Top Western Union Alternatives for International Money Transfers

For decades, Western Union has been the go-to name for fast and reliable international payment transfers. But with development in technology, today there are a host of tech-driven competitors offering cheaper, faster, and more flexible ways to send and receive cash worldwide. 

Choosing the right international payments facilitator can save you money, stress, and time with every transaction. In this article, we'll review the top 10 Western Union alternatives and their pros and cons to help you find the perfect fit for your unique needs and budget.

If you're a business that regularly sends or receives money from abroad, exploring good Western Union alternatives can help you make international transactions more cost-effective and transparent.

Western Union is a leading player in the money transfer industry. It operates through an extensive network of agent locations across multiple countries. But while the accessibility is great, Western Union's exchange rates often fall behind those of other international transfer providers. Here are some other reasons to explore Western Union alternatives:

• Many Western Union competitors present online platforms that let you send money instantly or on the same day.

• They also come with business-friendly features like batch payments, multi-currency accounts, real-time tracking, and easy access to transactions. These features are often limited in Western Union.

• Some platforms also provide extra functionalities like bill payments, cryptocurrency access, reward programs, and even working capital loans that Western Union may not provide. 

• Western Union competitors also focus more on responsive customer service and providing intuitive experiences so users can transfer money overseas without much hassle.

When selecting a peer-to-peer (P2P) payment app, look at the fees involved, exchange rates, transfer speed, security, and business features.

Security and compliance

Look for a platform with strong security measures, such as end-to-end encryption and multifactor authentication. It should also follow rules like KYC (Know Your Customer) and AML (Anti-Money Laundering).

Fees, Exchange rates, and transfer speed

Check the exchange rate margins and watch out for hidden fees to get a clear idea of the total cost. Transparent pricing builds trust and helps you save money. Transfer times can be instant or take a few business days.

Accessibility and coverage

Choose a P2P payment app that works in many countries and offers different ways to receive money, such as bank transfers, mobile wallets, or cash pickups.

Payment and payout flexibility

See if the platform supports the payment methods your customers use the most. For example, bank transfers, cards, and digital wallets. Also, review the delivery options, keeping your recipient's choice in mind.

User experience and interface

A P2P payment app should come with simple onboarding that makes sending and receiving money effortless for businesses and individuals. Look for features such as real-time tracking, transaction history, and in-app support, too.

Business features and customer service

Look for business features like batch payments, multi-currency accounts, invoicing, and APIs you can customize. Make sure the platform has responsive, multilingual support to help solve issues quickly.

There are many Western Union alternatives that offer cheaper fees, better exchange rates, and faster digital transfers. Some top choices include Xflow, Wise, Remitly, PayPal, Xoom, OFX, WorldRemit, Skrill, MoneyGram, and Payoneer.

1. Xflow

Xflow is a modern B2B payments platform that uses automation to simplify receiving cross-border payments in India. It also performs compliance checks to reduce the manual workload involved and offers secure international transfers.

Key features:

• You can receive multi-currency payments with automated compliance documents like eFIRA.
• A dashboard to track payments.
• Supports API-driven integrations with ERP and accounting systems.

Pros:

• Xflow simplifies complex corporate payments.
• Automation avoids manual errors in the process.
• Ensures compliance with international regulations.

Cons: 

• Limits may be applied for transactions based on regulatory requirements and the user's risk profile.
• Can only be used for receiving international payments.

Pricing: 

• Starter (for invoices under 3,500 USD)
• Growth (for invoices ranging from 2,00 USD to 10,000 USD
• Scale for invoices above 10,000 USD 

G2 rating: 4.9/5

For detailed pricing information, check out Xflow’s pricing page.

2. Remitly

Remitly is a US-based digital money transfer service that lets you send payments quickly and easily around the world. It doesn't have physical branches, so money is delivered through partner banks and other transfer services.

