Have you been looking for fast ways to send money and also receive money from your loved ones. Western union has provided a convenient means of sending money without a bank account.
Western Union provides a means of moving money from person and place to another for people who may not have options in the traditional financial world. As one of the leading money transfer companies, it has a significant amount of market share, allowing it to dictate to customers on things like transfer fees and terms. With this in mind, it is an often expensive option that can still be helpful for people who need to transfer money in a hurry. While it has limited use from a commercial standpoint, it is an viable tool for personal use.
Western Union was founded in 1851 as a telegraph business in Rochester, New York, added its money transfer service in 1871 and has since grown to become a global leader in the money transfer industry. The company’s founders; Hiram Sibley and Samuel Selden set out to unite a haphazard web of telegraph lines into a unified network, resulting in an efficient, growing business.
How to send and receive money via western union
- Verify the recipient’s name just the way it is on their ID to make sure the fund is been disbursed to the right person, and their address in order to know what city to send the money to.
- The recipient should have a western union location close to them.
- As the sender, find your local Western Union office and fill out the necessary forms. You can send money from a branch in numerous ways: via cash, with a credit or debit card, or from bank account to bank account.
- Charges varies depending on what payment method you choose, where you are sending money from, and where you are sending it to.
- If you are transferring from one bank account to another, you will need your recipient’s bank name, BIC (Bank Identifier Code) and IBAN numbers, and the account numbers.
- Money may be available after a few minutes or a few days, again depending on location and payment method.
- Save the MTCN number which is the tracking code, this would be sent to the recipient to receive the money.
How to receive money via western union
- Visit your local Western Union to pick it up. You will need the MTCN( money transfer control number) number and a photo ID with a name that matches the recipient’s.
- You can also have the money transferred to your account If you want. You will need to inform the sender and provide them your necessary banking information. This includes your IBAN and BIC number
- The money will show up in your account a few days after it has been transferred. Though this service may not be available in all countries or banks.
Also, you can get a Western Union prepaid card. This card will allow you to receive and send money just like a normal debit card,you will also be able to use the card for purchases and payments. Once you register the card, you can log in to your Western Union account and input the MTCN to have the money loaded into your card. You can also load money and receive money on your phone.
Also Read: How To Track Your Western Union Money Online
Guidelines on when not to send money:
- Make sure you confirm from a reliable source before sending money to a grandchild, family member, or friend for an emergency situation.
- Do not send money to someone you just met online.
- Western Union should not be used for internet purchases as there is no guarantee that the person will send the purchased goods to you.
- Never send money through Western Union for an employment opportunity or to claim lottery winnings.
- Verify the recipient’s location and name. You will need their location so as to know where to send the money to. Also, make sure you get the correct name as it is on their ID so that the money can be given to the right person.
- Make sure that the recipient has a local Western Union that they can visit, and that you are able to send money to their location.