Dubbed ‘Send Now, Pay Later’, Aussies can now access what the providers call ‘reliable, ethical and affordable’ short term loans to consumers transferring money to over 200 countries and territories.

The service is a collaboration between Western Union, a global leader in cross border, cross currency money transfers, and Beforepay, who provide small short term loans. Consumers who use Western Unions Services borrow the money through Beforepay’s Pay on Demand wage advance product product.

Australians to send more overseas

Gregory Laurent, Regional Vice President of ANZ and Pacific Islands at Western Union, said the new service was part of Western Union’s overall strategy to “make financial services accessible to people everywhere”, and give more options to Australians looking to send money to families or communities.

In 2022, the ABS reported that for the first time, more than half the Australian population were either first or second generation immigrants. An increasing number of these people also hail from developing countries. In the top ten most common birthplaces for Australian immigrants, the department of home affairs now lists the Philippines, Vietnam, Nepal, Pakistan and Thailand. It follows then that there is an increased demand from new Australian residents to send money back to friends or family. Western Union research found 44% of Australians would like the option of borrowing extra money for their cross border transfers.

Eligibility and rates

‘Send Now Pay Later’ will have the same terms of eligibility as Beforepay's Pay on Demand wage advance product. To be eligible for the loan, applicants must be:

  • Over 18

  • An Australian resident

  • Receive regular income (weekly, fortnightly or monthly)…

  • …that works out to be no less than $300 a week

As far as rates go, there is a flat 5% transaction fee on the amount cashed out, with no interest or late fees. Western Union says the transaction fee will always be the only cost to customers on top of their repayments.

In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.


FixedUnsecuredN/AMore details
Loan amounts from $2k to $75k
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  • No ongoing or early exit fees
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VariableUnsecuredN/AN/AMore details

Personal Loan

    Important Information and Comparison Rate Warning

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    The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

    Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of March 4, 2024. View disclaimer.

    A bad time to be a fintech app?

    Many fintech companies have suffered a difficult last few months. Buy Now Pay Later (BNPL) giant Openpay collapsed earlier this year, while other companies like Zip and Klarna have run into stormy waters.

    Former Citi and Diners Club executive Grant Halverson believes rising funding costs and lower consumer spending spelt trouble for fintech apps like Afterpay who offer BNPL services.

    “BNPL will be fine, it’s a niche product - fintech apps won’t survive.” Mr Halverson told Savings.com.au.

    Beforepay is distinct from BNPL since these loans are not tied to consumer spending, but by the end of last year, their share price had taken an 86% tumble from its initial offering in January, the worst performance of any of the IPO’s listed on the ASX last year.

    Beforepay CEO Jamie Twiss said Send Now Pay later catching on could provide “inclusive financial services to aspiring consumers around the world.”

    The company are likely also hoping it can be a lifeboat at a time fintech apps are sinking fast.

    Picture by Christine Roy on Unsplash

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