USD.