Western Union and Transferwise are direct competitors who both want the market of remittances. The remittances are worth $600 every year. The online market is growing by more than 10% every year whereas the offline one is growing way slower. In this market Western Union has already around 50%… And Transferwise got 4% in 5 years… So who is the best?
1/ Does Western Union offer the best currency rates?
Western Union exist for more than 150 years. It’s currently one of the most powerful financial institution. The company offers money transfers almost everywhere in the world. However it’s not the most cost- effective with currency exchange rates. Indeed Western Union is very convenient because there are offices everywhere and you can send cash directly in another currency. On the other hand the company has so many real estates and employees that it costs a lot.
2/ Does Transferwise offer the best currency rates?
Transferwise entered the market 5 years ago. They got an impressive organic growth because they offered very cheap rates at their beginning. The thing that in 5 years more than 345 other money transfer operators have entered the market. They also offer cheap rates. So the best currency rates don’t have to be always at Transferwise. We need to compare. The best currency rates could be Transferwise or Western Union but there are hundreds of other operators who also offer very effective rates. I suggest to use a comparison before transferring money abroad. It’s the best way to send money abroad.
Neither is the best. Both have their own specificities. We have to compare before sending money abroad. Otherwise we are not going to get the best currency rates at the moment we need them. And because the money transmitters have ever changing rates you can’t know which one is the best in advance. It has to be in real-time.