Western Union vs Key Currency: Fees & Reviews Compared

Both Western Union and Key Currency are popular international money transfer services. But which one is better?

Below we compare them on their fees and reviews.

Fees

	Western Union	Key Currency
Homepage
Transfer Fee	Based on the sender’s location, transfer amount, and payment method. Usually, there’s a fee that’s as low as $0-$15, but some can be as high as $100 if sending to an exotic location or paying by credit card.	No fee
Average Exchange Rate Markup	1% – 5%	0.2% – 1%
Minimum Transfer Amount	$1	$1
Maximum Transfer Amount	Depending on the sender’s country: $50,000 if identity verified $3,000 if identity isn’t verified	No limit

Reviews

	Western Union	Key Currency
Trustpilot Rating	3.9	4.9
Number of Trustpilot Reviews	50,800	1,600
iOS App Rating	4.8	N/A
Number of iOS App Reviews	630,000	N/A
Android App Rating	4.6	N/A
Number of Android App Reviews	28,000	N/A

Features

	Western Union	Key Currency
App Transfers	Yes	No
Online Transfers	Yes	Yes
Phone Transfers	Yes	Yes
In-person Transfers	Yes	No
Available Countries	200	N/A
Number of Currencies	130	37
Payment Methods	Bank account Debit card Credit card Cash	Bank account
Receiving Methods	Online wallet Bank account Cash pickup Home delivery	Bank account
Cash Pickup Option	Yes	No
Payments Flexibility	Web platform Mobile app Phone In person	Web platform Phone
Supported Languages	English, Spanish, French, Danish, Norwegian, Turkish, German, Italian, Russian, Swedish, Chinese, Dutch, Polish, Ukrainian, Portuguese, Japanese, and Finnish	English
Transfer Speed	Within minutes for cash or debit card transfers 1-3 days for transfers between bank accounts	1-2 days
Dedicated Dealer	No	Yes
Instant Custom Quote	Yes	No
Business Features	N/A	Spot contracts Forwards contracts Limit orders Market analysis Recurring transfers Rate alerts
Debit Card	Western Union® Netspend® Prepaid Mastercard	None
Cancellation Policy	Cancellations are possible as long as the money hasn’t been claimed by the recipient.	Customers must get in touch with the company to cancel transfers once they’ve been confirmed. Refunds are subject to Key Currency’s approval and granted on a case-by-case basis.
Suitability	Small money transfers	Large money transfers

Company Comparison

	Western Union	Key Currency
Year Founded	1851	2016
Headquarters	Denver, CO, United States	Truro, Cornwall, the UK
Other Office Locations	Brazil, Sweden, Australia, New Zealand, Poland, Austria, Canada, France, Germany, Italy, China, Japan, Malaysia, Malta, Singapore, Switzerland, South Korea, United Kingdom, etc.	The Netherlands, Portugal, and Spain
Annual Trading Volume	$300 billion	£2 billion
Number of Employees	10500	42
Number of Clients	150 million	50000
Regulatory Institutions	State licensing in the USA FINTRAC in Canada FCA in the UK AUSTRAC in Australia	FinCEN in the USA FCA in the UK Bank of Spain in Spain
Awards	Digital Edge 25 Awards (2016) Payments Innovation of the Year (2016) Candidate Experience Award (Talent Board, 2017, 2018) “Way to Go” Champion Award (Denver Regional Council of Governments, 2019) Regional Partner Award (Education for Employment, 2019) Humanitarian Logistics Award (American Logistics Aid Network, 2020) Consumer Payments Innovation Award (FinTech Breakthrough Awards, 2021)	Best Currency Exchange Service (ADVFN – each year from 2016 to 2023) Best Currency Provider (Online Personal Wealth Awards – 2016 and 2017)

Western Union Pros & Cons

Western Union Pros

• Diverse payment methods
• Availability of cash pickup locations
• High rating on Trustpilot
• Excellent mobile application
• An abundant industry experience
• Comprehensive information repository
• Exceptional convenience
• Worldwide service reach
• Robust currency handling
• Rapid fund transfers
• Fee and rate prediction tool
• Beneficial rewards scheme

Western Union Cons

• Not optimal for substantial money transfers
• High transaction fees
• High markups on exchange rates
• Absence of hedging options for businesses

Key Currency Pros & Cons

Key Currency Pros

• Great customer service
• Impressive Trustpilot score
• Zero transfer fees
• Attractive exchange rates
• Personalized support from dedicated account managers
• No limits on transfer amounts
• Flexible currency hedging options
• Wide-reaching service coverage
• Extensive industry experience
• Quick money transfers

Key Currency Cons

• Not optimal for smaller transfers
• Limited funding methods
• Lack of support for less-common currencies
• No option for instant personalized quotes
• Services not accessible for residents in the US
• Absence of a mobile app

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