Is Western Union safe?
Western Union is a global payment company with 500,000+ agents around the world, as well as digital transfer services. You can send money more or less anywhere with Western Union - but the key question for many customers will always be: is Western Union safe?
Quick Summary
Large, safe and established international transfer service
UK services are authorised and regulated by the FCA
Account verification and passwords required
Business services are also regulated by global authorities
Anti fraud technology and teams to protect customers
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Is Western Union safe?
Yes; Western Union is a safe company to send and receive money from overseas.
Western Union is licensed and regulated by major global bodies everywhere it trades.
As one of the oldest financial services in the world, they provide a wide variety of money transfer options to more than 200 countries.
Here are some key facts and figures about Western Union:
Established in: 1861
Customer numbers: 150 million
Safety: Publicly traded company, licensed
Security: Western Union uses encryption technology to keep your information safe
Volume of transfers: 34 digital transactions a second + agent services in person
Support: 24-hour customer support
In the UK, services through Western Union are provided by Western Union International Bank GmbH, UK Branch (WUIB) in cooperation with Western Union International Limited. WUIB is an Austrian company, while Western Union International Limited is Irish. The services provided fall under the supervision of both Austrian authorities and the Financial Conduct Authority (FCA) in the UK.
Additionally, financial companies like Western Union which offer services in other regions also need to be licensed and regulated according to local laws in the destination country. These include the New York State Department of Financial Services among other US regulatory bodies, FINTRAC in Canada, or AUSTRAC in Australia.
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How is Western Union regulated?
In the UK, Western Union is authorised and regulated by the FCA, and subject to limited regulation by the Prudential Regulation Authority.
The FCA is the main regulatory body for financial companies in the UK. It works with HM Treasury to protect consumers and make sure the financial services industry remains stable and safe for users.
The FCA has a broad role in monitoring and enforcing good practises within financial services firms like Western Union. For example, under rules set out in the FCA handbook, companies offering services like international payments must hold client funds separately to their own money. If you send a payment to Western Union and it can’t be immediately processed it will be deposited in a separate account held by Western Union at a reputable bank. That means it can’t be confused with Western Union’s own operating funds, and can be retrieved in the unlikely event that Western Union runs into financial difficulties.
Is Western Union safer than traditional banks?
Western Union isn’t a bank, but it’s regulated in many of the same ways, making it as safe to use as a traditional bank. The biggest difference when it comes to Western Union versus banks is the way fees and services are structured.
Western Union doesn’t typically hold customer money - it arranges for payments to be transferred, and has a range of security features to make this safe. We’ll cover some specifics about this later.
Western Union security measures
Western Union has a range of security measures in place to keep customers and their money safe. These include:
Verification when you open an account or send a payment with an agent
ID verification to collect payments in cash
Tracking number (MTCN) verification when you collect a payment
Dedicated fraud team checking for suspicious transfers
Consumer protection
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Is Western Union legit?
If you’re worried that Western Union’s offer may be too good to be true, you can rest easy.
In fact, Western Union is one of the longest established money transfer services in the world. Their services have been trusted by 150 million customers, sending payments to every corner of the globe.
As a large business, Western Union is also regulated in many different regions, and has dedicated service teams to help prevent and detect fraudulent activity. This all helps to keep your money safe when you use Western Union services.
Is Western Union safe to transfer money?
Western Union transfer services are safe to use, as long as you follow their guidelines and only send to people you know and trust.
Payments are processed and delivered to recipients as soon as they’re received, with a broad range of verification, tracking and fraud detection steps along the way.
Is Western Union safe to keep money with?
Western Union doesn’t typically hold customer money - it arranges for payments to be transferred, and depending on the chosen payment method, the money can get to the recipient instantly.
Is Western Union safe for large amounts?
Western Union’s payment limits depend on the destination country and the type of payment. Even high value transfers with Western Union should be safe - but sending a large payment anywhere can be a little nerve wracking.
