Best Western Union Brokers 2024

Western Union is an established global payments company offering real-time exchange rates, a currency converter calculator, tracking transfers online and bill payment services. Distinguished by its black and yellow logo, it is best known for its international money transfer services, which can be done online or in-person. This article reviews fees, speed of payment transfers, security, plus depositing and withdrawing from your forex account. Also see our list of Western Union brokers below.

Western Union Brokers

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    FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ trading markets and three account types, they cater to all levels of trader.

What Is Western Union?

Western Union can be found in over 200 countries worldwide, including the UK. The payment solution lets you send and receive money anywhere, 24/7.

Western Union logo

The history of Western Union dates back to 1851, which started as the world’s first telegraph company. Two decades later, Western Union launched the first electronic money transfer service, which continues to be the company’s focus today.

In 2006, Western Union became a publicly-traded company. Its valuation can be found on the NYSE stock exchange. The company’s head office is based in Denver, Colorado, United States and is led by Hikmet Ersek, who has been CEO since 2010. The company’s offices can be found in over 500,000 agent locations worldwide. Western Union has a growing number of 150 million retail and digital customers. The firm also provides services for businesses and students like GlobalPay and QuickPay.

Fees

If you wish to fund your forex trading account with Western Union, it’s important to be aware of any charges. If you make a payment in a different currency from GBP, you will be charged conversion fees. Western Union makes money from exchange rates, which makes its international transfer fees expensive.

When sending money using a credit/debit card, Klarna or bank transfer, a 4.90 EUR fee is added. For specific money transfer rates, you can find a table of fees on their website. Note, most Western Union brokers offer free deposits but may charge a nominal fee for withdrawals.

Western Union may impose a maximum transfer limit. This differs depending on whether you arrange an online transfer or pay via mobile app, which generally ranges from $500 per transfer on mobile to $2,999 per transfer on their website. Payments at an agent location are usually unrestricted.

If you want to make a direct money transfer to another bank account that requires a currency conversion, you are better off using alternatives like TransferWise. Another alternative is MoneyGram, which is considered faster and has cheaper fees when sending smaller amounts vs Western Union.

Speed

Processing times depend on the delivery method. As the names suggest, its ‘Money in Minutes’ and ‘Mobile Money Transfer’ can take just minutes vs its ‘Direct to Bank’ deposits, which take 2 to 5 business days.

When depositing with brokers, its processing times are similar to a bank wire transfer with the added inconvenience of visiting an agent location during their store opening times. Forex brokers require you to deposit funds directly to the company’s operating bank account. To do this, you will need to fill out a form with the broker’s details. In the UK, deposit processing times usually vary between a few minutes up to 5 business days. While you can transfer money online or via the app into the broker’s bank account, this offers limited additional benefit beyond a credit or debit card payment.

You can download the Western Union app via the App Store or Google Play.

Security

To register with Western Union in the UK, you need to go through several steps to validate your identity. Western Union protects personal information with SSL protocols, which encrypts user data. They also provide an MTCN tracking number to reassure you that the money is sent to the right person.

Note, once funds are sent through Western Union, the sender can’t reverse the action. Since the company doesn’t offer any chargeback options, this does present a risk.

Western Union is not a widely available option among regulated brokers that are subject to strict anti-money laundering checks. While the safety procedures to obtain a Western Union account are still secure, a unique feature is being able to make money transfers without a bank account. This means that forex brokers can’t be sure that funds come from a legitimate source. Western Union also has a negative history when it comes to money laundering, scammers and terrorist financing.

If you come across any issues around refunds or the money transfer service being down, contact the customer service helpline phone number on 0808 234 9168 or speak to a nearby UK agent.

How To Make Western Union Deposits & Withdrawals

Western Union acts as an intermediary between sender and receiver. Before funding your forex account, you should check that you’re happy with the broker’s credentials.

Traders can make a deposit online through the Western Union web portal, as long as they have a bank account. However, if you prefer to pay in cash or want to avoid disclosing bank account details to forex brokers, follow these steps:

  • Visit a Western Union agent location near you
  • Fill out a form with the broker’s bank details
  • Depending on the service option, location and broker, your money will be sent either instantly or in a few days
  • An MTCN tracking number will be provided, which you will need to show the broker so they can register your funds

While the process is a bit more complicated, here is how to withdraw funds using Western Union:

Visit the payments section in the client area of the broker’s website.

  • Select Western Union as your payment option
  • Enter the amount of money you wish to withdraw
  • The request will be sent to customer services, who will provide you with an MTCN number
  • Visit your nearest Western Union agent and show your MTCN tracking number
  • Depending on your location or service chosen by your broker, you can either get your money instantly or within a few days

Pros Of Using Western Union For Traders

  • Accessibility – A selling point of Western Union is that a person without a bank account can send money. This is also a good option if you want to transfer money in cash.
  • Regular promotions – Western Union is known for regularly offering updated promo vouchers and discount codes online. Promo codes often offer zero transfer fees. The money transfer solution also offers a range of rewards through their membership program, My WU.
  • Alternative payment options – Western Union has recently allowed customers to send money or pay directly from a Klarna account.
  • Fast methods – Western Union’s ‘Money in Minutes’ service enables you to get withdrawn funds almost instantly. However, this depends on whether your broker chooses this option, as they will be subject to fees.

Cons Of Using Western Union For Traders

  • Security – Western Union has a bad history with money laundering. Since the company does not offer any chargeback, there is little protection for traders if unreputable brokers were to hold onto funds.
  • Fees – Western Union services are expensive when compared to alternative methods like credit/debit cards and e-wallets. It has high transaction costs and currency exchange charges.
  • Inconvenience – While Western Union is a good option for those who don’t have a bank account or access to other payment solutions, there are many other methods available nowadays that are more convenient. Furthermore, you need to have access to a Western Union agent location to fund your forex account or receive earnings.
  • Limited availability – Western Union is not widely available among brokers when compared to other payment methods like credit/debit cards or e-wallets. Particularly, regulated brokers that follow strict anti-money laundering rules aren’t likely to accept the payment solution.
  • Negative reviews – Online reviews cite complaints of delays and poor customer service. This is a real concern and means it’s not the first deposit option we’d recommend.

Final Word On Western Union Brokers

Western Union is an established company that pioneered online electronic payments. If you wish to trade anonymously using cash, don’t have a bank account or access to other methods, Western Union is a good option. However, security concerns and high fees are serious drawbacks.

FAQs

Is Western Union Instant?

Payment processing times with Western Union depend on the service you choose, such as Money in Minutes, which allows you to transfer funds within minutes. On the other hand, transfers with the Direct to Bank service can take 2-5 days to process.

How Do I Find A Western Union Near Me?

Western Union has over 500,000 agent locations globally. If you want to find a Western Union nearby, visit their website or find a location via the app. If in doubt, contact customer service using the UK contact number – 0808 234 9168.

Is Western Union A Bank?

While Western Union has an international bank that is an independent agent in the WU network, it is not primarily a bank. It does not hold funds or offer loans and is mainly a money transfer service.

Is Western Union Safe?

To register with Western Union, you have to go through a verification process on their website, in which your personal banking information is encrypted with SSL protocols. Historically though, the payment solution has been used as a money-laundering service due to the lack of accountability around the source of funds.

Can You Use Western Union Online With A Bank Account Or Credit Card?

Yes. To use Western Union’s online money transfer service, you need a bank account and to provide credit/debit card details. On the other hand, you can now transfer funds with a Klarna account. Moreover, you can collect transactions sent online directly to your debit or credit card. With that said, your card has to be issued by a bank listed on the Western Union bank list.