All you need to know about Western Union (WU)

Western Union actively engages in money transfer and receipt, breaking down geographical barriers. Western Union provides global payment services and operates in over 200 countries and processes payments and transfers in over 130 currencies. More than one billion bank accounts have been transacted and many more to go.

Who can do business with Western Union?

Individuals – individuals and sole proprietors who send and receive money via Western Union.

Businesses – The company offers Western Union Business Solutions to assist businesses in easily transacting international business.

Partnerships – cross-border partnerships can also benefit from Western Union’s payment solutions.

Western Union’s operations in USA

Western Union operates in India through a network of over 50,000 agents. There are some restrictions to using Western Union in India, which are as follows:

For starters, individuals in India cannot send money to individuals in other countries. Money from any other country can only be received in India.

Second, Indian government regulations prohibit businesses from using Western Union’s money transfer services.

What is the Process of Money Transfer?

Individuals from any country can send money to an individual in India via Western Union’s global agent network. The procedure is as follows:

  1. Individuals based in foreign countries must visit a Western Union agent in their country.
  2. At the agent’s office, the individual completes a ‘To Send Money’ Form. The form includes three crucial details: the name of the person to whom the money is being sent, the amount of money to be sent, and the location to which the money is being sent.
  3. The form is then submitted, along with the amount to be remitted and any applicable fees. It should be noted that the agent will only accept money in local currency. For example, if a person is remitting funds from the United States of India, the payment to the agent in the United States must be made in US dollars. Furthermore, the person remitting the money may be asked to present his government-issued ID card if necessary.
  4. The agent then processes the form and provides the remitter with a Money Transfer Control Number and a payment receipt.
  5. The recipient of the funds then goes to the Western Union agent at his location.
  6. He must complete a ‘Receive Money’ Form, which includes the sender’s full name, the location from which money was sent, the amount of money sent, and the Money Transfer Control Number.
  7. The form is then presented to the agent, along with proper identification.
  8. The money is then given to the recipient in Indian rupees by the agent.
  9. The method described above was an offline method that required a visit to the agent’s location.

However, as the online and mobile platforms grow in popularity, Western Union now allows people to send money to India both online and by phone. The procedure is as follows:

Online money transfer

  • If he is a new customer, the person sending the money registers on the Western Union website, or simply signs in to his account if he is an existing one.
  • Then he provides the receiver’s information online, which includes the receiver’s full name, the location where the money will be collected, and the amount of transfer intended.
  • Additional services, such as a telephonic update to the receiver when the money is sent or a message included in the transfer, can be added to the money transfer service.
  • The sender then reviews his order, which shows the amount to be transferred as well as the applicable fees.
  • The order is then placed, and payment can be made using the sender’s debit or credit card.
  • With the receipt of the transaction, a Money Transfer Control Number is issued upon successful payment. The sender can then notify the receiver of the transfer.
  • For security reasons, the sender must also call Western Union to confirm his transaction.

Money transfer via phone

  • The sender should dial the Western Union numbers provided.
  • The operator would then need to know the receiver’s information as well as the amount of money to be sent.
  • The payment must be made with a credit or debit card from VISA, MasterCard, or Discover.
  • Following payment, the Money Transfer Control Number is generated and provided to the sender.

Points to consider

Sending and receiving money via Western Union is a simple process. However, some critical points must be remembered:

  • A total of USD 2500 may be sent to India.
  • While in online mode, the service is available 24 hours a day, seven days a week. Agents, on the other hand, may have set working hours.
  • The receiver is eligible for a maximum cash payout of $50,000. Crossed cheques would be issued if this limit was exceeded.

From the earliest, they have believed to use advanced technology to connect people – always staying focused on bringing people closer to places and loved ones that matter most to them, in good times and bad. Western Union enables money transfers that are not only secure but also quick and convenient.

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