Western Union Business Account: Fees & alternatives (2026)

Key Takeaways:

• Western Union's business division was formerly known as Western Union Business Solutions (WUBS). It was rebranded as Convera after a private equity acquisition in 2023.

• Convera offers cross-border business payments, FX risk management tools, and industry-specific solutions, but does not publish its pricing publicly.

• Airwallex is a strong option for Singapore businesses that need a full-featured multi-currency business account. With Airwallex, you can save up to 80% on FX fees as compared to traditional banks and unlock transfers via local rails.

If you're researching a Western Union business account for your Singapore company, there's an important update: Western Union's business division no longer operates under the Western Union name. It was rebranded as Convera after its acquisition was completed in 2023.

Convera offers cross-border payments, FX risk management, and industry-specific solutions to businesses worldwide. But it's not a traditional business account; you won't get a multi-currency wallet, corporate cards, or a real-time expense dashboard out of the box.

This article breaks down what Convera (formerly Western Union Business Solutions) offers Singapore businesses today, what it costs, where it falls short, and how it compares to options  like Airwallex, Instarem, and Wise.

What is a Western Union Business Account?

Western Union has long offered money transfer services to individuals.

For businesses, it operated a separate division called Western Union Business Solutions (WUBS), which is a B2B payments platform that helped companies send and receive international payments, manage foreign exchange (FX) risk, and make mass payouts.

In 2021, private equity firms Goldfinch Partners and The Baupost Group announced the acquisition of WUBS.

The transition completed in 2023, and the business was rebranded as Convera, a standalone B2B payments company with no operational connection to the consumer Western Union brand.

What does Convera offer?

Convera provides cross-border payment services and FX tools to businesses of all sizes. Its network spans 200+ countries and territories in 140+ currencies.¹

Here’s what you can do with Convera:

• Cross-border payments: Send single or batch payments to suppliers, employees, or partners across 200+ countries in 140+ currencies.¹

• Multi-currency holding: Hold and manage 60+ currencies for up to 180 days.

• FX risk management: Use forward contracts to lock in exchange rates for up to two years, or FX options to help manage currency risk while retaining some upside if rates move in your favour.

• Industry-specific solutions: Access tailored offerings for educational institutions, financial institutions, NGOs, and other sectors.

• Convera EDGE: Manage payments, track transfers, and handle invoices through Convera's online platform.

What Convera is not

Convera is primarily a cross-border payments and FX platform rather than a full business banking platform.

It offers international payments, multi-currency holding, FX risk management, payment collection and acceptance, but not corporate cards, expense management, or a dedicated bill payment and AP solution.

Need a business account? Airwallex Business Account has no setup fees or monthly fees on the free Explore plan, and can be set up fully online. With Airwallex, you can transfer to 200+ countries and save up to 80% on FX fees as compared to traditional banks.

Information in this section is based on Convera’s official website as of 6 Oct 2026.

Western Union Business Account fees

One of the most common questions businesses have about Convera is: how much does it cost?

The honest answer is that Convera does not publish its pricing publicly. You won't find a fee schedule on their website. Costs are only shared after you contact their sales team and begin the account setup process.

This lack of information is worth factoring into your decision, especially if you regularly send high volumes or need to budget accurately for FX costs.

Some businesses find the trade-off acceptable given Convera's global reach and FX risk management tools. Others prefer providers with published fee schedules so they can compare before committing.

Western Union Business Account: What to keep in mind

Convera is a capable cross-border payments platform, but there are a few factors Singapore businesses should consider before signing up. Here's what to know.

No published pricing

Convera does not display its fees or FX margins publicly. You'll need to go through a sales conversation and account setup before you can see what you'll actually pay.

Not a full business account

Convera is a cross-border payments and FX platform rather than a full business banking account.

It supports international payments, multi-currency holding, payment collection and FX risk management, but does not offer corporate cards or a standalone expense management product.

Manual onboarding process

You can't sign up and start transacting immediately. Getting started with Convera requires contacting their sales team, submitting business documents, and going through a verification process. For businesses that need to move quickly, this can be a friction point.

No multi-currency business account with local details

Convera lets you hold balances in multiple currencies, but it doesn't give you local bank account details in foreign markets. That means you can't receive payments from overseas clients as if you were a local business.

Need local details for your business? With Airwallex, you can get local account details in 20+ currencies, letting you receive international payments more easily.

How does the Western Union Business Account compare to alternatives?

Convera is one option for businesses making international payments from Singapore. Here are a couple of other options to consider:

This information is based on publicly available information accessed on 6 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

1. Airwallex

Airwallex is particularly suited to businesses that want greater visibility into the cost of international payments before they start transacting. While Convera's pricing is largely quote-based, Airwallex publishes its FX and transfer fees online, making it easier to estimate costs upfront.

