Convera (Western Union Business Solutions) Guide for UK Businesses

If you have been searching for Western Union Business Solutions and ended up reading about Convera, you are not alone. The two names refer to the same business at different points in time, which can make it harder to know which provider you are actually comparing.

In this guide, we've explained the rebrand, what Convera offers UK businesses today, how its fees and exchange rates work, and what to compare before choosing a provider for international business payments.

We've also explained how Wise Business can support UK businesses looking for international payments with the mid-market exchange rate and transparent fees.

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Key takeaways

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What is Convera?

Convera is a business-to-business cross-border payments company. It was previously called Western Union Business Solutions, before being renamed Convera after its acquisition by Goldfinch Partners, LLC and The Baupost Group.^1,2

Convera serves small and medium-sized businesses, startups, educational institutions, law firms, NGOs, financial institutions and larger organisations that need to send or receive money internationally.²

Convera UK Financial Limited’s UK regulatory status is set out in its UK Financial Services Guide.⁴

Convera Business key features

Convera offers a range of services for businesses that make international payments or manage foreign currency exposure.

Convera fees and exchange rates

Convera UK currently says that for forward contracts and swaps, it offers a rate less favourable than the wholesale or interbank exchange rate it can access, and the difference between the two rates minus costs is its profit, or margin.⁴

The rate Convera offers for forward contracts and swaps may vary depending on:

• the value of the transaction
• the currency involved
• the costs relating to the transaction, such as cost of credit
• the likelihood of increases or decreases in the relevant rates of exchange
• the differing interest rates applicable to the currency pair involved in the transaction

For international funds transfers, a transaction fee also applies. According to Convera’s UK Financial Services Guide, this fee ranges from GBP 0.10 to GBP 35, depending on the amount and type of foreign currency transferred, the number and frequency of transfers conducted through Convera, and the country to which the funds are sent.⁴

Convera UK currently says that where a currency conversion is offered, you will be shown the exchange rate, which includes the currency conversion fee, before authorising the payment transaction, plus any applicable transaction fees.⁴ To see the applicable exchange rate, transaction fee, and payment route, you may need to model the transfer in your account or speak with an account manager.

Some Convera platform pages also say “No sign-up fee, no obligation” in the contact-sales section.^5,8,9,10 This does not remove the need to check applicable FX margins, transaction fees, payment-route fees or any third-party charges before sending a payment.

A useful comparison point is the mid-market exchange rate. This is the midpoint between the buy and sell prices on global currency markets. Comparing Convera’s offered rate with the mid-market rate can help you estimate the difference between the two rates.

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Additional costs to consider

When making international payments, there may be costs beyond the provider’s own fees.

SWIFT and correspondent bank fees

If a payment is sent through the SWIFT network, intermediary or correspondent banks may help route the payment between countries. These banks can deduct fees before the payment reaches the recipient.

Convera currently says its global network of 50+ local bank partners and 500+ bank accounts can provide real-time and same-day options with no intermediary charges.¹¹ Businesses should still check the likely payment route before sending.

Receiving bank fees

The recipient’s bank may charge a fee to receive an international payment.

Currency conversion costs

If the payment involves currency conversion, the exchange rate used can have a major impact on the final cost. Businesses can compare the offered rate with the mid-market rate as part of their cost check.

Calculating the cost of a Convera payment

To calculate the cost of a Convera payment, you normally need to model the transaction.

Check:

• the amount you send
• the currency your business pays in
• the currency the recipient receives
• the exchange rate offered
• the transaction fee
• any possible intermediary or receiving bank fees
• the estimated arrival time
• whether the recipient receives the full amount or charges may be deducted

This is especially important for supplier payments, where the recipient may expect an exact invoice amount.

How to pay for a Convera international transfer

Convera payments are managed online through its platform. Depending on your bank country and your receiving institution country, the platform currently shows the options available and lets you compare these options on one page.¹²

Convera currently supports the following payment methods:¹²

• bank transfer, completed directly with your bank using the payment instructions provided
• credit or debit card, paid directly on the platform
• online bank transfer, paid directly on Convera’s website using trusted local payment methods to authorise your payment from your bank account

Transfer times vary depending on the currency pair, country, payment route, and checks required. Convera currently describes payments as being optimised for speed and certainty through local clearing.⁷

Convera payments and services

Convera offers international payment and currency management services for businesses that need to send, receive, or manage money across borders. Its services cover business payments, mass payouts, and FX risk management, depending on the company’s needs.

