Key Facts and Figures about Western Union [2022]

Western Union was launched in 1851 as a telegraph company, but by 1871 had started to facilitate money transfers which were communicated through its telegraph network. Western Union has been a constant innovator in the field of communication and money transfer services – right up to 2006, when Western Union sent its last telegraph, and became a publicly floated money transfer service. Today, you can send Western Union payments to 200+ countries, in 130+ currencies, online, in app and in person via its network of 500,000+ global agents.

This article looks at Western Union statistics and facts, including:

  • Top Western Union statistics
  • Western Union historical stats
  • Western Union company stats
  • Western Union people stats
  • Western Union marketplace stats
  • Western Union service stats
  • Western Union website stats
  • Western Union product stats
  • Western Union Business Solutions stats
  • Western Union reviews

Let’s dive right in.

Key Western Union statistics

  • Western Union was set up in 1851, initially as a telegraph company, before moving into money transfers in 1871. In 2006 Western Union sent its last telegraph, to focus on its range of money transfer products
  • You can send Western Union payments from the US to over 200 countries and territories, in more than 130 currencies – anywhere in the world aside from Iran and North Korea
  • Western Union has 150+ million global customers, sending 24 transactions a second through its digital networks
  • In person payments can be made through 57,000 US Western Union agent locations and collected in cash at its network of 500,000+ agents globally
  • Today, Western Union has an annual revenue of around $4.8 billion, with 90%+ global brand awareness
  • Western Union’s app receives 14.7 million monthly total visits, and was the 9th most popular global money transfer app of 2021
  • Western Union is globally regulated and licensed, including being licensed as a money transmitter by the New York State Department of Financial Services

Western Union historical stats

  • The Western Union Telegraph Company was set up in 1851, and send its first money transfer in 1871, using telegraphs to pass secure messages to banks (Western Union) [2]
  • Western Union’s original founders include Ezra Cornell, Hiram Sibley, Jeptha Wade, Samuel L. Selden (Crunchbase) [3]
  • In 1884 Western Union was one of the 11 original companies featured in the Dow Jones Railway Average Stock Index on the New York Stock Exchange (Western Union)
  • In 2006, Western Union became a public company – and sent its last telegram, having pivoted entirely into a money transfer business (Western Union)

Western Union company stats

  • Western Union’s current CEO is Devin McGranahan (Western Union) [4]
  • Prior to joining Western Union, Devin McGranahan gained 20+ years experience at McKinsey, and held other positions including Senior Group President, Global Business Solutions at Fiserv, Inc (Western Union)
  • Western Union is headquartered in Denver, USA, and has around 1420 employees in the US (Western Union)
  • Western Union has 500,000+ agents globally, and processes 24 transactions a second through its digital networks (Western Union)
  • Send Western Union payments from the US to over 200 countries and territories, in more than 130 currencies (Western Union)
  • You can use Western Union to send money to any country or territory on earth aside from Iran and North Korea (Western Union)
  • The Western Union Foundation has donated $137 million to date through not for profit partners, to support people in developing countries around the world (Western Union)
  • Western Union is globally regulated and licensed, including being licensed as a money transmitter by the New York State Department of Financial Services (Western Union)

Western Union – people stats

  • In total, Western Union has employees based in 52 countries, with employees speaking 49+ languages and dialects (Western Union) [5]
  • Western Union has employees who were born in over 120 countries around the world, with large employee hubs in strategic talent centers in Costa Rica, Lithuania, India and the Philippines (Western Union) [6]
  • In total, Western Union has over 11,000 employees worldwide, serving 38 languages and dialects (Western Union)
  • 51% of Western Union employees overall are female, 36% of the executive team are women (Western Union)

Western Union marketplace stats

  • Research estimates the global digital remittance market to be worth $15.27 billion in 2021, with projected growth to $36.54 billion by 2028 (Facts and Factors Global Remittance Report) [7]
  • 45% of international payments are processed through specialist money transfer services rather than banks (Facts and Factors Global Remittance Report)
  • 25% of the global digital remittance market originates in the US (Facts and Factors Global Remittance Report)