Key features:

• Remitly provides an "Express" option for faster, more expensive transfers and an "Economy" option for slower, cheaper transfers.
• Multiple payout methods: cash pickup, bank deposit, and mobile wallet.
• User-friendly mobile app.

Pros:

• Instant transfers are available on the Express option.
• Flexible payout methods.
• Supports mobile wallet transfers.

Cons: 

• The Express option comes with higher fees.
• Limited coverage compared to some competitors.

Pricing: 

If the transaction is in the same currency (USD to USD), then the transaction fee is a percentage of the amount sent, plus a fixed fee of 2.99 USD. If there is currency conversion involved, exchange rates and markups apply.

Trustpilot rating: 4.6/5

3. PayPal

PayPal lets you send and receive money globally through your credit card, debit card, or bank account. It supports over 200 countries and around 25 currencies. But the recipient has to be a PayPal user. PayPal does not offer a cash pickup option, as it is a completely online payment platform. 

Key features:

• Instant transfers within the PayPal network.
• Multiple funding options available, including bank accounts and cards.
• Offers buyer and seller protection programs.
• Mobile and web-based platforms.

Pros:

• Wide acceptance and familiarity.
• Strong security and buyer protections.
• Offers easy integration with e-commerce and invoicing.

Cons: 

• High fees and unfavorable exchange rates.
• No cash pickup or bank deposit options outside PayPal.

Pricing: Starts at 2.29% + 0.09USD per transaction.

Trustpilot rating: 1.5/5

4. Wise

Wise is an international payments platform that keeps local bank accounts in countries around the world. This cuts out the costly international fees involved in cross-border payments. 

Key features:

• No transfer fee for large amounts (ex., above USD 1,000 or AUD 10,000, depending on the region).
• Supports over 80 countries and over 50 currencies.
• Offers business and personal accounts.

Pros:

• Perfect for bulk and high-value transfers.
• Competitive rates.
• A strong global payout coverage.

Cons: 

• Not economical for small transfers.
• Transfers take around one to two business days.

Pricing: A flat fee plus a small %; pricing varies depending on the feature you opt for.

Trustpilot rating: 4.3/5

5. Xoom (by PayPal)

Owned by PayPal, Xoom is a money transfer service that offers online transfers to bank accounts, mobile wallets, and even debit cards. It is available in a number of locations, and you can even request cash collection and delivery right from your recipient's doorstep. 

Key features:

• Fast cash pickups and mobile wallet deposits.
• Integration with PayPal accounts.
• Transfers to 70+ countries.
• Mobile and web platforms.

Pros:

• Quick transfers with cash pickup.
• Reliable service backed by PayPal.
• Flexible payment and payout methods.

Cons: 

• Higher fees than some fintech competitors.
• Exchange rates may not be the best.

Pricing: 

• 1% on all transactions up to $999.
• $10 fee on transactions of $1,000 or more when sent from a bank account.

Trustpilot rating: 4.7/5

6. OFX

This Western Union alternative operates in over 190 countries and deals with more than 50 currencies. Exclusively for large payments, it has a high minimum transfer amount. This Australian company allows you to make a single payment or set up recurring transfers so you can leverage locked-in exchange rates. 

Key features:

• No transfer fees for large amounts.
• Offers business and personal accounts.

Pros:

• Offers round-the-clock personal broker services.
• Strong global payout coverage.
• Excellent for bulk and high-value transfers.

Cons: 

• Not economical for small transfers.
• Accepts limited payment methods via bank transfer, cash, cards, checks, or bank drafts.

Pricing: OFX does not charge transfer fees. It incorporates a markup in its exchange rates.

Trustpilot rating: 4.4/5

7. WorldRemit

WorldRemit offers multiple options to send funds - mobile money accounts, mobile airtime top-ups, or even arrange cash pickup. It also has an app that makes it easy to set up and track transfers right from your phone. 

Key features:

• Supports bank deposits, mobile wallets, and cash pickups.
• Offers a user-friendly app and website.
• Up to 95% of transfers arrive within minutes; some can take up to three business days, depending on the destination and the local banking systems.

