How to Transfer Money Internationally Using Western Union and Remitly
Discover the best way to transfer money from the USA to India with our comprehensive comparison of Western Union vs Remitly. Learn how to transfer money from the USA to India using these services. This video compares fees, exchange rates, and transfer speeds to help you choose the best service for your needs. Watch now for a step-by-step guide and make your money transfer easy and secure!
🎬 Table of Contents
0:00 Intro
0:18 Western Union
1:41 Remitly
2:30 Comparing Fees and Exchange Rates
3:00 Speed of Transfer
3:27 Security
Steps Covered:
1. Western Union
1. Create an Account: Sign up on the Western Union website or app. Fill in your details and verify your account.
2. Choose Your Transfer Type: Select 'Send Money' and choose 'Bank Transfer' or 'Cash Pickup.'
3. Enter Recipient Details: Fill in the recipient’s name and banking information if you’re transferring to a bank account.
4. Enter Amount: Input the amount you wish to send. Western Union will show you the exchange rate and any fees.
5. Pay for the Transfer: Choose your payment method – you can use a bank account, credit card, or debit card.
6. Confirm and Send: Review the details and hit 'Send.' You’ll get a confirmation and tracking number.
Minimum Requirements: For Western Union, you need a valid ID, the recipient’s details, and a payment method.
2. Remitly
1. Create an Account: Sign up on the Remitly website or app. Complete your profile and verify your account.
2. Choose Delivery Method: Select 'Bank Deposit,' 'Cash Pickup,' or 'Mobile Wallet.' Remitly offers multiple options.
3. Enter Recipient Details: Fill in the recipient’s information, including their bank account if you’re doing a bank transfer.
4. Enter Amount: Input the amount you want to send. Remitly will display the exchange rate and transfer fee.
5. Pay for the Transfer: Use your bank account, credit card, or debit card to pay for the transfer.
6. Confirm and Send: Review all the details and click 'Send.' You’ll receive a confirmation and tracking number.
Minimum Requirements: For Remitly, you need a verified account, the recipient’s details, and a payment method.
3. Comparing Fees and Exchange Rates
Western Union:
Transfer Fees: Vary based on the amount, speed, and payment method.
Exchange Rate: Typically includes a markup over the mid-market rate.
Remitly:
Transfer Fees: Generally lower than Western Union, especially for larger amounts.
Exchange Rate: More competitive, with smaller markups.
4. Speed of Transfer
Western Union:
Cash Pickup: Within minutes.
Bank Transfer: 1-3 business days.
Remitly:
Express: Within minutes.
Economy: 3-5 business days, but cheaper.
5. Security
Western Union: Uses encryption and fraud detection systems. You also get a tracking number for every transfer.
Remitly: Offers 24/7 customer support and strong encryption. They also provide tracking and notifications.
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