Western Union for Businesses (Convera): Fees, rates, and how to use

If you’re a business owner, you’ve probably used Western Union Singapore to pay overseas suppliers or receive payments from global customers. Western Union is one of the oldest and most widely used money transfer services in the world, processing 25 transactions per second to 200 countries across the globe.¹ Their business services arm Western Union Business Solutions (WUBS) was acquired by private equity firms in 2021 and rebranded as Convera.²

In this article, we’ll focus on Western Union for businesses aka Convera (formerly known as Western Union Business Solutions) and examine their benefits, features, and fees for businesses. We’ll also compare Convera against competitors like Airwallex, so you can make an informed choice about which service to use.

Who uses Western Union and Convera for money transfers? Understanding the benefits

Many individuals and migrant workers use Western Union to send cross-border remittances back to their home countries.  That’s because Western Union’s vast agent network allows underbanked populations to transfer money overseas. All they need to do is visit one of Western Union’s 525,000 agents around the world, and they can remit or receive funds without a bank account.³

Convera offers similar advantages for businesses that need to pay international suppliers or workers. While they operate through the Convera EDGE platform rather than in-person agents, like Airwallex, they also have a wide transfer network that spans 200+ countries and 140+ currencies. 

One significant benefit is Convera’s cost-effective SWIFT pricing, often providing $0 transfers for SWIFT transactions. They also have a WhatsApp service that lets businesses instantly book rates. 

For SMEs looking to minimise foreign exchange risk, Convera’s risk management tools are a huge help. With forward contracts, SMEs can lock in an exchange rate for a future date, ensuring they know exactly how much they will pay or receive in their local currency, regardless of market fluctuations.⁴ Options, on the other hand, allow businesses to set their preferred exchange rate and the right to buy or sell at this rate for a premium.⁵

Convera also has specialised solutions for industries like educational institutions. They offer an online platform that makes it easier for international students to pay their tuition fees using their home currencies.⁶ Non-government organisations also use Convera to collect global donations and to remit emergency cash donations.⁷

How much does Western Union or Convera cost to send money?

Western Union’s exchange rates and fees vary by payment and payout options. Western Union’s price estimator tool shows a breakdown of transfer fees and exchange rates according to the transfer method.⁸ Convera has a similar currency converter tool that businesses can use to estimate how much the recipient will get.⁹ The tool does not show a breakdown of transfer fees and conversion fees, but business clients can obtain a fee schedule upon request.¹⁰

How to send money using Convera (Western Union for Business) in Singapore?

As mentioned above, Western Union provides money transfer services to individuals only, business owners need to create a verified Convera account before sending money. To do this, simply visit the Convera website, create an account, and submit your business documents. Your account will be enabled for payments once your business and the account owners’ identities have been verified. 

Follow these steps to send money with Convera:¹¹

Step 1: Log into Convera EDGE

Convera EDGE (formerly WU EDGE) is the online payments platform you’ll use to send and manage payments.¹²

Once logged in, select Make A New Payment from the dashboard or from Payments on the top navigation.  Then, select if the payment will be for an Invoice or for a Payable (Other).

Step 2: Choose your Beneficiary or enter their details

If this is your first time sending funds to this beneficiary, click on Add New to enter and save your beneficiary’s details. You need to provide:

• Your beneficiary’s name. This should be the same as the one listed on the bank account. 

• Their bank account details if you are paying via direct credit or SWIFT. 

• An invoice number and due date, if paying an invoice.

If you’ve sent funds to your beneficiary before, you can select their name from the drop-down list of available beneficiaries. The fields will be automatically populated with their name and bank details.

Step 3: Provide details about your transaction

Next, fill in more information about your transaction. This is needed for your internal recordkeeping and for compliance purposes:

• Your reference. Notes for your internal use. Maximum 50 characters.

• Purpose of payment. Choose from a drop-down list describing the purpose of your transfer. This field may be left blank if not mandatory for your client account. Some countries and banks require this information for all remittances.

