Western Union Significantly Grows Its Reach in China

by swisscham in Bank, Finance, Insurance

Western Union launches Direct-to-Bank Money Transfers to China with China UnionPay and Account-Based Money Transfers to the World’s Largest Bank, Industrial and Commercial Bank of China. The Western Union Company, a leader in global payment services, today significantly expanded into China’s banking channel, paving the way for international direct-to-bank remittances into China from 23 countries while also expanding its international Account-Based Money Transfer service. Western Union customers can send direct-to-bank money transfers to China from 23 countries via select retail locations and online money transfer sites. This unprecedented agreement with China UnionPay’s ChinaPay enables Western Union to reach more than 95% of all personal bank accounts in China. In addition, Western Union has launched Account-Based Money Transfers with one of the world’s largest banks, Industrial and Commercial Bank of China (ICBC). The agreement enables more than 400 million ICBC customers to direct Western Union money transfers received from more than 200 countries and territories into their bank accounts via online banking 24 hours a day, seven days a week.

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