How Wise can save you unnecessary currency fees on your next US Dollar RSU payout
You may not know it but if you receive RSUs or sell shares in US dollars you could be losing money paying currency conversion fees. Discover how to avoid this.
If you want to send money internationally from the UK, one of the options available is Western Union (WU). But did you know that the money transfer service has partnership with the UK Post Office?
In this guide, we’ll take a closer look at the Western Union and Post Office partnership. This includes how you can use the Post Office website and branches to access WU services, plus details of fees and exchange rates.
And if you’re looking for an alternative way to make international transfers, check out the financial services provider Wise. You can send money worldwide with Wise for low fees and fair exchange rates, all in just a few clicks.
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
The Post Office and Western Union have had a partnership in place for some time. But so far, it’s only involved online money transfers. You could visit the Post Office website to send money online with Western Union.
But in 2022, the two companies announced an expansion of this partnership. It was revealed that thousands of physical Post Office locations throughout the UK would start offering a new in-branch service for WU money transfers.¹
This means that as a customer, you’ll have a choice of ways to make an international transfer with Western Union.
According to the Post Office, there are around 2,700 locations² offering in-branch Western Union services. Obviously that’s too many to list here, but you can easily find your nearest using the branch finder tool.
To make sure your local branch offers the service you need, make sure you check the box for ‘Western Union’ under the branch services drop-down menu.
To make your first transfer, you’ll first need to decide whether you want to pop into a local Post Office branch or do the whole thing online. Take a look below for a step-by-step guide for each option.
To send money with Western Union at Post Office locations, you’ll need to do the following:²
To send money via Western Union using the Post Office website, follow these steps:
The transfer fee to use the Post Office for a Western Union transfer varies depending on the details of your transfer. For example, the destination, currency and your chosen payment/delivery methods.
But if you want to send money for cash pickup, there’s a flat fixed fee of £1.90.³
Along with the upfront fee, it’s also a good idea to take a close look at the exchange rate you’re offered.
This transfer service uses Western Union’s exchange rates, which are likely to include a margin on top of what is known as the mid-market rate.³ This can mean your recipient gets less on the other side, as more is lost in currency conversion.
If you want a better deal on exchange rates, consider sending money with Wise instead. It only ever uses mid-market rates, with no margins, mark-ups or hidden fees. There’s just a small transparent fee, which you’ll see upfront.
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.
And that’s pretty much it - everything you need to know about the Post Office and Western Union money transfer service.
If you prefer to use a name you know, while still taking advantage of WU’s global reach, this could be a good option for you. Just make sure to compare those all-important exchange rates before sending, as there could be a better deal out there.
Find out more about sending money internationally with our guide to the best money transfer apps.
Sources used:
Sources last checked on date: 31-May-2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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