With its international brand campaigns, Western Union is popular among billions of people. The service provides money transfers online and in person. There are even rumors about Western Union dealing with cryptocurrency. But still, what are the “pros and cons” of sending money online via one of the biggest monetary services?
There are tons of sources, requiring your ID and credit card requisites for completing transactions. Most people prefer delivering money right away. They say it is fast and convenient. Moreover, as the World Bank reported in 2014, remittances covered up to 30% of the gross domestic product in Canada.
A lot of expenditure companies also send business payments under the remittance umbrella. Compliance establishments may consider such procedures skeptically. You should be careful while performing business-related transactions (employee salary, commission, etc).
It seems easy to address money abroad with Western Union. The deal takes a few minutes and the service contributes customers with 24/7 support. If everything goes okay, an adult person may send for about 1,000 EUR in 3 days. That’s the largest possible amount. But not for domestic transfers – the daily limit is higher in most of the European countries.
1. First-time users create a personal account on a website. Besides, they need to go through identity verification. The only problem here – it may take several days. But once the system confirms your ID, money transfers become real and faster;
2. Visa or MasterCard are acceptable every time. In other cases, a client needs to find a nearby location to do a transaction with cash. Important notice: check your card for an extra fee. Some banks may not provide costless transfers;
3. When the service approves the transaction, it is time to review your email. You will receive an MTCN (tracking number). Make sure, the receiver knows it as well;
4. After coming to Western Union agency you have to show a valid ID and also fill out a special form. The main points here will be the sender’s name and MTCN. Without previous contact with family or friends (whoever was going to send money and knows a number), it will be harder to get cash from an agent. When sending to the receiver’s bank account or mobile wallet, it will be there. Anyway, to follow the transfer, MTCN is still needed.
Reduced cost and transaction time determine digital remittance market growth. People explore online resources and bank accounts. Lower-middle regions are the biggest targets for remittance influxes. Whereas, increased outflows from immigrant populations support the USA and Saudi Arabia. They are major contributors into global transfer area.
Advantages of Making Money Transfers Online with WU
- Delivering remittances in minutes – saves you a large amount of time;
- The service is available day and night – acceptable for emergency payments. For example, when you need costs for medical purpose;
- Informing the client via email – no phone calls, only important details in the message;
- Any of the Western Union spots around the world can give you cash;
- Using SSL technology (provides a secure connection) the company protects customers’ data;
- Call-center is ready to answer any of your questions. Be aware to contact them in unexpected situations.
Besides, if the receiver does not pick up the money, Western Union keeps them for 45 days. If there is no opportunity for a person to visit a location, the sender may claim for return. The company’s policy is quite friendly for all customers as one of the most authentic services worldwide since 1851.
We have told about all the advantages and nuances you should know about Western Union. So, decide by yourself is it worth to trust this company.