• Who is paying the fees? This field specifies whether the transaction fees are paid by you or your beneficiary. If the beneficiary pays, the amount they receive will be less than the fees. Required in certain regions.

• Notes for your beneficiary. Your reference will appear in your beneficiary’s payment acknowledgement.

• Other Payment Purpose Detail. Some regions will require you to add specific details about the payment's purpose. 

Step 4: Enter the amount and currency

Under Payment Amount, you need to enter the following details:

• Amount. The amount that you’ll be sending.

• Currency they receive. Select the currency in which your payment will be delivered.

• Currency you pay. Select the currency you’ll be using to initiate the payment (settlement currency).  

Step 5: Review and pay or save for later

After your payment is ready, click Proceed to Pay to continue or select one of the following:

• Get quote. Receive a quick indicative quote for your transaction.

• Save for later. Save and return to the payment later. Go to Payments Due to see the draft transaction.

• Add to order. Add this item to an ongoing order where you can add further items, remove items, or proceed to pay.

• Archive invoice. If you want to cancel a draft invoice, click this option.   

Why choose Convera for your international money transfers?

Convera offers some distinct differences over similar B2B services like Airwallex, Instarem, or Wise. Let’s take a look at their similarities and differences below.

Read more: Detailed comparison of Airwallex vs Wise.

Sources: Instarem, Wise, Convera, Airwallex as of 20 June 2024

Convera vs Airwallex

Convera and Airwallex both have a wide global payout network and FX risk management solutions. However, Convera supports payments to more currencies and countries, which highlights the strength of Western Union’s payout network.

On the other hand, Airwallex's all-in-one Business Account offers a comprehensive solution for global businesses. You can open 23+ multi-currency accounts with local bank details, which lets you accept payments without unnecessary conversion to SGD. Airwallex’s partnerships with local payment rails in 110+ countries let you send free international payments to these countries via local transfer methods. A transparent flat rate applies for SWIFT transfers.

Airwallex also streamlines financial processes like bill payments, expense management, and collecting payments via payment links and multi-currency payment gateway.  Free-to-issue Borderless Cards empower your team to handle business expenses while preventing misuse.

While Convera excels in extensive currency and country coverage for cross-border payments, Airwallex shines with its integrated financial services, making it an ideal choice for businesses looking for a complete payment solution.

Convera vs Instarem

Convera and Instarem both specialise in offering money transfer services for businesses, but they each have different strengths. 

Convera supports more currencies and countries than Instarem and also provides FX risk management, making it ideal for businesses that need the best exchange rate. On the other hand, Instarem also offers multi-currency accounts, debit cards, and a transparent fee schedule ¹³, providing clarity and convenience for users. 

While Convera excels in global reach and risk management, Instarem stands out with its user-friendly features and clear pricing.

Convera vs Wise 

Convera and Wise each bring unique benefits to business users. Convera supports more currencies and countries, making it ideal for businesses with a broad international footprint. It also does not charge account opening fees, whereas Wise has an SGD 54 account opening fee. 

However, Wise offers multi-currency accounts, debit cards, and a transparent fee schedule, which can simplify financial management for businesses. While Convera provides more sophisticated FX risk management solutions, Wise money transfer offers the flexibility to auto-convert currencies at desired rates. 

Both services cater to different business needs, with Convera focusing on extensive global reach and advanced risk management, and Wise emphasising fee transparency.

Final thoughts

Western Union offers money transfer services for individuals like migrant workers, travellers, or anyone who needs to send money overseas. Their business services arm, Western Union Business Solutions is now known as Convera. 

Convera leverages Western Union’s large global network to facilitate payments to over 200 countries in 140+ currencies. Businesses who want to get the best exchange rates can benefit from their currency risk management services, and use their credit line to ease up their cash flow. 

