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Western Union is a money transfer service available in more than 200 countries all over the world. There are several variations of the service, including person-to-person money transfer, money orders, business payments, and commercial services.
Basically, to send money via Western Union you should visit the nearest Western Union office and the fees vary based on the sender and receiver’s location, type of transfer, and whether the money is sent from a counter location or by the website.
To receive the money the recipient must produce a 10-digit Money Transfer Control Number (MTCN) that the sender have to send to the recipient after depositing the money in a Western Union office.
And you can also send money online, using a credit or a debit card. In this case the receiver can pick up the cash at a Western Union counter worldwide instantly, depending solely on the hours of operation of the location.
In October 2015 Western Union launched the Western Union Connect service, after signing partnership agreements with eChat and Viber. The new service allows WeChat users to send up to 100 USD to China, the US and all other countries and territories, where Western Union and WeChat are available. In the same time Viber users can send between 100 USD and 499 USD with an increasing fee depending on the amount.
Because of the relative anonymity of the transfers Western Union is often used for internet fraud by scammers. That is the reason the Company advises its clients not to send money to someone that they have never met in person.
Also, because of the anti-money laundering regulations without verifying your identity you can send only up to 1000 EUR per a 12 month period. After you verify your identity you will be able to send up to 5000 EUR every 3 days.
The Western Union Company is an American financial services and communications business, based in Colorado. The company is a component of S&P500 index and has a nearly 150 year of history. It started as an industrialized monopoly, dominating the telegraph industry in the late 19th century and lately became the first communications empire in the US.