Business Making payments

Your guide to business wire transfers with Western Union in Canada

Piyush Singh

31.07.25

Read time 4 minutes

Western Union, now operating its business services under the Convera brand, has long been a go-to option for Canadian companies sending payments around the world. With a global network and broad currency support, it enables international wire transfers to business accounts in over 200 countries and territories.¹.

However, while the platform offers convenience, fees and exchange rate markups can impact your bottom line. We explore how to send business payments with Western Union/Convera and why Wise might be a more transparent and cost-effective alternative.

Table of contents
What are Western Union Business and Convera? How to initiate a business wire with Convera Using Convera platform or through financial institution partner Fees, FX and timing Common issues with Western Union or Convera for business transfers How Wise compares to Convera

What are Western Union Business and Convera?

Western Union Business Solutions has officially rebranded as Convera, a dedicated B2B cross-border payments platform focused on serving businesses, educational institutions, and financial organizations. While it retains the global infrastructure and international reach of Western Union, Convera operates independently to offer more specialized services tailored to the needs of businesses.

With Convera, Canadian entrepreneurs can send and receive wire transfers in over 140 currencies across 200+ countries and territories. Its platform supports mass payments, FX risk management tools, and real-time tracking for complex international transactions.

Key features and services² include:

Global payments: Businesses can send, receive and manage international payments online with tracking and reporting tools.
Integration options: API and ERP integrations for efficient payment management.
Risk management tools: Secure forward contracts and utilize option contracts to help manage and gain protection from foreign exchange exposure.
Regulatory compliance: Services are designed to comply with local and international anti-money laundering and financial regulations.
Customer support: Access to dedicated business support teams.

How to initiate a business wire with Convera

Convera has a range of tools to help Canadian businesses send cross-border wire transfers. Designed to support business needs with security, speed, and flexibility, customers can use the Convera platform to make and receive global payments³ or access services via a participating bank.

To make a business wire transfer using Convera, businesses will first need to register for a Convera account.

Once onboarded, users can log in to Convera’s global payments platform to initiate a transfer by inputting recipient banking details, selecting currencies and payment amounts, and viewing exchange rates and applicable fees before submitting the payment.

Using Convera platform or through financial institution partner

Western Union also partners with several Canadian financial institutions and retail agents⁴, giving businesses another way to send international wire transfers. These include:

BMO
Money Mart, Cash 4 You, Metro, and Walmart
Scotiabank
TD Canada Trust

To send a wire transfer through a partner:

Log in to your business banking platform with a participating bank or visit a retail agent location
Navigate to the international or wire payment section
Enter the recipient’s bank and payment details
Choose the sending amount and currency
Review the exchange rate and service fees
Submit the transfer
Track the status through your bank’s interface

Fees, FX and timing

When sending international payments with Convera, as a business, it’s always good to know how pricing and processing timelines work. Convera does not publicly disclose its fees.. Instead, business clients receive a detailed fee schedule upon registration or by request, with costs likely varying based on factors such as the destination country, currency, and your payment method.

Western Union / Convera business-wire overview

Feature	Western Union Business/Convera
Outgoing wire fee	Fees likely vary by currency, destination, and method (Wire/EFT fee). Business clients receive a detailed fee schedule upon registration or via request.
Exchange rate	Convera applies a margin to the mid-market rate. The final rate is quoted at the time of transaction⁵.
Intermediary bank fees	Additional fees may be charged by intermediary/correspondent banks involved in the transaction, which are outside of Convera’s direct control.
Delivery speed	Within 3–4 business days, depending on the destination country, currency, and banking network⁶.
Compliance / formatting	Payments must meet country-specific formatting and compliance standards, including valid SWIFT/BIC codes and IBANs⁷.
Tracking & support	TTracking is available through Convera’s platform, with additional support from its partners.

Common issues with Western Union or Convera for business transfers

On the surface, Convera promises a streamlined way to send international payments. But once you get into the details, businesses may run into unexpected roadblocks:

Lack of fee transparency It’s important to note that business clients can’t view the full fee schedule until after registering or contacting Convera directly, making it difficult to accurately compare providers in advance. Convera also applies a margin above the mid-market exchange rate, which increases the total cost without being clearly broken down in quotes.
Unexpected intermediary bank fees When payments route through the SWIFT network, correspondent banks may deduct intermediary fees from the transferred amount. The number of intermediaries is often unknown ahead of time, making fee exposure unpredictable.
Delays due to timing and compliance strictness Missing or improperly formatted banking information (e.g., incorrect IBAN, SWIFT code, or beneficiary details) may trigger compliance checks or payment rejections, which can result in delays.

How Wise compares to Convera

While Convera offers a traditional and widely-used infrastructure for international B2B payments, Wise has emerged as a leading digital-first alternative. Wise Business is built for modern companies that prioritize cost transparency, speed, and control. Below is a side-by-side breakdown of how these services compare for Canadian businesses.

Wise vs. Western Union / Convera

Feature	Western Union / Convera	Wise Business
Transfer fee	The full fee schedule is not publicly disclosed and is usually shared only upon registration or contact. Additional fees may also apply for intermediary banks and partner institutions.	Low, transparent fees starting from 0.48%⁸based on the amount, currency, and destination that are always shown upfront before you confirm.
FX rate markup	Includes an undisclosed margin on the exchange rate over mid-market.	Uses the mid-market rate with no markup.
Hidden intermediary fees	Yes. Payments routed via the SWIFT network may incur unpredictable intermediary bank fees deducted from the transfer amount.	No hidden fees - Wise uses local payment networks where possible, which avoids these fees and ensures recipients receive the full amount.
Delivery time	Typically 3–4 business days depending on the currency, bank partners involved, and compliance checks.	50% of payments are instant or arrive in an hour but can take up to 1-2 days. Delivery estimates are provided before sending and can be tracked from the app
Transparency	Fee breakdowns may be spread across service providers and FX margins are not always clear. Tracking is available but might not be detailed.	You see exactly what you're paying for, the real exchange rate, estimated delivery time, and transfer progress updates.
Currencies supported	Over 140 currencies supported across 200+ countries.	Over 40+ currencies to more than 160 countries.
Best suited for	Larger corporations, institutions, or businesses with high-volume cross-border payments and established banking relationships.	SMEs, startups, freelancers, and global remote teams looking for low-cost, fast, and transparent international business payments.

Conclusion

Western Union (now Convera) provides extensive global coverage and established infrastructure for cross-border business payments. Through its partnerships with major Canadian banks and financial institutions, it offers convenient access for companies of all sizes. However, this convenience often comes with limited fee transparency, higher FX margins, and possible intermediary charges that can increase overall costs.

For businesses seeking a more cost-effective approach, Wise Business offers a compelling alternative.With mid-market exchange rates, upfront pricing, and no hidden fees, Wise is well-suited to businesses that value speed, simplicity, and transparency in their international payments.

Sources

Sources verified on 31 July 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.