What sort of qualities are you looking for in a Forex broker? A user-friendly trading platform, regulation, spreads, bonuses, charges, and payment methods supported are likely going to be factors that feature in the list. And we will be discussing all of these and more. But here we’ve decided to concentrate on a payment method that is recognized the world over, and help you find the best Western Union Forex brokers.
Western Union – A company with more than a century of history
Many of you reading this will already recognize the name Western Union. There are, after all, countless offices located in towns and cities across the world. Globally, there are more than 500,000 Agents, and 100,000 ATMs, with the potential to reach more than 1 billion bank accounts. The company itself was founded in 1851, with its first stock traded on the New York Stock Exchange in 1865.
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So what does Western Union do today? It is an independent firm that enables cash transfers to take place between one party and another, whether individuals or businesses. With the help of Western Union people are able to move money seamlessly in a way that is convenient for them. Whether that is walking into a retail Agent, visiting its website, or taking advantage of the Western Union app, money can be transferred in minutes, almost anywhere in the world.
Are there many Forex brokers that accept Western Union payments?
It is not as popular a method of making payments as some others are, such as credit cards, debit cards, and bank transfers. But there are, nevertheless, a few Forex brokers accepting Western Union payments, which means you should have a reasonable choice. So are there any benefits to choosing a Western Union Forex broker instead of another? There happen to be quite a few, and these include:
- Choosing a Western Union Forex broker means you’ll be making payments with the help of a reputable and experienced company. It has had a strong reputation in the field of money transfers for more than a century.
- Western Union payments are safe and secure.
- There are a number of well-known Forex brokers that choose to accept Western Union payments.
- While Western Union charges may be a little on the steep side, there are a number of brokers that offer refunds for regular or loyal customers.
- Western Union provides a number of other useful services such as bill payments, money orders, and gift cards.
But that’s all well and good we hear you cry. Are there any disadvantages to worry about? Unfortunately, there are a few, some of which are going to put a number of you off. These are:
- Western Union can be an expensive way to send money. It may be a very convenient and speedy way to send funds but it can work out very costly.
- Some countries have a restricted service, while there are other countries where it is not an acceptable method of payment.
- Western Union doesn’t have a good record when it comes to preventing money laundering and terrorist financing.
- It has become a popular method for scammers, as any money lost is virtually unrecoverable.
How easy is it to find a Western Union Forex broker?
The choice of Western Union Forex brokers is slightly limited when compared with other payment methods. This is because many regulated Forex brokers tend to shy away from Western Union because it is difficult to adhere to the money-laundering rules enforced by their regulatory body. Some, however, have found a way to get around the rules. And this is by choosing to set up in a location that has very few restrictions when it comes to receiving payments from traders. Which means you should always tread carefully before choosing Western Union as a method of payment. How can you steer clear of non-regulated and unsafe Forex brokers? Here are a few tips you can follow:
- Make sure you do your own research, as well as read our Forex broker reviews. We will make mention of any regulatory body a Forex broker is licensed by, along with lots of other useful information.
- Get in touch with any Forex broker accepting Western Union payments and ask for the details.
- Make sure you read the small print with regards withdrawals, as this is an area that often causes problems for traders.
- Carefully check the charges and fees a broker will be making and make sure they stick to them.
- Read a selection of Forex broker customer reviews to get an all round idea of how a particular broker operates and whether they are reliable.
Now you appreciate the pros and cons of using the service why don’t we see if we can answer some of the other questions you’re probably dying to ask.
Western Union FAQs
Registration is a requirement for most Western Union services. Once the registration process has been completed sending money takes just a few minutes as all the information is pre-filled on the payments page. Thereby saving time and effort.
Registration is completely free.
It is possible to send money to a Western Union location, where it can be picked up in cash. Or directly to a recipient’s bank account, as in the case of a Western Union Forex broker. Another alternative is to send the money to a recipient’s mobile phone. Which option is available will depend on the destination.
Within a 12 month period it is possible to send up to 1,000 EUR, without the need for verifying your details. Once your identity has been verified your limit will increase to 5,000 EUR per transaction.
If you have reached the 1,000 EUR limit or plan to send money on a regular basis your identity has to be verified. This is a very simple process that has to be started via your account profile. A letter will be sent that includes a confirmation form, which has to be completed and sent together with a copy of your photo ID. This can all be done via email.
Payment options vary from country to country, but it is possible to pay with a Visa or Mastercard credit card from any location. Some card issuers charge an additional fee. You will have to contact your card issuer for more details.
It is possible to receive money in cash at an agent’s location, with proof of identity.
Payments can be made in minutes, but may take slightly longer if money is being transferred to a bank account.
So there you have it. All the information you need to know to make an informed decision regarding Western Union Forex brokers and whether they are right for you. Consider all your other options, while also weighing up the other qualities a broker offers. Do this and you should be able to pick the best one for the job.
