Western Union Digital Money Transfers Now Live from Mexico to World
ENGLEWOOD, Colo. & MEXICO CITY--(BUSINESS WIRE)--Sep 12, 2018--The Western Union Company (NYSE: WU), a leader in cross-border and cross-currency money movement, today launched the Western Union® mobile app with omni-channel choice, enabling customers in Mexico to send digital money transfers to more than 200 countries and territories.
Mexico is the latest country enabled for international digital money transfers, after Brazil, Jamaica and Panama in the Latin America and Caribbean region, as Western Union accelerates its digital penetration with plans to expand to more than 200 countries and territories.
Customers in Mexico can now send money via the Western Union mobile app (iOS and Android) and choose payments options of card in-app or cash and pay at retail. Customers also have the choice to send international money transfers at select retail locations.
“We are pleased to extend our digital footprint to include Mexico – offering customers the choice to send money 24/7 world-wide,” said Khalid Fellahi, General Manager, Western Union Digital.
“Mexico now has the best of our rare combination of physical and digital capabilities –with the option to receive global money transfers at more than 33,000 retail locations or into almost every Mexican bank from the United States and the ability to send money effortlessly to almost every country in the world.”
While Mexico is the fourth largest receiver of money globally in the form of remittances – its economy is becoming more globally interconnected with individuals going abroad for education and other lifestyle reasons. In 2017, Mexico residents sent $806 million dollars 1 abroad, according to Mexico’s Central Bank, to countries such as the U.S., Argentina, Canada, Ecuador, and Colombia.
Using the new Western Union mobile app, customers in Mexico can send up to USD $2,999.99 paying a flat fixed rate of USD $5. **
About Western Union’s Cross-Border Platform
Western Union’s cross-border, cross-currency money movement platform – including a robust digital footprint, settlement, treasury and compliance infrastructure, and a vast global retail network of over half a million locations – sets the standard for international money movement. With operations in 200 countries and territories, Western Union’s platform processes an average of 32 transactions every second and moves $300 billion a year across 130 currencies.
Connecting the digital and physical worlds of money, Western Union’s technology stack, APIs, foreign exchange and settlement engine, agent network, anti-money laundering and fraud detection capabilities make it one of the largest digital and physical money movers for consumers around the globe. The company offers digital transactions in 45 countries. Approximately 70% of Western Union’s digital transactions globally (75% in the U.S.) now originate on mobile devices.
New customers are required to register with Western Union’s customer database -- by visiting Western Union’s more than 8,000 Agent locations that currently offer the outbound service and providing a government-issued ID upon registration. All transactions can be completed digitally, and funds will become available for the receiver in a matter of minutes* to be picked up in more than 550,000 Agent locations across the globe. The customer can also complete payment at retail.
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* Service and funds availability depend on certain factors including the Service selected, the selection of delayed delivery options, special terms applicable to each Service, amount sent, destination country, currency availability, regulatory issues, consumer protection issues, identification requirements, delivery restrictions, agent location hours, and differences in time zones (collectively, “Restrictions”).
** Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice. Currently accepted credit cards include only Visa and Mastercard. VAT not included. In case of credit cards, the issuing bank might charge an additional fee for the service.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of June 30, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in 45 countries and territories to move money around the world. In 2017, we moved over $300 billion in principal in nearly 130 currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
1 Banco de México, http://www.banxico.org.mx/
View source version on businesswire.com:https://www.businesswire.com/news/home/20180912005166/en/
CONTACT: Western Union
Western Union Latin America & Caribbean:
Jillian Gelok, +1 786-857-5106
Press Office in Mexico:
Sofia Gomez Pedroso, +52 55 5540 6031 ext. 261
KEYWORD: UNITED STATES MEXICO NORTH AMERICA CENTRAL AMERICA COLORADO
INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: The Western Union Company
Copyright Business Wire 2018.
PUB: 09/12/2018 08:30 AM/DISC: 09/12/2018 08:30 AM