Western Union has been the leading financial institution for easy money transfers for over a century, and we are here to share all of the secrets of their success! If you aren’t taking advantage of all that this company has to offer yet, we are sure to change your mind with these seven facts!
Number Seven: Making Financial History
The Western Union money lending network was constructed as early as 1871- back when they had to use telegraphs. The main purpose for this company was to provide customers with a way to discretely send money across the world without needing a bank account to do so.
Number Six: The Pros
This company has become a renowned service across the world for its unique qualities. Customers treasure this service for its leading speed and ease, as well as immense security. It allows customers to send money with a secure Money Transfer Control Number, which is the only verification needed to pick up a deposit.
Number Five: The Cons
Despite the company’s great reputation, they have received a fair amount of criticism as well. Main reasons for this are customers disgruntled by high transfer fees for small amounts (as much as 15%), and percentage fees for exchange rates. Sometimes, customers have to make transfers without even knowing the surcharges that will be incurred based on the nature of their transaction.
Number Four: Western Union Loyalty
Oddly enough, Western Union has also begun offering exclusive rewards to their loyal customers with their My WU loyalty program. Returning customers may reap the benefits of one My WU point per every $2 transferred. These points can be redeemed for discounts, phone time, or other rewards.
Number Three: The Prepaid Card
Western Union is no longer used solely for money transfers, it has evolved to provide a wide array of banking services. The company has recently created the opportunity to get a customized, prepaid NetSpend card. With this card, customers can control their money with electronic accounts through the ease of a debit card equivalent. This card even has rewards and cash back for select purchases, just like the leading credit cards. With this account, users can also manage a savings account with 5% APY.
Number Two: Business Applications
For entrepreneurs and corporations, Western Union takes pride in being the number one institution for international trade and business. The company is spread across 130 countries, and offers a variety of options to manage global cash flow risks. They are of great use for financial institutions, educational institutes, NGO’s, and legal matters.
Number One: Part of the Community
Though Western Union is a big boss of the financial industry, they have strong moral obligations and work the better the world we live in. The WU Foundation is primarily concerned with their programs regarding economic opportunity to all, disaster relief, world educational programs, and women’s issues. In 2013, they pledged over $50 million to their own special campaign, “Our World, Our Family”, which benefitted the lives of over 5 million people in 70 countries. Hope you enjoyed discovering the seven financial facts you should know about Western Union!