Whether we like it or not, it is a known fact that money is one of the most important aspects of life. Money certainly is the key to having almost every necessity we need, from food, water, shelter and everything in between. And it is inevitable that its movement it certainly constant, from purchases, payment of all sorts, taxes and remittances do move funds from a place to the other. ut not everything do move in and out smoothly, with the advanced technology we have, scammers do have multiple ways as well to do their evil ways to go after our hard earned money. An all in one channel that can take care of almost every fund movement services, without compromising our money’s security is what we need. Today we will get you thorough an investigation if Western Union will check all these boxes.
Comparison: Best Money Transfer Services
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- Transferwise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
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- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
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- Azimo is a very competent partner for the international transfer. Azimo has a large selection of countries and the transfers are safe and cheap.
Western Union – what’s that?
Western Union is a multichannel financial service that is currently residing in Denver, Colorado. Formerly known to be in the business of telegram from 1913 which they have excelled and almost monopolized the telegram industry for more than eight decades until it discontinued all related services in 2006 that paved way for it to shift focus as a multi-financial service provider.
Western Union today is now one of the world’s most renowned companies when it comes to financial services including personal money transfers, business and utility payments, money order and commercial services. And just recently, they have come up with an online portal as well where you can remotely avail of this service.
Personal remittance or person to person money transfer is one of the bread and butter services that Western Union is providing. With thousands of Agent Locations around the world, consumers can send or receive monetary remittances from anyone. Whether be it from or to a family member, business partner or anyone, the transaction is very much not that hard. Cash can be collected or sent from one of Western Union Agent Locations with the use of MTCN (Money Transfer Control Number) Identification. Sometimes for added security, an additional question from the sender is being asked to the receiver. This service is available for a small fee depending on how much is sent out. And their exchange rate compared to other financing institutions are quite competitive.
To cope up with the vast growth in technology, Western Union made sure that it also take advantage of it as well. An online website was institutionalized that allows users to enjoy Western Union’s services online at the comfort of their own home. They can now send and received funds, pay utility bills, check on the nearest Western Union Agent Location and and even purchase NetSpend Gift Card. With this online portal, their campaign to win against fraud and scams are highly more attainable with various videos, quizzes and articles they upload on site to always remind their customers not to send money or any information to total strangers. A customer service line is also available on site for questions and inquiries.
In October 2007, Western Union Mobile was released in GSM Association which is still up to par that time to anticipate the growing population of cellular phone users. They cover up to 218 countries with 700 mobile operators catering up to 2.5 billion subscribers. They saw the rise of potential market of this platform plus the convenience of being able to make Western Union transactions at the comfort of their own home without even looking at an Agent Location. Initially, basic services are provided through this platform like text services regarding the delivery of remittances to phone based money sending options. Western Union’s core money transferring service was transferred to then digital wallet services provided by network carriers.
Eight years after this, Western Union partnered with instant chat app giants Viber and WeChat to give their consumers option to use their service through their online messaging app. WeChat users can send up to $100 to US, China and 200 other countries. While Viber charges for just $3.99 plus currency conversion fee per $100 amount sent. The fee will increase depending on the amount sent that is up to $499.
There is nothing to argue with on how safe and secure doing business with Western Union is. It has been a pillar of finance service and in fact, westernunion.com has been the 4,319th most visited website via Alexa Internet, a testament to how people truly is patronizing the services being provided. Before any transaction can be made, numerous ads can be seen campaigning against making transactions with strangers. Various identifications supported by the government are required for every transactions to verify identity, as well as the unique MTCN or Money Transfer Control Number that the receiver needs to provide. Not to mention the over 500,000 Agent Locations worldwide and the multiple ways a receiver can get the funds sent out. They also have an Online Remittance Tracker for you to check realtime if the money was already received.
Western Union Review – Advantages and Disadvantages
The world of financial servicing is as broad as how much you can do with money itself. in an industry where not only a handful does excel, it will be an exceptional feat if you’ll come out as one of the best, and Western Union is just that. With the variety of ways it can make service using different platforms and various ways to move your hard earned money to where it should be heading, we can be assured that the safety and security of their clients’ interests are at the very top of their priority.