Western Union has a partnership with Thunes which was known as TransferTo before. Thunes is an international settlements network with focus on the emerging market. According to a report, Thunes recently partnered with Stellar Lumens – an open source blockchain project. Thunes partnered with Stellar Lumens to integrate blockchain-powered payment into its services. By the way, Thunes has an ongoing partnership with Stellar Lumens (XLM).
Western Union said that it partnered with Thunes to enable its digital network users and agent locations send money directly to the mobile wallets of recipients. Western Union also pointed out that this innovation will enhance financial inclusion across the globe. It will ease access to finance for the unbanked. It will also help those that are not supported by traditional service providers.
Western Union and Blockchain Technology
According to a report, WU has been exploring the use of blockchain technology to enhance its platform. While the firm is just starting to talk about digital currencies, it has been exploring the potentials of the underlying technology of digital currencies. Blockchain technology has a lot of use cases. The majority of its use cases are even yet to be discovered, according to researchers.
Many firms have come into the blockchain and crypto space because of the amazing benefits and use cases of blockchain. Western Union (WU) is now looking for possible ways to enhance its platform with the evolving technology.
Ripple in the partnership with Western Union
Western Union is involved in an ongoing test with Ripple. The test is meant to probe the time and cost-effective value of the blockchain-powered payment system Ripple. Hikmet Ersek – the chief executive officer of Western Union – also said that testing is ongoing during a conference call.
In a statement, the CEO said:
“We are more focused on the optimization of working capital and processing settlement. We are also looking regulatory aspect as well as the compliance aspect on the blockchain capabilities.”
The CEO further added that they do have some test with Ripple.
Ripple is a blockchain-based settlement firm. The firm has built some products it uses for cross-border settlements. Ripple has also partnered with a lot of banks and financial institutions across the globe. While Ripple focuses on banks and financial institutions, Stellar Lumens focusses on the unbanked.
Stellar (XLM) Price Today – XLM / USD
At the time of writing, Stellar Lumens (XLM) is up by about three percent over the past twenty-four hours. This leaves the digital currency to trade at $.1084. The current market cap of the digital currency is $2.08 billion. The trading volume of the digital currency over the past twenty-four hours is $236.83 billion. XLM is currently facing a stiff hurdle on the upside, and it needs much traction to break over that level.
What is Western Union?
Western Union money exchange offers transfers made in person, online and by phone that can be deposited into your recipient’s bank account or be available for them to pick up in cash within minutes — but that convenience can cost you in fees.
You get a multitude of options with Western Union
Unlike many of the newer money transfer providers, Western Union does not operate solely online. That means your recipient can pick up the funds as cash in person. In addition, funds can be deposited into a bank account, sent to a mobile wallet or loaded onto a prepaid card. You also have many options for sending the money. Transfer money online, through Western Union’s mobile app, in person or over the phone. Western Union also offers bill payments and money order services.
In-person transfers. Western Union has over 500,000 global locations, making it easy to send or receive money in person.
Flexibility. Send or receive money almost any way you’d like.
Exotic countries. Choose from over 200 countries in more than 130 currencies.
Cash pickup. Your recipient can pick up the funds at an agent location in their country. Wester Union Transfer Rate
How much does Western Union cost?
Fees vary depending on many factors, including where you’re sending the money, the currency you’re sending, how you are funding the transaction and how the recipient will receive the money.
What types of transfers can I make with Western Union?
Western Union deals largely in on-off transfers. But you have multiple options for getting your money where it needs to be. Choose from:
Cash pickup. Cash transfers sent online, by phone or in person are available for pickup within minutes at any number of agent locations worldwide. Transfers from your bank account can take one to three days to arrive.
Mobile wallet deposit. Funds sent online or from an agent location are deposited in minutes.
Bank account deposit. Expect to wait one to three days for funds to arrive if you pay with a credit or debit card online, while transactions from your own bank account online or by cash at an agent location take two to five days.
Prepaid card. Load money onto a prepaid card.
Available currencies and limits
The amount of money you can send in each Western Union international money transfer varies depending on the method you use. For example, you can send from $1 to $5,000 online, while the maximum mobile money transfer amount is $500. For transfers initiated by phone, you can send from $300 to $7,499, while there are typically no limits on the amount you can send from an agent location.
Keep in mind, however, that some countries will set limits on the amount of funds your recipient can access.
To send more than $3,000 online, sign up for the Western Union online foreign exchange service. This service allows you to send more than 140 currencies online that include:
Great British pounds
How much money can I send with Western Union?
Your limits will vary based on your transaction history, the recipient’s country, your location (state), and the service you choose. Where can I find Western Union near me?
How do I use Western Union?
The first step in the process is to sign up for a Western Union account online. This is free to do and only requires you to provide your name, contact details and information concerning your linked bank account, credit card or debit card.
If you’d prefer to place a transfer over the phone, Western Union operates a toll-free number that you can phone to send your funds. Just provide the details of your recipient, how much you’re sending, and your method of payment.
You can also send an international money transfer by visiting one of Western Union’s 70,000+ locations across North America. You can pay for these transactions with cash or a debit card, and you’ll also need to choose how you would like your recipient to collect the cash you send.
Western Union also provides multiple options when it comes to your recipient accessing the funds you send. The cash can be sent:
Directly to their bank account. If you pay online with your debit or credit card expect the cash to arrive within 1-3 days. However, if you pay cash at an agent location or send the cash straight from your own bank account, transactions typically take between 2-5 days to process.
For pickup at an agent location. Send your money online, over the phone or by visiting an agent location, and your funds will be available for collection within minutes. Funds sent from your bank account usually take 1-3 days.
Directly to a mobile wallet. Funds transferred through a Western Union agent or online can be available in your recipient’s mobile wallet within minutes.
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.