Western Union service stats

  • Western Union has 150+ million global customers, and 500+ financial institution customers (Western Union)
  • 75+ nations use digital site WU.com, and 80% of Western Union’s digital transactions are via mobile devices (Western Union)
  • Western Union has an annual revenue of around $4.8 billion, with 90%+ global brand awareness (Western Union)
  • Instant pay outs are available through Western Union agents in 100 countries (Western Union)

Western Union website stats

  • The Western Union app was reported to be the 9th most popular global money transfer app of 2021 (Business of apps) [8]
  • Western Union is rated as the 11th most popular finance app in the US, with 14.7 million monthly total visits (Similarweb) [9]
  • Website visitor top countries are the US (27%), Cameroon (12%) and France (6%) (Similarweb)
  • Over 50% of customers using the Western Union desktop site are aged 25 to 44 – the largest group are aged 25 – 34 (31%), followed by 35 – 44 (22%) (Similarweb)
  • 61% of Western Union’s digital customers are male (Similarweb)

Western Union product stats

  • From the US you can send money with Western Union online, in the Western Union app, or on person at one of 57,000 US agent locations (Western Union)
  • Send money direct to a bank account, to mobile wallets, for cash collection and home delivery – services vary by destination country (Western Union)
  • Within the US you can send money to an inmate at a correctional facility through Western Union – online, in app, in person or by phone (Western Union)
  • 80% of Western Union customers, sending money online, can complete their transaction within 6 minutes (Western Union)
  • US Western Union customers can send up to $3,000 when they register an account – to send more you’ll need to complete a verification step (Western Union) [10]
  • Verified customers in the US can usually send up to $50,000 with Western Union, although some limits may be in place based on the destination country (Western Union)
  • Western Union’s fees and exchange rates vary based on the destination country and payment details – exchange rates include a markup (Western Union)

Western Union Business Solutions stats

  • On 1 March 2022, Goldfinch Partners LLC and The Baupost Group, LLC announced they are in the process of acquiring Western Union Business Solutions (WUBS) for $910 million (Western Union Business Solutions) [11]
  • Western Union Business Solutions will be renamed Convera, and function as a standalone B2B global payments company (Western Union Business Solutions)
  • Patrick Gauthier, who was previously the Global Head of Amazon Pay, will become Convera’s CEO (Western Union Business Solutions)
  • Convera (WUBS) customers can send payments to 200+ countries and territories in 130+ currencies, through the Convera network of 500+ bank accounts globally (Western Union Business Solutions)
  • The acquisition of WUBS will complete later in 2022, with the second closing representing the business that is operated through Western Union International Bank in the EU and the UK, subject to receipt of regulatory licenses and approvals (Western Union Business Solutions)

Western Union reviews

  • Great rating on Trustpilot with 3.9 out of 5 stars, with 28,000+ reviews listed (Trustpilot) [12]
  • Apple App store rating of 4.8 out of 5 stars (App store)
  • Google Play rating of 4.4 out of 5 stars (Google Play)

Sources

  1. https://www.westernunion.com/us/en/home.html
  2. https://corporate.westernunion.com/
  3. https://www.crunchbase.com/organization/western-union
  4. https://corporate.westernunion.com/about-us/leadership-team/
  5. https://corporate.westernunion.com/esg/
  6. https://careers.westernunion.com/
  7. https://www.globenewswire.com/en/news-release/2022/03/24/2409580/0/en/Global-Demand-of-Digital-Remittance-Market-Size-Share-to-Grow-at-a-CAGR-of-14-6-Expected-to-Hit-USD-36-54-Billion-Mark-by-2028-Industry-Trends-Forecast-Report-by-Facts-Factors.html
  8. https://www.businessofapps.com/data/most-popular-apps/
  9. https://www.similarweb.com/website/westernunion.com/#overview
  10. https://wucare.westernunion.com/care/s/article/How-much-can-I-send-with-Western-Union?language=en_US
  11. https://business.westernunion.com/docs/press-releases/Convera-Close-1-Press-Release_22Feb22_vFF.pdf?v=2022.02.22
  12. https://www.trustpilot.com/review/westernunion.com
Ileana Ionescu
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Ileana Ionescu
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Last updated
June 6th, 2022