For a modelled $1,000 US-dollar-to-euro conversion, Interactive Brokers estimates about $2.00, while Western Union estimates about $39.83. IBKR's commission row is lower for investment, trading or hedging activity inside the brokerage. Western Union can deliver an eligible payment by bank deposit or cash pickup.
Western Union's reason for being in this comparison is cash pickup and remittance reach, which IBKR does not provide. Delivery speed, countries, payout methods, identity checks, and prices vary by transaction. The tables apply stored published-fee models to the current mid-market benchmark.
- IBKR's commission model ranks lower. Tier I pricing is 0.002%, subject to a USD 2 equivalent minimum per order.
- Western Union's edge is payout reach. Eligible cash pickup and recipient remittance are services a brokerage conversion cannot provide.
- Execution matters at IBKR. Convert Currency submits a market order, so spread and slippage are outside the widget.
- Do not choose from rank alone. Some current IBKR agreements reviewed here restrict unrelated currency conversion, so use IBKR for an exchange connected to investing, trading or hedging; Western Union supplies the recipient delivery flow.
How Interactive Brokers charges
Interactive Brokers (IBKR) is a brokerage, not a money-transfer operator. Its Tier I spot-FX commission is 0.20 basis points, or 0.002% of trade value, with a USD 2 equivalent minimum per order. The percentage overtakes the minimum at about USD 100,000, so the charge is not permanently flat. Convert Currency submits a market order, and the executable bid/ask spread and slippage can move the result away from the mid-market benchmark.
At USD 1,000, the commission model is about 0.20%, but the order is below IBKR's published USD 25,000 standard-order minimum. It is an odd lot, whose price is not displayed in the interbank market. At USD 25,000 the order reaches the standard-size band.
You need a funded eligible brokerage account, supported currencies, and an eligible withdrawal route. Trade settlement does not promise the arrival time of a later withdrawal. Withdrawal fees, correspondent-bank deductions, tax, and third-party-payee approval can also matter. IBKR cannot provide cash pickup.
How Western Union charges
Western Union is one of the world's largest money-transfer operators, and it prices the opposite way. The advertised fee is often low, sometimes $5 or even $0 for an online bank-to-bank send. The real cost sits in the exchange-rate markup, which we model at about 3.5% on this route. Add the two together and a $1,000 transfer costs about $39.83, or 3.98% of the amount.
The 3.5% markup is a modelling assumption, not a universal Western Union price. The live result changes with the route, amount, funding method, payout method, and promotions. Western Union says it also makes money from currency exchange. Treat the widget as a benchmark to check against its final quote.
What the service can provide is recipient delivery, including cash pickup where eligible. Availability and timing depend on the transaction, so confirm the promised delivery method and time before paying.
Head to head, by amount
The stored model ranks IBKR's commission below Western Union at both amounts. That rank does not make a brokerage conversion a cash-remittance substitute, and it excludes IBKR execution and withdrawal costs.
$1,000: the broker is already ahead
At $1,000, the IBKR commission model is about 0.20%, while the Western Union model is near 3.98%. The IBKR order is an odd lot, and Western Union's final rate and fee can differ by funding and payout method. Compare the final numbers only if both workflows fit the intended outcome.
$25,000: the gap becomes real money
At USD 25,000, IBKR reaches its published standard-size minimum, while Western Union's stored percentage markup produces a much larger dollar estimate. Western Union may impose route, funding, payout or transaction limits. Use IBKR when the exchange supports investing, trading or hedging there; use a transfer provider when money must reach another bank account. Our comparison tool shows money-transfer options.
Who should pick what
Check Interactive Brokers first when a large currency exchange directly supports investing, trading or hedging in that account. Its commission can be exceptionally low. It does not replace Western Union cash pickup or an urgent recipient payment. See the Interactive Brokers provider page.
Check Western Union if the recipient needs an eligible cash pickup or supported remittance route. Confirm the total fee, exchange rate, limits, identity requirements, and stated delivery time on the final screen. Our Western Union provider page shows the modelled figures.
Pick neither if you are sending a modest amount to a bank account and want something simpler than a brokerage but cheaper than a transfer operator. A specialist provider like Wise or Revolut sits in between, with no account setup beyond an app. The Wise vs Revolut guide compares those two head to head.
Frequently asked questions
Is Interactive Brokers cheaper than Western Union?
IBKR's commission model is lower at the two displayed amounts. Tier I pricing is 0.20 basis points with a USD 2 equivalent minimum, while the Western Union row uses a representative fee and markup. They provide different services, and only live quotes including execution and delivery can establish the relevant cost.
Why do people still use Western Union?
Because it can provide recipient payments and cash pickup where eligible. IBKR's currency service belongs with investing, trading or hedging inside the brokerage, not an agent payout network. Western Union's availability and delivery timing vary, so check the exact transaction rather than assuming every cash pickup is immediate.
Can I use the IBKR estimate on a weekend?
Do not treat it as a weekend quote. The comparison intentionally ignores weekend-specific adjustments, and an IBKR market order depends on an open market. If timing is flexible, compare executable prices and convert on a weekday.
Are these numbers exact?
They are current modelled estimates, not executable quotes. IBKR's commission schedule is published, but spread, slippage, withdrawal, and banking-chain costs remain outside the widget. Western Union's price varies by route, amount, funding method, delivery method, and promotions. Confirm both final screens.
Cost figures are worked out from each provider's published fee structure applied to the current mid-market reference rate, modelled estimates for typical major-currency routes. Western Union's markup varies by route, payment method and delivery method; the figures shown are representative. Always confirm the final quote on the provider's own site before you transfer. We may earn a commission from affiliate links at no extra cost to you; this never affects rankings. Nothing here is financial advice.
Sources: Interactive Brokers spot-FX commissions (opens in a new tab), Interactive Brokers FX order sizes (opens in a new tab), Interactive Brokers Convert Currency guide (opens in a new tab), IBUK and IBLLC Client Agreement (opens in a new tab), Interactive Brokers withdrawal fees (opens in a new tab), Interactive Brokers third-party withdrawals (opens in a new tab), Western Union transfer fees (opens in a new tab). Accessed 22 August 2026.