Western Union forex brokers, are fx brokers that allow their clients to deposit and withdraw funds using the Western Union payment system.
Western union is a money transfer service, that is used for personal dealings in more than 200 countries and in over 130 currencies. It is an innovative payment services that allows cash money payments to be transferred throughout the world. Its users can transfer money online or in person any time of the day or week. Western Union allows transfers from many known sources. You can send money from a credit card, debit card, bank account, or cash transfer. Also, the transaction can be executed and received through a mobile phone, prepaid credit card, bank account, or one of the many physical agent locations worldwide.
Despite being an established payment service with many users cross the world, Western Union has faced lot of issues with money laundering charges. Tracking the source of cash transactions can be very difficult, and this is a challenge that the payment solution has managed to face and overcome.Other similar payment methods are bank wire transfers and e-wallets like Skrill and Neteller.
Here is a list of forex brokers that use Western Union as a payment solution
MAS, JFSA, DIFC