Money transfer fees can dissuade you from sending money to family and loved ones that need it. Whether they need to pay for bills or other expenses, money transfer fees shouldn’t stop you. By understanding how money transfer fees work, you can try and cut down costs when it’s possible. So, before you transfer funds, learn about money transfer fees, requirements, and how to save money on your next transfer.
Send money with the Western Union mobile app
If you’re trying to conduct a money transfer, you can use our website or the Western Union app to send money domestically or internationally. It’s easy and convenient. Your recipient can receive cash directly to their bank account or pick it up in person.
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4 types of money transfer fees
Money transfer fees depend on several factors, including the bank your money is coming from or going to, whether the transfer is domestic or international, and whether there are fees from an intermediary bank. Understanding these pieces will help you feel confident about knowing the costs when sending money.
Here are some of the most common types of money transfer fees you may encounter:
1. Transfer fees
Every bank or financial institution will have its own money transfer fees that range depending on the bank. Most banks separate fees into sending fees and receiving fees, and whether the transfer is domestic or international.
2. Intermediary bank fees
Some money transfers may involve a third-party (or intermediary) bank that facilitates the money transfer between banks that don’t have a financial relationship together. The intermediary bank may charge a transfer fee in addition to the transfer fees from the sending and receiving banks. Intermediary bank fees are usually a cost of an international money transfers. You can avoid this money transfer fee by transferring the same currency, instead of exchanging currencies.
3. Exchange rate
While an exchange rate isn’t necessarily a money transfer fee, it is a cost that you should consider. An exchange rate refers to how much one currency is valued against another currency. For example, as of June 19, 2023, you could trade about 1 CAD for 41.3919 PHP (Philippine Peso). Or in other words, 1 PHP is equal to about .024 CAD. If you were sending money to Europe, 1 CAD would be equal to 0.6774 EUR (euros), and 1 EUR would trade for 1.48 CAD. The cost of an international transfer can be more than you expected, so it’s important to account for the exchange rate. That way, you know exactly how much you will receive from a transfer, or how much you need to send your receiver to ensure they get the correct amount of money.
4. Additional fees
There can be additional money transfer fees, such as for online versus in-person transfers, cancellation fees, correspondent bank fees, and more. Before initiating a money transfer, check with your financial institution to get a quote for how much it will cost or what fees you may incur.
What are Western Union’s fees?
Western Union offers easy, reliable ways to send money with fees that vary based on the services you need and the country to which you are sending money. You can view an estimate of the fees and exchange rates[1] when you start your transaction online.
Before you send money, you can easily choose different payment methods and receive options in the website or in the app. You can choose how to send the money (credit card, debit card, bank account) and how your recipient wants to receive the money (bank account, in person, and in some countries, a mobile wallet).
New customers can send their first online money transfer for a $0 fee.[2] The exchange rate, however, will still apply and can affect the value of your transfer. online to get started today.
How much does a money transfer cost?
Because of exchange rates and other variable fees, the cost of each money transfer depends on several factors.
Before initiating a transfer, use a bank or transfer service’s online calculator (if available) to estimate your money transfer fees and international money transfer fees. Money transfer fees are dependent on different factors such as location, the banks of the sender and recipient, and how much you’re sending.
When you send money through Western Union, the estimate page on our website or in the Western Union app make it easy to know how much your transfer will cost. You will see applicable fees listed and currency exchange value for each sending and receiving option. If you prefer sending money in person, you can also visit an agent location.
The app is free to download and you can get it on the Apple App Store or on Google Play.
[1] The Transfer Fee quoted in the estimate is calculated for an online transaction done the day of the estimate. Fees at agent locations may differ from online fees. Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
[2] FX gains apply. Service and funds availability depends on certain factors including the service selected, the selection of delayed delivery options, special terms applicable to each service, amount sent, destination country, currency availability, regulatory issues, consumer protection issues, identification requirements, delivery restrictions, agent location hours, and differences in time zones (collectively, “Restrictions”).