Pros:

• Multiple payout methods.
• Broad country coverage, can send money to over 130 countries.
• There are fast delivery options available too, as per your needs.

Cons: 

• Variable fees depending on the corridor and payout.
• Limits on large transfers (ex., for bank transfers, up to 9,000 USD/day from the US and up to 50,000 GBP/day from the UK).

Pricing: Applies an upfront transfer fee and an exchange rate markup. The total cost depends on the amount, method of payment, and destination.

Trustpilot rating: 3.8/5

8. Skrill

This digital payment service is based in London, UK and has been active since 2001. It supports both local and international payments with an online wallet. Skrill also has a mobile app that you can use to manage your money 24/7.

Key features:

• Digital wallet supporting more than 40 countries and currencies.
• Instant transfers between Skrill users.
• Has a loyalty program called KNECT, which offers points and rewards.

Pros:

• Internal and certain card-funded transfers are fast.
• Loyalty rewards.
• Supports a variety of funding options like bank transfers, credit/debit cards, etc.

Cons: 

• Withdrawal fees can be high.
• Less widespread acceptance compared to PayPal for e-commerce, but popular in gaming and forex.

Pricing: 

• Bank transfers: Free
• Debit card, PaysafeCash, or bank transfer via Klarna: Up to 1% 
• Credit cards: 2.99% 
• International transfers in the same currency: Up to 4.99% per transaction

Trustpilot rating: 4.4/5

9. MoneyGram

MoneyGram lets you send money to over 200 countries. You can opt for bank deposits, cash collection, and payments to mobile wallet accounts. It boasts a vast network of agent locations and also allows in-person payments for those who prefer traditional transaction methods.

Key features:

• Wide global reach.
• Core services are cash pickups and bank deposits.
• Mobile application for transfers and tracking.

Pros:

• A large global agent network, which is beneficial for cash-based transactions.
• Reliable cash pickup.

Cons: 

• Variability in pricing (fees and exchange margins) depending on factors like destination and transfer amount.

Pricing: Fees plus exchange margin as per the destination and the currency involved.

Trustpilot rating: 4.2/5

10. Payoneer

Payoneer is a popular choice for people in digital business. It offers special business accounts designed to simplify sending and receiving payments in multiple currencies.

Key Features:

• Multi-currency receiving accounts.
• Supports payments and withdrawals globally.
• Offers business-centric invoicing and mass payouts.

Pros:

• Ideal for freelancers and SMEs.
• Supports multiple currencies.

Cons: 

• Fees for card usage and cash withdrawals.
• Not designed for casual remittances.
• Prepaid Mastercard available in specific regions only. 

Pricing: Varies based on the transaction and card use.

G2 Rating: 3.2/5

When choosing a money transfer app for business or global payments, understand the purpose, compare transfer speed, and check the total cost.

• Firstly, define the purpose of your transfer. For businesses that handle large and frequent payments, batch payments, multi-currency accounts, and integration with accounting or ERP software are necessary.

• The next thing you should look for is speed and urgency. If you're someone who needs instant or same-day delivery, opt for Remitly Express or Xoom. And if you can wait for a day for better rates, Xflow is ideal as it offers lower fees and mid-market exchange rates.

• Always check the total costs, transfer fee, and the exchange rate margins. Make sure the Western Union alternative you're picking is available in your country. It should also support your preferred payout method. 

• And finally, check if your selected payments application comes with a clear interface, real-time tracking, and responsive support to make sure all your transfers are smooth and stress-free.

If you want to save costs, speed up payments, and ensure transparency, compare your options carefully. Among all the Western Union competitors, Xflow stands out as a great choice. It is an automation-first, business-focused platform designed to simplify and optimize the process of receiving global payments for Indian businesses.

Visit Xflow's site to see how it can help you manage cross-border payments seamlessly!