Western Union business in Singapore (Now Convera)

Western Union is one of the largest and best established payment providers on the planet. With Western Union you can send personal payments to others more or less globally - but what about when you need a business transfer? Can you open a Western Union Business account to send and receive payments?

This guide explores your options with Western Union Business in Singapore (now Convera) and also touches on an alternative - Wise Business - which offers low cost payments and multi-currency account services.

Does Western Union Business exist in Singapore?

Western Union Business doesn’t exist as a standalone company in Singapore any more. However it didn’t disappear entirely.

Western Union Business Solutions (WUBS) was bought by Convera¹ in 2022, and now all services in Singapore are carried out under the Convera brand name.

Convera business - Products available in Singapore

Convera offers a broad range of services, and splits its offerings down by sector - including small businesses, medium and large businesses, educational institutions, financial businesses and funds.

Different types of organisations in Singapore may find parts of the Convera offering appealing - we’ll walk through the key products and services next, and you can also learn more on the Convera website.

A note on Convera business pricing: The services below may involve fees, including ongoing, up front and transaction level costs. Convera does not publish its pricing and offers all services through a conversation with its sales team only.

This has the upside that you can design your own package to include only the services you require - but it has the disadvantage that you can’t get a flavour of Convera business pricing before you start negotiating with their sales department.

Convera business payment solutions

If you need to send overseas payments on behalf of your company, Convera can help with transfers to almost any country in the world². Pay your suppliers or contractors easily and in their preferred currency, and automate payments to cut out administration.

• Send payments in 140+ currencies to 200+ countries and territories
• Variety of pay in and pay out methods, including paying out by local payment method, wire and cheque
• Make bulk payments to save admin time, and access an API to streamline workflow

Convera business multi-currency holding accounts

If you have an eligible business type in Singapore you can use Convera to receive and hold foreign payments³. Holding balances are not available to sole proprietors and partnerships (except for limited liability partnerships) in Singapore.

Where available you can receive and hold a foreign payment for up to 6 months to allow you to convert, send or withdraw your funds when the rates are favourable.

• Receive payments in foreign currencies to make payments more convenient for your clients
• Hold over 60 different currencies for up to 180 days to help manage FX risk
• Sync your account with your cloud based accounting software to make reconciliations easier

Convera business forward contracts

Forward contracts are used to lock in an exchange rate for a future trade date, protecting your business against fluctuations in the rate⁴.

This can be an attractive option if you know you have a future foreign currency bill to pay for example and want to know ahead of time exactly what it'll cost you in SGD.

Bear in mind though that forward exchange contracts can come with fees - and there’s always a risk that the rates change in a way that’s not in your favour.

• Use forward contracts in 44 currencies
• Lock in rates for up to 2 years with different payment schedule options
• Easy to organise with online and phone support through a dedicated dealing team

Convera recommends you get professional advice before using forward contracts.

Convera business FX options

Convera business FX options are derivative contracts giving the option to buy currency at a pre-arranged rate, for a fee⁵. There’s no obligation to buy, which allows you to maintain flexibility and hedge risk. As with forward contracts, FX options are not risk free and are intended for experienced traders or to be used under advice only.

• FX options available in 19 currencies
• Broad range of product specifications which cover varying degrees of risk
• FX specialists are available to help you come up what a business strategy to manage your FX dealings

Convera recommends you get professional advice before using these instruments.

Wise Business: Alternative to Convera business (Formerly Western Union Business Solutions)

Wise Business serves as an alternative to traditional business account as you can hold, send, receive and exchange 40+ currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

Here's what you get with a Wise Business account:

• Hold and manage 40+ currencies for all your international transactions.
• Get account details to receive in 8+ currencies for a one-time fee of 99 SGD
• Pay foreign currency bills and ad-hoc business travel expenses using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees.
• Seamless integrations with popular accounting software.
• Earn a variable return** on SGD, GBP, EUR, and USD through Wise Interest

➡️Get started with Wise Business today

** Growth is not guaranteed. Capital at risk.

Sources:

1. Convera business
2. Convera business payment solutions
3. Convera business multi-currency holding accounts
4. Convera business forward contracts
5. Convera business FX options