ENGLEWOOD, Colo.–(BUSINESS WIRE)– Effective immediately, consumers in China will be able to receive remittances through the Western Union® (NYSE: WU) Money TransferSM service from abroad in minutesi at select Bank of China branches and sub-branches throughout the countryii, the two companies announced today.
Western Union’s cash-payout services to friends and families in China may be arranged at nearly 500,000 locations in 200 countries and territoriesiii, including more than 51,000 locations in the U.S. Consumers in the U.S. may also send money online, through online banking and through kiosks and ATMs.
In addition, Bank of China and Western Union will soon expand their collaboration to allow customers to direct Western Union Money Transfers into their bank accounts via online banking, or they can be received at select self-service kiosks.
Carter Hunt, Senior Vice President and General Manager for Western Union U.S., said, “Through our landmark agreement with Bank of China, consumers can enjoy unprecedented convenience when sending money to and receiving money from their friends and families. We are particularly delighted to have this new service in place for our customers in time for Chinese New Year, a time when millions of Chinese people around the world celebrate with their loved ones.”
Mr Zhu Shumin, Executive Vice President of Bank of China, added, “Cross-border financial services have always been Bank of China’s competitive edge and key focus. Western Union is one of the world’s largest and most experienced international money transfer companies, and Bank of China is the most international and diversified Chinese commercial bank. Our cooperation will allow our joint customers to enjoy an even bigger range of remittance products, more convenience and raise our service standards. Through our collaboration, I hope that we can explore new areas of cross-border business and continually develop new products to satisfy the diverse needs of cross-border customers.”
Western Union® services have been available in China since 1995. With the addition of Bank of China’s branches and sub-branches, Western Union Money Transfer service will be available at over 30,000iv locations nationwide in cooperation with 15 Agents.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of September 30, 2014, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks. In 2013, The Western Union Company completed 242 million consumer-to-consumer transactions worldwide, moving US$82 billion of principal between consumers, and 459 million business payments. For more information, visit www.westernunion.com.
About Bank of China
As a 100-year-old brand in China’s financial services sector, Bank of China is the country’s most international and diversified bank, providing a comprehensive range of financial services and competitive expertise in foreign exchange operations with extensive branches overseas. Benefitting from its global network and foreign exchange expertise, Bank of China continually pursues advancement and innovation based on prudent operations and has achieved a leading position in the Chinese financial industry. In particular, its competitive strength and good standing in international settlements and foreign exchange operations has being widely recognized and praised within the industry and by customers. In 2013, Bank of China was named a Global Systemically Important Bank, becoming the only financial institution from an emerging economy to be so listed for three consecutive years.
i Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory and foreign exchange issues, required receiver action(s), identification requirements, Agent location hours, differences in time zones, or selection of delayed options. Additional Restrictions may apply. See Send form for details.
ii For information about local service availability, consumers in mainland China may call the Western Union China hotline on 800 820 8668 (toll free) or +86 21 6866 4610 (charges apply), or the Bank of China Service hotline on 95566.
iii, iv Network data as of September 30, 2014 inclusive of the 10,000 expected Bank of China locations.
Source: Western Union