CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Transferring Money With Western Union
Whether it is just a small sum to a friend on vacation or paying off a large bill, using Western Union to transfer the funds is a quick and simple solution. There are several ways to transfer money and for it to be collected by the recipient and each has its own advantages or drawbacks.
- Person to Person: Call into one of Western Union's 500,000 worldwide locations and opt for either the "Money in Minutes" or "Next Day" service. Your name, address and identification (usually a passport or driving license) will be required as well as the recipient's details and the Western Union branch to which the funds will be sent. Pay the required amount to cover the transfer and fees incurred. You will receive a Money Transfer Control Number (or MTCN) which should be forwarded to the recipient. Usually the recipient will be paid in cash after providing ID and the MTCN but it can be a cheque for larger amounts.
- Bank Transfer: Money can also be transferred into a bank account but you will need all of the recipient's banking details (BIC and IBAN) and possibly further information for some countries.
- Mobile Phone: Money can be transferred via Western Union's mobile app but you must register first to access this service as you will need an e-wallet, as will the recipient.
- Western Union Website: If you have a Western Union account (registration is free) you can send money via the web by clicking on the "Send Money" link. Payment is through your debit/credit card or bank account and the money can be collected in cash or lodged to a bank account.
Receiving Money With Western Union
As is the case with Western Union money transfers there are also a few methods for receiving payment.
- In Person: Present the MTCN and photo ID at the designated Western Union branch for payment in cash or cheque.
- Bank Deposit: This should be pre-arranged with the sender who should be provided with the necessary banking details to transfer directly into your account. This facility is not available in certain countries.
- Mobile Phone: Not available everywhere but some countries now allow funds to be transferred directly via mobile phone. A Western Union account is required to set up a mobile or e-wallet.
- Prepaid Card: Funds received can be transferred onto a Western Union prepaid card. Input the MTCN on your online account and the money can be switched onto the card which can then be used like a debit card. This can also be done by phone.
Western Union Advantages
- Fast: Transferred funds can be collected within minutes of being sent if required.
- Accessible: Available in 200 countries and over 130 currencies.
- Convenient: Money can be sent or collected in person, via a bank account or mobile phone.
Western Union Disadvantages
- Fees: Commission is charged on all transactions and can mount up depending on how and where you are transferring the money
- Availability: Not every town has a Western Union branch and opening hours are dependent upon the business hours of the premises in which they are located.
- Low Transfer Limit: Although the maximum transfer limit is usually up to US$2,500 it can be as low as $300 which can be inconvenient.
Security Issues
Although Western Union transfers are secure for the most part, the company itself warns clients not to use the service for internet purchases. Western Union has had problems in the past with internet fraud which have now been largely resolved although eBay still refuse payments through Western Union. That one issue aside, Western Union is otherwise a safe and secure way for sending small amounts of money that need to be processed quickly.
Top Western Union Alternatives
Popular alternatives to Western Union include:
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At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
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BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
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