Guide on Western Union business account in Australia

Managing international payments as an Australian business? For years, Western Business Solutions was one of the biggest names in cross-border transactions, helping companies move money and manage foreign exchange. However, if you’ve recently searched for a “Western Union business account,” you might have noticed that things have changed.

In this blog, we’ll explain what happened to Western Business Union Solutions, look at the services offered by the newly formed Convera, and introduce Wise Business as an alternative for handling international transactions.

Does Western Union Business Solutions exist?

The short answer: not anymore. In 2022, Western Union sold its Business Solutions division to Goldfinch Partners and The Baupost Group in a $910m deal¹. That business has since relaunched under a new standalone brand called “Convera”.

For Australian businesses, this means you won’t find Western Union Business Solutions under its old name. Instead, you’ll need to explore Convera’s services if you’re interested in what the company offers today. Convera positions itself as one of the world’s largest non-bank providers of B2B cross-border platforms.

Following the deal, Convera said it had 30,000+ customers, including SMBs, financial institutions, and NGOs¹. This includes business customers in Australia, where it offers several cross-currency and FX products.

Convera Business - Products available in Australia

Convera currently lists three core products for Australian businesses: global payments, forward contracts, and FX options.

Global payments

Convera aims to make transactions “smart” and “secure.”² Its global payment service underpins this goal by allowing customers to send and receive money to and from over 200 countries in multiple currencies³. For Australian businesses, this means you can pay suppliers in Vietnam or customers in the UK using a single platform.

Key features of Convera Business include:

• Send international payments in 140+ currencies to 200+ countries.
• Hold 60+ currencies for up to 180 days.
• Collect payments via wire, local transfer, and direct debit options.
• Send money via wire, local transfer, or cheque/draft.
• Optimised speeds and costs through a large network of local bank partners and bank accounts.

Forward contracts

Convera also offers currency hedging to reduce the risk of fluctuating exchange rates affecting the value of international transactions. One of the main risk management options is ‘forward contracts’. Convera says you can lock in exchange rates for up to 2 years, pending assessment and approval⁴. If you regularly handle more volatile currencies, this might help with budgeting and forecasting by protecting future profit margins.

A few features include:

• Lock in today’s exchange rate so you know how much international payments will cost in the Australian dollar (AUD).
• Book forward contracts in 44 currencies either online or via Convera’s support team.
• Choose how long you want to lock in the rate, and decide whether to settle everything at once or in smaller amounts over time.

FX options

Convera also provides FX options as a way to manage currency risk in uncertain market conditions. This time, you get access to 19 currencies, with the flexibility to protect against sudden downturns while also taking advantage of the market if it moves in your favour⁵. Convera notes that there is a “broad range” of FX options to match your risk tolerance.

Alternative to Convera Business

While Convera has replaced Western Union Business Solutions with a similar set of features, it might not be the best fit for every Australian business. It focuses on enterprise-level FX tools, for example, when simpler money management might be what you’re after.

Alternatives like Wise Business offer a more straightforward way to send money and get paid internationally, along with a comprehensive suite of tools for invoicing and bookkeeping. It allows users to hold balances in up to 40+ currencies and manage them freely, whenever you want, for payments, transfers, and conversions. This makes it ideal for managing finances with international clients or remote workforces.

Wise Business Features

Using Wise like a normal bank account for all your international transactions is just one of its key features.

You also get:

• Low, transparent fees - No hidden markups. You always see the exact cost before sending money
• Real exchange rates - Transfer using the mid-market rate so you don’t lose money on inflated currency conversions.
• Local account details - Get paid like a local with account details in 8+ currencies, including NZD, USD, and EUR.
• Accounting software integration - Sync your Wise Business account with QuickBooks, Xero, and more to take the hassle out of bookkeeping and reporting.
• Simple invoicing - Create, send, and track invoices in multiple currencies directly from the account dashboard.
• Batch payments - Send up to 1,000 payments in one go to save time on repetitive, manual admin.

Making international payments with Wise Business

Instead of dealing with complex FX products and traditional bank-style fees, Wise Business lets you move and manage money globally with a full banking wallet. All without big markups and hidden costs.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

Sources:

1. Convera - Initial closing of Western Union Business Solutions
2. Convera - About us
3. Convera - Global payment solutions for business
4. Convera - Forward contracts
5. Convera - FX options