World's leading money-transfer company,
Western Union Co.
), has announced that it will provide its Direct to Bank service
in China and Canada.
The service enables a consumer to send a transaction from an
agent location directly to a bank account. Globally, the company
has relationships with over 80 banks that have agreed to this
service, primarily through their online banking portals.
The service will now be available in China, such that the
customers in the region will be able to receive money direct into
their bank accounts when the money is remitted from U.K. from the
company's online site westernunion.com.
Over time Western Union will extend its service to add more
'send' locations to enable Chinese customers to get funds from
more locations other than U.K., while Canadians will now be able
to receive money remitted to them directly into their bank
With this digital expansion, the company has broadened its
service by allowing customers greater flexibility to send money
through its online channel - westernunion.com from 23 countries
into bank accounts in up to 46 countries.
The company is aggressively seeking to make available its
Direct-to-Bank service to more agent locations in more countries
Western Union is advancing development of the electronic methods
of remitting money that provide a fast easy, flexible and safe
option of transferring money from one place to another.
Other companies like
Moneygram International Inc.
HDFC Bank Ltd.
) also offer online money transfer service internationally and
are worth considering.
CITIGROUP INC (C): Free Stock Analysis Report
HDFC BANK LTD (HDB): Free Stock Analysis
MONEYGRAM INTL (MGI): Free Stock Analysis
WESTERN UNION (WU): Free Stock Analysis
To read this article on Zacks.com click here.