Like all major finance and remittance companies, Western Union requires personal details and identification to securely deliver your funds through their platform.
Western Union does this to comply with all federal and global financial laws as well as to keep track of their customers which helps them to restrict illegal activities.
Why Does Western Union Need My Bank Login Information?
If you are sending money on Western Union’s mobile app or the website. You can pay with a debit/credit card or a bank account.
When you choose a bank account as your payment method. Western Union will require you to login to your bank account.
Western Union asks for your bank login information for a couple of reasons. First logging in to your bank account helps them verify that the bank details are correct.
Secondly, the log in confirms that the account belongs to you.
Is the Login Information safe when shared?
Technically speaking, the login details are never shared with Western Union. When the app prompts you to log in to your bank. The gateway used is provided by the bank. Which means the log information is being put in the bank’s system.
Western Union only verifies if the login was successful or not. Western Union does not store any usernames or passwords for your bank account.
Processing TImes for Bank Transfer
Sending funds using a bank account can be a slow process. Western Union does not support money in minutes transfers when you pay with a bank.
Any bank to bank or bank to store transfer will at least take 0-4 business days to be processed. Since you pay with a bank account. The bank has to process the payments and the processing times are provided by them.
If you are looking for a much quicker way to transfer funds. You can try to pay with cash at the store or using a debit or credit card online. Only these payment methods are supported for money in minutes transfer.
Benefits of Using Bank Transfer with Western Union
The only good side of using your bank account for a transfer is that the fee would be the lowest compared to any other payment methods.
The fee is not uniform and depends on the destination. However, wherever you send the funds. You will always find paying with a bank account to be much cheaper.
Can You Send Money to an International Bank using Western Union
Yes, you can send money to international bank accounts using Western union. Depending on where you are sending the money transfer. The app or the website will ask you relevant details for banks in that specific country.
In most cases, you will need the IBAN, Account Number and Routing number for the recipient bank account.