Although you can use Convera’s currency converter to understand their exchange rate, the actual fee breakdown is only available upon request. Additionally, Convera’s main focus is on transfers and remittances, whereas fintech platforms offer a full suite of solutions that include multi-currency accounts, debit cards, expense management, and payment gateways. Having all of these in one platform can result in significant cost savings. 

If you need an end-to-end financial solution for your global business, let Airwallex handle your cross-border payments. Our Global Accounts let you operate like you have local currency accounts in several countries, so you can receive, hold, and spend funds without multiple conversions. We also offer fast, cost-effective FX and Transfers using local payment rails, and you get a transparent fee breakdown on your dashboard before you send. 

The Airwallex Business Account also comes with solutions like multi-currency debit cards, eCommerce payment gateway with like-for-like settlement in 11 foreign currencies, and FX risk management. There are no monthly fees or subscription fees for these added services. You only pay for what you use, and our fee schedule makes it easy to forecast costs. 

With extensive capabilities for global payments, zero hidden fees, transparent exchange rates, and financial management tools, Airwallex is a growth engine that can drive your business forward.

See for yourself and open a free Airwallex account today.

Frequently asked questions

1. Are there any limits on how much money I can send through Western Union from Singapore?

Yes. Individuals can send up to SGD 5,000 SGD per transfer, depending on the destination country.¹⁴ The transfer limit for businesses is not publicly available. 

2. How do I track a Western Union money transfer?

If you’re an individual sending funds through Western Union, you can find your tracking number or MTCN in your printed receipt, emailed receipt, or transfer history page on the app.  

If you’re a business using Convera, the Track Your Payments feature becomes available after a payment is committed. Simply click on the Track Your Payments button, and you’ll see the Payment History page which will indicate if your payment has been sent.

3. What should I do if there is an issue with my Western Union transfer?

To resolve issues with a Western Union transfer, individuals need to call Western Union Customer Care at +65 6336 2000.

Businesses can inquire about issues by raising a case on Convera EDGE. Go to your Payment History page, and click on the speech balloon icon to Raise a Support Case. Fill in the form and submit.

4. How long does it take for a Western Union transfer to be completed?

A Western Union money transfer can take anywhere from 1 - 5 business days, depending on the country or transfer method.¹⁵

If sending through Convera, it can take 3 - 5 business days for the funds to arrive in your recipient’s bank account.¹⁶

5. What identification is required to send or receive money through Western Union in Singapore?

Individuals sending money through Western Union need to provide an NRIC, work pass, passport, or other government-issued ID.  If your Convera account is enabled for payments, you no longer need to provide additional identification as your business and your identity have already been verified. Contact their sales team to find out what documents are needed to enable payments for your account.¹⁷

Sources & references:

^1. https://www.westernunion.com/sg/en/currency-converter.html

^2. https://convera.com/blog/company-news/convera-completes-global-transition/

^3. https://www.westernunion.com/sg/en/receive-money.html

^4. https://convera.com/en-sg/solutions/risk-management/forward-contracts/

^5.  https://convera.com/en-sg/solutions/risk-management/options/

^6.  https://students.convera.com/

^7. https://convera.com/en-sg/industries/ngo/

^8. https://www.westernunion.com/sg/en/web/send-money/start

^9. https://convera.com/en-sg/#currency-converter

^10. https://convera.com/docs/convera-terms-and-conditions-sg.pdf

^11.  https://convera.com/docs/convera-edge-make-a-payment-guide-2023.pdf

^12.  https://www.edge.convera.com/

^13. https://www.instarem.com/fees/

^14. https://www.westernunion.com/sg/en/frequently-asked-questions.html#:~:text=After%20your%20profile%20is%20verified,information%20contact%20our%20Customer%20Care

^15. https://wucare.westernunion.com/care/s/article/When-can-the-receiver-pick-up-the-money-I-sent

^16. https://gpm.convera.com/R/Concentrix%20FAQ

^17. https://convera.com/docs/convera-edge-make-a-payment-guide-2023.pdf

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.