Most people agree that sending money abroad is expensive. That’s why we’re going to break down various international money transfer services so you can get the best bang for your buck.
First up is Western Union, one of the most well-known remittance service providers. How do they compare to Revolut in terms of pricing when sending money abroad?
Revolut vs Western Union: Transfer Fees
With Revolut, Premium customers can send 1 international transfer per month, fee-free, while Metal customers can send an unlimited number of international transfers a month, fee-free. Standard customers will have to pay a 0.3% fee for each transfer, pegged to a minimum of S$0.30 and capped at a maximum of S$9.
Western Union doesn’t charge transfer fees if you pay online by bank account and the recipient receives the money by bank account
Revolut vs Western Union: FX rates and fees
WesternUnion charges significantly higher FX fees compared to Revolut.
Revolut uses the real exchange rate. Here at Revolut, the real exchange rate means the buy and sell rates we have determined based on the foreign exchange market data feeds.
Take a look at the table below to see a comparison of exchange rates between Revolut and Western Union if you want to send S$1,000 in some of the most common currencies from Singapore as a Standard customer. A 0.3% fee applies so you’ll pay S$1,003 in total. To compare fairly, we’ll also show how much you’ll get if you exchange S$1,003 at Western Union.
This comparison shows the cost of a transfer for a Standard Revolut customer before reaching the monthly FX fair usage limit. You can avoid FX fair usage fees if you are on a paid plan (Premium or Metal). The pricing in this table was collected from the Western Union website and is accurate as of November 11, 2021 at 3:25pm SGT.
Verdict: Which is better for sending money abroad?
As you can see in the examples shown in the table above, if you were to send S$1,000 of the most popular currencies, your recipient would always receive more with Revolut — even with the 0.3% fee.
A fair usage fee will apply under certain conditions. Click here for more details.
Revolut has no hidden fees and offers great exchange rates, making it simpler and more affordable to send money abroad. Just choose how much you want to send and where to. We’ll take care of the rest.
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