Western union is a money transfer service used by both individuals and small to large businesses for money transactions. Usually, the service is used for cross border or overseas transactions. The payment service provided by Western Union is a global leader when it comes to international payments or money transfers. Western Union is accepted in over 200 countries and supports over 130 currencies.
Payments/money transfers can be made in a variety of ways including online, in person, or over the phone. The payment service offered by Western Union is available 24 hours a day, 7 days a week if payments are made online. Money transfers made in person or over the phone are subject to Western Union business hours.
The money transfer service provided by Western Union is a third party intermediary service, which means the user must hold their money elsewhere rather than directly with Western Union. For example, you can get Western Union to send money from your credit card, debit card, bank account, or bring cash to them. The recipient can receive the transferred money via the same methods as sending the money. In the case of online trading brokerages, the money will go directly into the brokers bank account and then the broker will need to fund your trading account.show more
Western Union is a popular payment method available at most online trading brokerages, but why should anyone use it? See below, the various benefits of depositing funds using Western Union.
Simplicity & Flexibility
Deposits are quite simple for users, as all that is required of them is an identification document and the Money Transfer Control Number (MTCN). A bank account is not required, users can send money with cash or credit or debit.
Money transfers can be completed within a few seconds of the transfer. Traders will be able to begin trading with their transferred money almost immediately.
Safe & Secure
It’s one of the safest ways to transfer money. Each payment has a unique money transfer control number (MTCN), meaning the payment can be traced at any time. As well, Western Union is highly reputable and has been in business 1851.
Acceptance & Reputation
It is one of the most reputable and experienced money transfer companies with a very high quality of customer service. As well, almost all European forex brokers allow traders to make deposits and withdrawals through Western Union, meaning there will not be any difficulties.
How to Deposit via Western Union
As mentioned earlier, Western Union money transfers/deposits can be made online, in person, or over the telephone. Most traders deposit money through Western Union online, so we will be going through that process here.
First, the user must have an account with Western Union and log in to it online.
Once logged in, the user will be brought to the online transfer form.
Fill out the online form and enter in your bank account or credit card information, the amount to be sent, the online broker account information, etc. The form is easy to follow and self explanatory.
Once filled out, click submit and you will receive a confirmation email which outlines the details of your transfer and provides you with a Money Transfer Control Number (MTCN). You must give this number to the brokerage you’re sending money too in order for them to receive the funds.
That’s it! the whole process is very simple, fast, and easy.