Western Union Business Account: Fees & alternatives (2026)

Key Takeaways:

• Western Union's business division — formerly known as Western Union Business Solutions (WUBS) — was rebranded as Convera after a private equity acquisition that completed 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 transparent fees and local payment 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) — 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, supported by 50+ bank partners and 500+ bank accounts globally.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 balance

Hold and manage 60+ currencies in your Convera account,¹ so you're not forced to convert funds immediately.

FX risk management

Convera offers forward contracts in 44 currencies to lock in exchange rates for up to two years,² and FX options in 19 currencies to help protect margins while retaining some upside if rates move in your favour.³

Industry-specific solutions

Convera has tailored offerings for educational institutions, financial institutions, NGOs, and other sectors.

Convera EDGE platform

Business clients manage payments, track transfers, and handle invoices through Convera's online platform.

What Convera is not

Convera is a payments and FX platform, not a full business account. You won't get corporate cards, expense management tools, or accounting integrations. It's built primarily for outbound payments and currency risk — not for managing your day-to-day financial operations.

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 — including FX margins and any transaction fees — are only shared after you contact their sales team and begin the account setup process.

This lack of transparency 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 limitations

Convera is a capable cross-border payments platform, but it has real gaps that matter for growing Singapore businesses. Here's what to be aware of before signing up.

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 payments and FX platform, not a business account. It doesn't offer corporate cards, expense management tools, bill pay, or integrations with accounting software like Xero or QuickBooks.

Convera also focuses specifically on outbound payments (ie: sending money). If your business also needs to accept international payments or run payroll, you'll find the platform limited.

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 — a significant gap if collections are part of your workflow.

How does the Western Union Business Account compare to alternatives?

Convera is one option for businesses making international payments from Singapore.

Below is a side-by-side comparison of Convera, Airwallex, Instarem, and Wise across the features that matter most to businesses:

The information in this table has been reviewed to be accurate as of 1 April 2026.

1. Airwallex

Airwallex is built for businesses that need more than a payments solution. Where Convera focuses on outbound transfers and FX hedging, Airwallex gives you a complete financial operations platform — one account for receiving, holding, converting, spending, and paying globally.

With Global Accounts in 20+ currencies, you get local bank details in multiple markets so overseas clients can pay you like a local. We also use local payment rails in 120+ countries for faster transfers with $0 SWIFT fees. Plus, our FX prices are highly competitive (from 0.4% above interbank), letting you save up to 80% on FX fees.

The information in this table has been reviewed to be accurate as of 1 April 2026.

2. Instarem

Instarem is a Singapore-based payments platform that lets businesses send money to 160+ countries with transparent fees and no setup or subscription costs. It's a practical choice for businesses that want clear pricing and fast execution — most transactions complete within the same day.

Instarem also offers a business card and salary payments to up to 1,000 employees in one go.

The information in this table has been reviewed to be accurate as of 1 April 2026.

3. Wise

Wise Business is a well-known option for businesses that want mid-market exchange rates and a straightforward multi-currency account. It supports 24 currencies, with 70% of transfers arriving in under 20 seconds and 95% within 24 hours.

It also gives you batch payments to up to 1,000 contacts are available in a single click, and the platform integrates with major accounting software. Note that a one-off S$99 set-up fee applies if you want to unlock local account details with Wise Business.

The information in this table has been reviewed to be accurate as of 1 April 2026.

Why Singapore businesses use Airwallex for payments and transfers

Convera is built for one thing: sending money out and managing FX risk. Airwallex covers that — and everything around it. Here's what you get with Airwallex:

Receive money like a local

Convera doesn't give you local bank details in foreign markets. With Airwallex Global Accounts, you get local account details in 20+ currencies — so overseas clients can pay you without SWIFT fees or conversion losses on their end.

Transparent + competitive pricing

Convera doesn't publish its pricing. With Airwallex, fees are listed on the pricing page and shown upfront before every transfer. Our pricing is highly competitive, letting you save up to 80% on FX fees.

Faster transfers

Airwallex routes payments through local rails in 120+ countries. 93% of transactions arrive the same working day, 45% instantly. This is much faster than SWIFT-routed transfers you get from Convera.

One platform for everything

Convera handles payments only. Airwallex also covers corporate cards, expense management, bill pay, batch transfers, and accounting integrations with Xero and QuickBooks — so you don’t need to use multiple tools.

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 — including FX margins and any transaction charges — 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 are the main limitations of the Convera business account?

Convera is a payments and FX platform, not a full business account. It doesn't offer corporate cards, expense management tools, or accounting integrations. Pricing is not published, onboarding is manual, and the platform is primarily built for outbound payments rather than day-to-day financial operations.

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

The right alternative depends on what your business needs. If FX risk management is the priority, Convera remains a strong option. If you need a full business account — with multi-currency accounts, corporate cards, expense management, and transparent fees — try an all-in-one platform like Airwallex.

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

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.