Western Union Singapore money transfer, everything you need to know
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Western Union is one of the largest companies that offers international money transfer to bank accounts or cash pickup at agent locations in selected countries. The global footprint allows you to send money to over 200 countries and territories. Western Union offers more than what most Singaporean banks do. In 2018, they have completed over 800 million transactions from their clients and have continued to innovate the money remittance game worldwide.
This guide will help you understand the costs and steps to send money overseas from Singapore and how your recipients can receive the money from you.
How to send money overseas with Western Union?
There are several methods that you can explore to send money overseas using Western Union that includes sending money online through the Western Union’s website, Western Union’s app, visiting a Western Union agent location, or making a phone call1.
You can then opt for a wide variety of services to complete your transactions:
- Paying in cash in one of the 90 Western Union agent in Singapore
- Bank transfer
- Credit or debit card
How can your receivers receive money with Western Union?
There are a myriad of payment delivery method that can be chosen depending on your receiver’s preferences and that include:
- Cash pickup: to visit an agent location with the preparation of a government-issued ID and the tracking number (called an MTCN or Money Transfer Control Number)
- Prepaid card
- Bank account
- Mobile wallet deposit
You can also check the status of your money transfer via Western Union’s global track a transfer service page.
How much does it cost to send money with Western Union?
The cost of an international remittance depends both on the fees you have to pay, and the exchange rate used for the currency conversion. It’s worth comparing the exchange rate used with the mid-market rate (real time exchange rate as seen on Google) once you have modeled your payment online. With that, you will see Western Union does charge a small markup on top of the exchange rate. Let’s hear from Western Union themselves:
“Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors.”
Besides the exchange rate, there might also be some fees applied based on the location, transaction payment method, and payout method. If we model a payment of SGD 1,000 remitted into MYR, here are the costs you may pay.
| Transfer type | Fees to consider |
| Payment direct to a bank account, funded by bank transfer | There’s no upfront fee aside from a markup on the exchange rate. Direct bank transfer may also be subject to SWIFT fees by intermediaries. Payment received in 2 business days |
| Payment direct to a bank account, funded by credit or debit card | There’s no upfront fee aside from a markup on the exchange rate, and advance fee or interest charges depending on your card issuer. Direct bank transfer may also be subject to SWIFT fees by intermediaries. Payment received in 1 business day |
| Payment direct to a bank account, funded by cash, paid at agent location | Pay in store is not available when sending money to a bank account. |
| Payment to be collected in cash, funded by bank transfer | There’s no upfront fee but you have to bear a higher markup on exchange rate compared to payment direct to a bank account. Payment received in 1 business day |
| Payment to be collected in cash, funded by credit or debit card | There’s no upfront fee but you have to bear a higher markup on exchange rate compared to payment direct to a bank account. You may also pay credit card advance fee or interest charges depending on your card issuer. Payment received in minutes |
| Payment to be collected in cash, funded in cash, paid at agent location | There’s a transfer fee of SGD 5 and the highest markup on exchange rate compared to all the above options. |
Why consider Western Union?
Western Union Singapore provides a very clear and concise means to remit money overseas, allowing ease and convenience. Another major factor is speed. Transfer with Western Union can be done in a matter of minutes and the recipient can almost instantly receive the money, making any emergency easier to manage.
Western Union also has a massive network; with over 500,000 agents located in 200 countries around the world and with almost 150 different currencies to transfer in. This makes for an ideal service to use anytime, anywhere.
However, you should take note that exchange rates may affect the amount of money you are sending. Keep an eye on the rate when using their service. Also in Singapore, your transfer amount is capped at $5000 per transaction and you can’t set up repeat transfers or standing orders which may be irritating to some. Also always expect to pay a fee when sending money through Western Union.
An alternative way to sending money overseas: Instarem
Instarem is a fintech company that provides for customers from several countries offering attractive exchange rates where you will get the most out of your money transfer. Let’s look at the final amount to be received by your recipient in Malaysia if you are sending money online using Western Union and Instarem (as of 1 Feb 2022):
| Provider | Amount Paid | Fee | Exchange rate | Received |
| Western Union* | SGD 1,000 | 0 | 3.0630 | MYR 3063.2 |
| Instarem** | SGD 1,000 | SGD 3.5 | 3.0815 | MYR 3070.71 |
* Payment direct to a bank account, funded by bank transfer
** Payment direct to a bank account using the option bank transfer via Instarem
Ultimately you get more of your money transferred to your intended recipient with Instarem as compared to other money providers. Besides getting the most value out of every transfer you are making, you are also entitled to earn InstaPoints when you sign up and start making transactions or successfully referring your friends to explore Instarem. InstaPoints can be used as discounts on your future transfers.
See how Instarem works and find out for yourself.
Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.
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