Our FX is priced at 0.4% to 0.6% above interbank rates, letting you save up to 80% on FX fees as compared to traditional banks. 94% of our transfers go through local rails, with $0 transfer fees, and 93% of transfers arrive on the same day.

Features:

• Hold and manage funds in 20+ currencies

• Collect payments through Global Accounts with local bank details

• Convert currencies at 0.4% to 0.6% above interbank rates for

• Send transfers to 200+ countries. 94% of transfers go through local rails with $0 transfer fees

• Manage payments, cards, expenses, bills, and other financial workflows from one platform

2. Instarem

Instarem is particularly well suited to businesses that primarily need to move money across borders, especially those making regular supplier, payroll, or other international payments.

Its business offering combines international payments with receiving and business spending tools, making it a practical fit for SMEs that want a relatively focused alternative to traditional banking for cross-border transactions.

Features:

• Send business payments to 160+ countries

• Receive payments in 8 currencies, including SGD, USD, AUD, HKD, JPY, NZD, EUR and GBP

• Make bulk salary payments to up to 1,000 employees at once

• Make bulk payments to suppliers and other recipients

• Issue Instarem Business Cards with spending limits and real-time expense tracking

• Track business payments and expenses through the platform

• Use virtual business cards for online and in-store spending, with Apple Pay support

Information in this section is based on Instarem’s official website as of 6 Oct 2026.

3. Wise

Wise Business is particularly well suited to businesses that prioritise straightforward international money movement and multi-currency financial management.

It combines payments, receiving money, team spending and accounting connections in a relatively broad business account, making it a strong fit for SMEs and internationally distributed teams that regularly send or receive money in different currencies.

Features:

• Hold and manage funds in 49 currencies

• Send international payments

• Make batch payments to up to 1,000 contacts in a single transaction

• Receive customer payments through account details, payment links, invoices and supported card payment options

• Issue physical and digital Wise Business debit cards for team members

• Set team spending permissions and track business spending

• Integrate with accounting software including Xero, QuickBooks, Sage, Oracle NetSuite and Zoho Books

Information in this section is based on Wise’s official website as of 6 Oct 2026.

Why Singapore businesses use Airwallex for transfers

For Singapore businesses making regular international payments, the cost and speed of each transfer can add up quickly. Airwallex is designed to make cross-border transfers easier and more cost-effective to manage.

Here’s what you get with Airwallex:

• Competitive FX rates: FX is priced at 0.4% to 0.6% above the interbank rate, saving you up to 80% on FX fees as compared to traditional banks.

• Transfer to 200+ countries: Send money to 200+ countries. 94% of our transfers go through local rails with $0 transfer fees.

• Hold funds in 20+ currencies: Keep funds in multiple currencies and use those balances to pay suppliers and other recipients without converting money each time.

• Manage transfers from one account: View and manage international payments alongside your multi-currency balances, cards, expenses, and other business financial activity.

You can sign up for an Airwallex Business Account fully online. There are no setup fees or monthly fees on the free Explore plan.

Frequently Asked Questions (FAQs)

Does Western Union have a business account?

Western Union's business division — Western Union Business Solutions (WUBS) — was sold in 2022 and rebranded as Convera. Western Union itself no longer offers a dedicated business account. If you're looking for business payment services that were previously available through WUBS, you'll need to go through Convera directly.

What is Convera, and how is it related to Western Union?

Convera is the standalone B2B payments company that was formed after the acquisition of Western Union Business Solutions. The deal was announced in 2021 and completed in 2023. Convera operates independently and is no longer affiliated with the consumer Western Union brand, though it continues to use the same global payments infrastructure built under WUBS.

How much does a Convera business account cost?

Convera does not publish its pricing publicly. Fees are only disclosed after you contact their sales team and begin the account setup process. This makes it difficult to compare costs upfront without committing to a conversation first.

What is the best alternative to a Western Union business account in Singapore?

Airwallex is a strong alternative to a Western Union Business Account for Singapore businesses that need transparent pricing, multi-currency accounts, and cost-effective international transfers. Airwallex publishes its FX and transfer fees upfront, supports 20+ currencies, and offers free transfers to 120+ countries through local payment rails. It also provides Global Accounts, corporate cards, expense management, and other business finance tools in one platform.

Can I still use Western Union to send money as a business?

Western Union's consumer service remains active in Singapore and allows individuals to send money overseas. However, there is no dedicated business product under the Western Union brand in Singapore. Business payments previously handled by WUBS are now managed through Convera.

Sources:

1.  https://convera.com/en-sg/

2.  https://convera.com/en-sg/solutions/risk-management/forward-contracts/

3.  https://convera.com/en-sg/solutions/risk-management/options/

4.  https://www.instarem.com/en-sg/business/send/

5.  https://wise.com/sg/business/

6.  https://www.westernunion.com/sg/en/home.html

7.  https://www.airwallex.com/sg/business-account/transfers