Some sensible steps to take can include:
Double check all the information. Check if you've fully completed all of Western Union’s verification steps. If you’re sending to a bank account make sure you have all of the required details. If you’re making a cash collection transfer use the recipient’s full name as on their ID document
You can add a security question. In some countries you can add a security question to transfers being sent for collection, which can add peace of mind
Double check your transfer limits. Check your own bank’s transfer limits if you’ll be funding your payment with a wire
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Is Western Union business account safe?
Western Union business accounts can be as safe as a bank account. The difference between the two is that managing the money of your business through a provider is usually cheaper than with a traditional bank.
The same sort of security measures which are in place for personal customers are used to keep business customers secure. For business customers, Western Union also offers depositors insurance through the Financial Services Compensation Scheme. This insures any deposits held by Western Union to the value of 85,000 GBP per depositor.
Is your personal data safe on Western Union?
Western Union, including both the digital payment services, and the agent network, has a legal duty to keep your personal data safe. Personal data can be shared in some situations - although consumers may be able to request that information sharing is limited in some cases.
What personal data does Western Union collect?
Western Union UK collects some personal data when you create an account, send or receive money. Information is used for practical purposes - like setting up your payment, for marketing, and to comply with legal regulations in the UK and abroad.
Financial companies like Western Union are also obliged to hold some data for a period of time - this can be 6 to 10 years and may vary according to the information type. Western Union won’t hold data for longer than is required by law, to complete any ongoing transactions, or resolve any problems which may arise with a payment.
Personal data Western Union may collect can include:
Your contact information, for example your name, postal address, e-mail address, telephone number
Personal information like date of birth, gender, citizenship, occupation, and marital status
Transaction information
Business related information about your account and how you use Western Union services
Technical information like your IP address
Compliance information such as identity verification processes, and sanction checks
Can you get scammed on Western Union?
Unfortunately, criminals can try to extract money from victims through Western Union - just as they might through any other financial service provider.
Companies which offer cash collection payments, like Western Union, can be especially attractive to fraudsters and scammers, because cash payments can be arranged so quickly and are then very hard to trace. Once you realise you’ve been the victim of fraud, your money may have already gone.
Sensible steps you might want to take to stay safe when using Western Union - or any other payment provider - include:
If something seems too good to be true - don’t feel under pressure to send a payment quickly if you’re suspicious
Learn more about common scam types - they change and evolve over time
Check your payment provider’s rules - for example, some services prevent business transactions and should only be used to send money to friends
If you’re buying something, maybe avoid paying using a money transfer to an individual
Can I avoid falling victim to fraud?
Western Union shares a lot of great fraud awareness and prevention information for customers. You’ll find up to date details of common Western Union frauds and ways to stay safe online.
If you think you’ve been a victim of fraud through Western Union, call their fraud hotline on 0800 026 0309 .
How to get started on Western Union?
To send money with Western Union at an agent location you’ll simply need to call into a local branch with your government issued ID document. Make sure you have the right details depending on how you want your transfer to be received - your recipient’s full name for cash collection, or bank account details for a bank transfer.
If you want to send money online or in the Western Union app, you’ll need to create an account:
Download the Western Union app or open the desktop site
Click Sign up
Enter your personal details, email, and a password
Follow the onscreen prompts to add your information and get verified if required.
Depending on where you’re sending a payment to, and the value of the transfer, you may also need to provide documents for verification. These can include:
Your government issued photo ID like a passport
A secondary form of identification like a residence status document
Your recipient’s full postal address (certain destination countries only)
Conclusion
Western Union is a popular provider thanks to their broad agent network and convenient services for individuals and businesses. As an authorised and regulated company in the UK, Western Union is also a safe way to send and receive international payments.
The company is regulated by the FCA in the UK, and other global regulatory bodies around the world as required. You’ll also need to verify your account and create a password, and Western Union’s own anti fraud teams and technology work 24/7 behind the scenes to keep customers safe.