Western Union

Western Union is a global money transfer service that traders can use to send a deposit to a forex broker or receive a withdrawal, through its network of agent locations and its online platform.

How Western Union works for forex transfers

Western Union has operated as a money transfer provider for over a century and has agent locations in more than 200 countries and territories. Funds can be sent by bank transfer, cash pickup, mobile money transfer, or digital wallet, depending on what is available in your country.

Depositing and withdrawing with Western Union

To fund a trading account, a trader sends money to the broker through Western Union and then confirms the transfer details with the broker so the deposit can be matched to the account. Withdrawals work in reverse, with the broker sending funds back through Western Union to the trader's chosen pickup method or account.

Costs and speed

Western Union charges fees on transfers, and these can add up on larger amounts. The exchange rate applied to a transfer may also be less favorable than the rate a forex broker offers directly. How quickly funds arrive depends on the transfer method and destination country.

Things to check before using Western Union

• Availability — Western Union services are not offered in every region.
• Fees and rates — compare the total cost of a Western Union transfer against the broker's other payment options before choosing it.
• Broker support — confirm the broker accepts Western Union transfers and follow its instructions for matching a deposit to your account.

Choosing a broker that accepts Western Union

Not all forex brokers support Western Union. Broker ratings can help you find and compare brokers that accept it, alongside other factors like fees and reliability.