TransferWise vs Western Union

Should you be living or working away from your family, you know the strains of wishing to send them money in real time and at an affordable rate. You might be familiar with Western Union quick collect techniques. However, in spite of the popularity of this method, many struggle with the relatively high rates of transfer, leaving less money to reach the one you seek to help. Furthermore, though the transfer period is deemed among the shortest, it is typically longer than that of its closets alternative, TransferWise.

What Is TransferWise

TransferWise agressive marketing

TransferWise is a quick reliable money transferring agent that will allow you to send funds overseas at relatively low cost. As a game-changer in UK technology, the service is internet-based. TransferWise runs on a website and downloadable application which allows you to handle your transactions from the comfort of your home, or on the go. The user-friendly app also allows you to track your transfers in real time, a service accessible to you at no additional charge.

Why Choose TransferWise Over Western Union

Western Union Money Transfers

The main competitor of TransferWise is of course Western Union. And while some may feel comfortable employing the method they have heard the most about, the following factors may have you tilting in favor of the newer, faster service.

Speed And Rates

These may be the most influential factors in choosing a transfer method. You will wish to see how fast your money will reach its intended destination and how much (or little) you will be charged for the transaction. TransferWise is not only much cheaper than its main competitor, Western Union, it also reaches your transfer receiver much faster. Users have observed that international transfers using Transfer Wise take on average half a day less time than Western Union to arrive. This means that in case of emergency, this could allow your transfer to reach its destinator as early as the day before it would with Western Union.

Currency exchange board showing cross rates between various countries

Furthermore, TransferWise fees are among the lowest as it uses the real exchange rate. The mid-market rate established by TransferWise is the exchange rate used in trading.

Smart Technology

Instead of rushing to a transfer office or navigating through a messy site, TransferWise offers you a clean, easy-to-use application you may download from your app store at no cost. You will not need a western union card or another identification document of the sort. Whether you choose to transfer through the Website or the application, you will be assisted along every step of the way and be able to observe your savings (or what you would otherwise have spent using competitors’ services). The tracking tool offered by the app also allows you to follow your money on its course to its destinator. This means no more unexpected delays or miscommunication as to when they can it.

Using the TransferWise apps also means that you will have to spend no additional funds reaching a transfer office, wait in line or fill complicated forms. The application tailors itself to you after a couple uses, remembering your preferences and usual transfer details, thus allowing the following transactions to be done in no time.

The Service for You

Comfortable, fast and reliable, TransferWise offers you international transaction services at incredibly competitive pricing. We believe it is the future of global money transferring and will earn your loyalty in no time.