Convera money transfers (previously Western Union Business Solutions) - All you need to know

Panna Kemenes

Convera (formerly known as Western Union Business Solutions) is a global provider of cross-border payment solutions. These solutions serve small and medium-sized companies, startups, and large organizations including NGOs.

You can use Convera to make cross-border transfers and set up mass payments. You can also access financial products to help manage the risk of dealing with foreign currencies.

This guide covers all you need to know to get started with Convera for business. It also highlights a possible alternative, the Wise Business account.


💡 Need to make international business transfers?
Making international payments with Wise Business is easy. This smart account lets businesses manage international payments using the mid-market exchange rate. You can hold money across multiple currencies, and access time-saving tools such as the QuickBooks integration.

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Convera Business key features

Convera business products include options for international payments. There are a range of solutions designed to help international businesses manage the risk of using foreign currency.

Here’s a rundown of everything you need to know:

Convera products

With Convera, businesses can send international and mass payments. This makes it easier to process high volumes of cross-border transactions.

You can transact with 200 countries and territories


Fees and Exchange Rates

When you model your transfer, you’ll want to look at the fees and other charges, as well as the exchange rate used.

The mid-market exchange rate is a good benchmark to use when you check the conversion rate provided by Convera. This is the rate that is used on the global financial markets. By comparing these rates, you’ll be able to see if and how much markup has been added to the rates displayed for business customers.

You’ll also need to check the way your payment will be made, and whether there will be any additional costs to consider. If there are additional charges, these may be as a result of the payment being processed using the SWIFT network.

Under this system, several banks known as intermediaries work together to handle an international payment. These correspondent banks can charge an extra fee for the service they provide.

The good news is that Convera has a global financial network that it uses to limit intermediary fees.

It’s common to add a markup or margin to the exchange rate used for international payments made by business customers, but not all providers do this. The Wise Business account is a good option to consider, with payments made using the mid-market exchange rate, and for a low upfront fee.

Convera fees and costs


Calculating the cost of your Convera payment

To see the fees applied to your payment, you’ll need to model the transfer on your Convera account. This will show the charges as well as the exchange rate offered for the currency pairing you need to exchange.


Currencies supported

On their website, Convera says that it supports 140 currencies

It’s helpful to know that business payments are not available in all regions. To check if you’ll be able to make your payment with Convera, you’ll need to log into your account and model the payment. This will also show you the fees and exchange rate which will apply.


Contacting Convera customer support

To get started with Convera, you may have to talk to a member of the customer support team. They can check your eligibility and the products that are suitable for you.

You’ll be able to get more information by visiting the Convera website.

WU customer support

How to pay for a Convera international transfer

Business payments are all done online. You’ll need to pay using your held balance, a wire transfer, or credit or debit card, depending on the payment you’re making.

How long does it take to make a transfer?

Convera describe many of their payments as paid with minimal lag or delay. However, the exact length of time taken will depend on the details of the payment, where you’re sending money to, and the payment route used.¹

You’ll be able to see more information about the transfer you need to make when you model the payment online.

Payments and services with WU Business Solutions

Payments and services with Convera

To learn more about the full range of services on offer from Convera, you’ll need to connect with a team member. Convera expert staff will be able to assess the type of products that may suit you, make recommendations, and provide pricing and fee information(See Convera alternatives).

To give an idea of the type of services and solutions available, here’s a quick overview.

Convera Business Payments

With Convera, business customers can make international payments in a broad range of currencies. Small business owners and entrepreneurs can also access foreign currency holding balances. This means you can accept payments in multiple currencies, and hold the money until you need it.

There’s also a function that allows access to invoice records with multiple data points to allow for easy sorting and analysis by finance teams and auditors.³


Convera Mass Payments

Convera offers a mass payment option. This allows companies to make efficient, high-volume international payments.⁴


FX risk management with Convera

Foreign exchange risk management options, including forward contracts are also available for eligible business customers.⁵

These products are used to help companies manage the risk of doing business with suppliers overseas.

As exchange rates change frequently, it’s hard to know exactly what you’ll need to pay to cover a foreign currency invoice. FX risk management options exist to help smooth out this risk.

⚠️ These are sophisticated financial tools. You’ll need to talk through your needs with a Convera adviser to understand if they may suit you, and to check your eligibility.

Choosing the correct payment provider for your business is important. You’ll want to find a service that supports your needs, makes it simple to manage your money, and offers good value fees.

Don’t forget to compare several providers to find the one which works best for your business. This includes both traditional banks and modern alternatives such as the Wise Business account.

The true cost of sending USD to GBP


Sources:

  1. Convera business payments and money transfer
  2. Supported currencies
  3. Invoice solution
  4. Mass payment
  5. FX management

All sources checked July 28, 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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