| Updated: September 15, 2025Are you looking for regulated and trustworthy forex brokers accepting Western Union? Our expert team of traders tested many forex brokers using real accounts and compiled a list of the best among them that accept Western Union.
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Western Union is a financial services company that is well known all over the world. It is based in the USA and it is the best money-transfer company in America. For years, Western Union has remained one of the leaders in payment solutions and it is used in more than 200 countries around the world.
The company itself has several divisions, such as money orders, person-to-person money transfer, commercial services and business payments. Via its official site, users can send and receive money, purchase gift cards or even pay bills. If you are a forex trader, you will also have the chance to use Western Union for your payments.
How to fund a forex account with Western Union
The service of Western Union can be described as a mediator between a sender and a receiver, both of whom can be in different parts of the world. In the past, the only way to send money via Western Union was to visit a cash office of the company; nowadays there are more services that allow you to transfer money online.
In the case of a forex broker, you will be able to send your money directly to the broker’s bank account. There is also the option to use the online service of Western Union and transfer money without having to visit a physical agent location.
Before you can top up your forex account, you will first need to obtain the broker’s banking details so that you can send your money via Western Union. This can be done by contacting the broker’s support team.
The next step is to visit the Western Union agent closest to you and fill in a form with the receiver’s details. Depending on your country of residence and the forex broker, your money may be transferred either in a few minutes or within 2-3 business days. After you have sent your money, you will receive a tracking number (MTCN). You will need to contact the support agents of the online broker and provide the MTCN so that they can receive your funds. In addition, this number will allow you to check when your money will be transferred to the broker’s account.
How to withdraw from a forex account to Western Union
Some forex brokers may also allow you to cash out your money via Western Union. The process, however, will be slightly different from the deposits you make via this payment service.
Whenever you are ready to withdraw your money via Western Union, simply head to the payments section of your forex account and pick the withdrawal option. Enter the amount you would like to cash out and choose Western Union from the available payment methods.
Once you have requested the withdrawal via Western Union, you will receive an MTCN, which you will need to collect your money. Go to a nearby Western Union agent and provide the tracking number you were given. Keep in mind that it may take two or more business days to receive your money via Western Union.
Benefits of using Western Union for forex trading
If you decide to trade forex with a broker that accepts payments via Western Union, you can expect several advantages that will allow you to enjoy hassle-free trading. One of the main reasons why the service is so popular is the security it provides. Western Union has been a leading payment solution for people across the world and for decades it has provided secure money transfers from one part of the world to another.
Because you receive a tracking number whenever you send money via Western Union, you will be able to see when the money reaches the receiver. This transparency makes Western Union very reliable, which is why it is preferred by many.
Depending on the country where you reside, you may also be able to have your funds transferred within a few minutes. This feature allows you to top up your forex account quickly and begin trading whenever you wish.
In addition to the standard Western Union service, which requires traders to visit a nearby agent, there are also newer services that provide easier ways to transfer money. You might have the chance to open a Western Union account online and utilise it to send money easily using your credit or debit card, bank account or prepaid card.
Disadvantages of using Western Union for forex trading
While Western Union is a good option for those who do not have access to other payment solutions, it comes with certain drawbacks that many may dislike. Although this is a popular payment service that has been around for many years, there are now plenty of other methods that are more convenient to use. This is why Western Union is not commonly accepted by forex brokers and you might have a difficult time finding a broker that will allow you to use Western Union for your deposits and withdrawals.
Another disadvantage of the service is that you will need to look for the closest Western Union agent location in order to make a deposit with a forex broker or receive your money. This is obviously very inconvenient, especially compared to the numerous other services that offer instant payments that can be made in the comfort of your own home.
Western Union often fails to deal effectively with money laundering, which is yet another reason many forex brokers avoid payments via the service. This is also partly why you cannot request a chargeback when you pay via Western Union. Unfortunately, those who come across rogue brokers will have no way to retrieve their money, which is definitely a drawback you should keep in mind.
Although Western Union is available in numerous countries, not all of them have access to the company’s full range of services. For instance, residents of certain countries will only have the opportunity to receive money via Western Union but will not be able to send money via the same service.
Even though you can choose the Money in Minutes service for faster transfers, keep in mind that its fee may be quite high, depending on the country to which you are sending funds. In addition, the other surcharges that accompany Western Union transfers may also be costly.
Fees and limits when using Western Union to trade forex
If you decide to use Western Union to fund your forex account, you should be aware of the fees you might be charged during the payment process. It is impossible to state with certainty the exact amount you will be charged, as the fees Western Union imposes vary according to the country of residence of both the sender and the recipient.
Whenever you make the payment in a currency different from the one used in your jurisdiction, you will be charged a conversion fee. The maximum amount that residents of most countries need to pay as a conversion fee is capped at 6%. If you are based in a country that is part of the Eurozone, however, this type of surcharge will not apply to your Western Union payments.
As mentioned earlier, there is also the option to choose Money in Minutes transfers via Western Union. Of course, as this is a service that allows faster transactions, it will also levy higher fees. The exact fee will depend on the country where you reside. If you live in Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka or the Philippines, you may also make transfers that take only 12 hours to be processed. As this is still faster than the usual processing time of a couple of days, it also imposes higher fees.
Western Union chargeback on a forex account
When you are choosing a forex broker where you can trade, it is very important to pick one that is properly regulated. Always check which authority is responsible for regulating the operator, as this will be crucial if you happen to have issues with your money.
If you notice that funds from your forex account have been removed without your knowledge, or if you have requested a withdrawal but have not received your money within the acceptable period, you can request a chargeback. Of course, this is only possible if the forex broker is regulated and you contact the regulator.
To request a chargeback, you will need to send the broker’s regulator a transaction history, which will allow you to clarify any misunderstanding. Once you have done that, everything is in the hands of the regulator.
Unfortunately, one of the downsides of Western Union is that the way payments are processed does not allow chargebacks. Once you have sent money via Western Union to your chosen forex broker, there is no way to retrieve it, which is why you should be careful when choosing a broker for your trading.
Security when trading forex with Western Union
There is a reason why Western Union has been a preferred payment method by many for so long, and that reason is the security it provides. Transferring money via Western Union is as easy as it gets and you can be sure that your money will always reach the recipient safely.
In addition to its standard service that requires you to visit a physical agent location, Western Union also allows some of its customers to make payments online and on the go. If you make use of any of the company’s services, you can be sure that any piece of information, as well as your money, that you share during payments will be protected with SSL encryption technology. This measure prevents any third party from accessing your personal information and taking advantage of it.
Conclusion
Western Union is one of the oldest payment solutions known to people from different parts of the world. It allows a simple and secure way to transfer money from point A to point B, and you can also use the service for payments to and from your forex account. Although Western Union is a secure payment solution, it is not commonly accepted at forex brokers and you may often find other options that are more convenient to use. Nevertheless, if you do not have access to other methods, Western Union can be a good solution for your forex trading.