Money Transfer Services Loyalty Programs: Are They Worth It?
Comparing Loyalty Programs of Money Transfer Services
In today’s global economy, money transfer services are not only competing on fees, speed, and security but also on customer loyalty programs. Like airlines or retailers, these financial service providers have recognized the importance of rewarding repeat customers. Here’s a closer look at the loyalty programs offered by prominent money transfer services:
Western Union My WU® Rewards Program
- Points Earning: Customers earn points for every money transfer sent.
- Redemption: Points can be redeemed for discounts on future transfer fees.
PayPal Rewards
- Cash Back: Offers cash back on transactions when using the PayPal Cashback Mastercard®.
- Exclusive Offers: Periodic promotions and discounts for frequent users.
TransferWise (now Wise) Multi-currency Account
- Savings on Fees: Tiered pricing offers lower fees for higher volumes of transfers.
- Member Referrals: Rewards customers for referring new users to the platform.
MoneyGram Plus™ Rewards
- Tiered Benefits: Users enjoy discounts on transfer fees after their first transfer, with increasing benefits the more they send.
- Anniversary Rewards: Special bonuses on the anniversary of their membership.
Xoom Rewards
- Xoom Points: Earn points with every transaction.
- Benefits: Accumulated points can lead to discounts on transfer fees or other exclusive offers.
These loyalty programs demonstrate how money transfer services are employing similar strategies to those in other industries, by incentivizing customers with benefits that can enhance savings and improve the overall experience. Customers who regularly send money internationally should consider not only the basic costs and features of these services but also the perks that come with their loyalty programs.
