Western Union vs Moneycorp: Fees & Reviews Compared

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

Below we compare them on their fees and reviews.

Fees

	Western Union	Moneycorp
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 for online transfers £15 for transfers over the phone.
Average Exchange Rate Markup	1% – 5%	1% – 2%
Minimum Transfer Amount	$1	50
Maximum Transfer Amount	Depending on the sender’s country: $50,000 if identity verified $3,000 if identity isn’t verified	£100,000 (or currency equivalent) for online transfers. No limit for transfers over the phone.

Reviews

	Western Union	Moneycorp
Trustpilot Rating	3.9	4.3
Number of Trustpilot Reviews	50,800	6,300
iOS App Rating	4.8	2.1
Number of iOS App Reviews	630,000	120
Android App Rating	4.6	N/A
Number of Android App Reviews	28,000	N/A

Features

	Western Union	Moneycorp
App Transfers	Yes	Yes
Online Transfers	Yes	Yes
Phone Transfers	Yes	Yes
In-person Transfers	Yes	No
Available Countries	200	190
Number of Currencies	130	35
Payment Methods	Bank account Debit card Credit card Cash	Bank account Debit card Check
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 Mobile app Phone
Supported Languages	English, Spanish, French, Danish, Norwegian, Turkish, German, Italian, Russian, Swedish, Chinese, Dutch, Polish, Ukrainian, Portuguese, Japanese, and Finnish	English, Portuguese, French, Romanian, and Spanish
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 Market orders Limit orders Stop-loss orders Recurring transfers Vanilla options Zero-cost options 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.	Each individual transfer’s cancellation can be discussed upon contacting a Moneycorp representative. Generally, most transfers that haven’t been completed can be canceled and refunded.
Suitability	Small money transfers	Small and large money transfers

Company Comparison

	Western Union	Moneycorp
Year Founded	1851	1979
Headquarters	Denver, CO, United States	London, 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.	Dublin (Ireland), Toronto (Canada), Gibraltar, Madrid, Costa Blanca, and Costa Del Sol (Spain), Bucharest (Romania), Dubai (UAE), Washington DC, Orlando, and Providence (USA), Hong Kong, and São Paulo (Brazil)
Annual Trading Volume	$300 billion	£38 billion
Number of Employees	10500	900
Number of Clients	150 million	N/A
Regulatory Institutions	State licensing in the USA FINTRAC in Canada FCA in the UK AUSTRAC in Australia	FinCEN and the Federal Reserve Bank of New York in the USA FINTRAC in Canada FCA and the HMRC in the UK Dubai Financial Services Authority in UAE Central Bank of Brazil in Brazil Central Bank of Ireland in Ireland CED in Hong Kong GFSC in Gibraltar
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)	Travel Money Provider of the Year (Moneyfacts Consumer Awards, 2015,2016) Top Track 250 (The Sunday Times, 2017) Gold Trusted Service Award (Feefo, 2018, 2019) Best Money Transfer Service Provider (The World Banking Awards, 2019) Platinum Trusted Service Award for consistently delivering excellence (Feefo, 2020) Money Transfer Provider of the Year (MoneyAge Awards, 2019, shortlisted in 2020) Best Cross-Border Payments Service (Payment Awards, shortlisted in 2020) Best Cross-Border Payments Infrastructure (Payment Awards, shortlisted in 2020) Foreign Exchange Services finalist (The Private Equity Service Provider Awards, 2020)

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

Moneycorp Pros & Cons

Moneycorp Pros

• Exceptional customer support
• Respectable Trustpilot rating
• Zero fees for transfers conducted online
• Unlimited transfer amounts for phone transactions
• Operational in more than 190 nations worldwide
• Impressive range of supported currencies
• In-depth local expertise
• Decades of industry experience
• Speedy money transfers
• Broad array of features for businesses
• Multilingual services
• Robust regulatory compliance

Moneycorp Cons

• Limited funding methods
• Lack of support for less-common currencies
• No option for instant personalized quotes

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