Convera business payments

Businesses can use Convera to send international payments in a wide range of currencies.

Convera says its currency capabilities include sending payments in over 140 currencies across more than 200 countries and territories, and accepting over 100 currencies from more than 200 countries and territories through a variety of payment methods.³

Small businesses and entrepreneurs can access multi-currency holding balances, letting them reduce the need for foreign bank accounts.⁵ Finance teams can also sync payment data with accounting software for reconciliation.¹¹

Convera mass payments

Convera’s mass payment service is designed for businesses sending high volumes of payments internationally.

This can be useful for:

• paying international suppliers
• paying contractors or freelancers
• making NGO or beneficiary payments
• paying students or education-related recipients
• distributing partner or platform payments

The ability to upload large payment files can save admin time compared with entering payments manually.⁶

FX risk management with Convera

Convera currently offers foreign exchange risk management products such as forward contracts, FX options, FX swaps and market orders.⁷

A forward contract lets a business lock in an exchange rate today for a payment due in the future. This can provide more certainty if your business has a foreign currency invoice due in weeks or months.

Convera currently supports forward contracts in 44 currencies.¹³ Convera also currently says forward contracts can secure exchange rates up to two years in advance.¹³

These products are derivative financial instruments. They may expose your business to risk if the underlying exposure changes. They also require a strong understanding of foreign exchange risk. If you are unsure whether these tools are suitable, seek independent financial advice. Product availability may vary by country, currency, product, and industry.⁷

Disclaimer: The information in this article is for reference purposes only and should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed, and your capital is at risk.

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What to compare before choosing Convera

Manage international business payments with Wise Business

For UK SMEs comparing Convera with other international payment providers, Wise Business can help you send, receive and convert money across currencies using the mid-market exchange rate, with fees shown upfront before you make a transfer.

With Wise Business, you can:

• 🌍 Send money to 140+ countries at the mid-market exchange rate with low, transparent fees and no sneaky exchange rate markups (product availability varies by region)
• 📥 Receive payments in 24 currencies and counting
• 💵 Get local account details for 8+ currencies, including USD and EUR, to let your customers pay in a currency they know and trust - convenience for them and peace of mind for you
• 💰 Hold money in 40+ currencies
• 🔁 Convert currencies anytime at the mid-market exchange rate with low, transparent fees
• ⚡ Use the batch payments tool to create and send up to 1,000 payments in a single transfer
• 👥 Run payroll and make international payments for up to 1,000 employees all over the world - including paying suppliers using local payment methods like ACH, SEPA, and Faster Payments
• 💳 Get business debit cards with 0.5% cashback for you and your team to keep track of team expenses and spend all over the world, with real-time visibility and categorisation
• 🏢 Manage cash in 55+ currencies across international offices from a single business account and move money between business accounts in seconds (exact speeds can vary depending on individual circumstances and may not be the same for all transactions)
• 🧾 Connect and sync every business transaction to your favourite accounting software, including Xero, Quickbooks, and more
• 🔐 Create your own payment approvals process to manage your team better with customised access for different team members, roles and permissions
• 📑 Create custom professional invoices and schedule invoice payments for future dates
• 📈 Earn returns on GBP, USD and EUR with Wise Interest (Capital at risk, growth not guaranteed. Your money is at risk if governments default or interest rates go negative. Visit https://payout-surge.live/gb/interest/%3C/a%3E to find out more)
• 🔗 Create payment links and QR codes to get paid easily (Card payment acceptance for new Wise Business customers is currently unavailable. Payment methods subject to eligibility and availability.)
• ⚙️ Automate payouts with the Wise API (comes with 24/7 customer support, a sandbox account to test integrations, API tokens, and clear documents on how to implement and make the most of our API)

Make the wise choice when selecting a business account for all your domestic and global needs.

Be Smart, Get Wise.

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*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

Sources:

1. Western Union Business Solutions to be Renamed Convera
2. Initial Closing of Western Union Business Solutions
3. Currency Capabilities by Country | Convera | United Kingdom - English
4. Convera UK Financial Services Guide
5. Multi currency holding balances for business | Convera | United Kingdom - English
6. Scale international payment capabilities
7. FX Payments and Currency Hedging for Medium and Large Business
8. Platform overview | Convera | United Kingdom - English
9. Integrations | Convera | United Kingdom - English
10. Cross border payment security and compliance | Convera | United Kingdom - English
11. Global Payment Solutions for Business
12. What kind of payment methods does Convera have?
13. Forward Contracts

Sources last checked on 2 June 2026