Looking to Make Easy Cross-Border Transfers? Western Union and Wise Offer Different Options—Choose the Platform That Best Meets Your Needs!

When selecting a cross-border transfer platform, users typically focus on four key aspects: transfer fees, transfer speed, service coverage, and customer experience. This article will compare two major cross-border transfer platforms, Western Union and Wise (formerly TransferWise), in detail across these four areas to help users make a better choice.

Transfer Fees

• Western Union: Western Union’s fee structure is complex and depends on various factors, including the amount sent, the destination, the payment method (e.g., bank transfer, credit card, or cash), and the payout method (cash pickup or direct deposit). Generally, Western Union’s fees tend to be higher, especially when paying by credit card or cash. Additionally, Western Union’s exchange rates usually include significant hidden fees (exchange rate margins), meaning users might bear higher costs through less favorable exchange rates.
• Wise: Wise is known for its transparent fee structure, charging a fixed fee plus a small percentage of the transfer amount. More importantly, Wise uses the mid-market rate (i.e., the real exchange rate), without profiting from exchange rate margins, allowing users to get better rates and lower overall fees.

Transfer Speed

• Western Union: The speed of Western Union transfers is one of its main advantages, especially for cash pickups, where transfers are usually instant, allowing users to receive cash within minutes. For urgent transfers, Western Union is highly appealing. However, bank transfers may take longer, typically 1-3 business days.
• Wise: Wise generally offers fast transfer speeds, with most transfers completing within 1-2 business days. While not as fast as Western Union’s instant transfers, this speed is acceptable for most non-urgent needs. In some cases, Wise can achieve same-day transfers, particularly between major currency pairs.

A More Convenient Global Multi-Asset Wallet—BiyaPay

Cross-border transfers can also be done using BiyaPay, which supports over 20 fiat currencies and 200 digital currencies offering a more convenient and efficient solution with the following advantages:

• Integrates local transfer methods in most regions, enabling zero-cost intermediary steps in bank transfers and low fees.
• Supports local transfers in most countries or regions globally, with wide coverage and fast transfers.
• No transfer limits, making large transfers more convenient and cost-effective.

Service Coverage

• Western Union: Western Union has an extensive global service network, covering over 200 countries and regions and supporting multiple currencies. Its main advantage lies in offering cash pickup services through tens of thousands of agent locations worldwide, which is particularly important in areas where banking services are limited. Thus, Western Union holds a significant advantage in remote regions or cash-dominated markets.
• Wise: Wise also supports a wide range of countries and currencies, though not as comprehensively as Western Union. However, Wise covers most common transfer destinations. Wise’s services mainly focus on bank-to-bank transfers, so for cash pickups, Western Union might be a better choice. For everyday international transfers, especially those involving major currencies, Wise is capable of meeting the needs of most users.

Customer Support

• Western Union: Western Union offers multiple customer service channels, including phone support, email, and in-person assistance at its locations. Western Union’s customer service is widely available, supporting multiple languages, which is especially beneficial for users who are not comfortable with digital tools. However, Western Union’s customer service has been reported to respond slowly at times, particularly when handling complaints or complex issues. Additionally, the customer experience can vary by region due to the extensive network of service locations.
• Wise: Wise primarily provides customer support through online channels, such as email, live chat, and an online help center. Wise’s customer support typically responds quickly, and users can contact a representative directly through the app or website. Wise also offers detailed help documents and FAQs, allowing users to find solutions on their own. While Wise does not have physical locations, its 24/7 online support and multi-channel help center ensure that users can access help at any time, resulting in high overall customer satisfaction.

Western Union and Wise are two well-known cross-border transfer platforms, each offering a variety of services to global users. When choosing a platform, users can consider personal needs, such as transfer speed, fee transparency, service coverage, and customer support channels.

Each cross-border transfer platform has its unique advantages and suitable scenarios, making them ideal for different types of users and transfer needs. The final choice should be based on individual priorities and specific usage environments to find the most suitable transfer solution for your needs.