9. WESTERN UNION
Western Union is another incredibly well-known and popular money transfer system, especially in the United States. It is very similar to MoneyGram in several ways. Like MoneyGram, Western Union, too, has operations in over 200 different countries; however, they beat out MoneyGram on locations, boasting a huge 550,000 locations around the globe.
They also provide the same or next day delivery of transfers to most recipients, depending on which country someone is sending money to. However, unlike MoneyGram, Western Union charges extra for this rush delivery; it is not standard practice.
Western Union is also known for having quite expensive rates, as well. Sometimes, the transfer fees are no more than five dollars, depending on the amount of money being sent, but the inflation rate for the exchange rate can be over 6%.
The advantages of using Western Union, though, can potentially outweigh the disadvantages if you need to send money to a rather obscure country. Furthermore, because of the abundance of locations and the option to pick up money in person rather than via a bank transfer, Western Union is the only viable option for some people, even if they do balk at the lofty fees. Perhaps that’s why it has a 3.5 out of 5 stars rating.