The money transfer market is gearing up for Chinese New Year. Western Union is the latest firm to announce changes to its remittance services, thanks to a new agreement with Bank of China.
Consumers in China will now be able to receive remittances through the Western Union Money Transfer service from abroad in minutes at select Bank of China branches and sub-branches throughout the country.
These services can be arranged at nearly 500,000 locations in 200 countries and territories, including more than 51,000 locations in the U.S, Western Union announced. Consumers in the U.S. may also send money online, through online banking and through kiosks and ATMs.
Western Union is planning to expand its collaboration with Bank of China to allow customers to direct Western Union Money Transfers into their bank accounts via online banking.
Western Union services have been available in China since 1995, but this new collaboration means that they will be available at 30,000 locations in the country.
Western Union’s domination of the money transfer market has recently been challenged by startups aiming for a more transparent, and therefore better value, service. Remittance provider Xoom announced plans to allow money transfers to China earlier this week.
Whitepapers
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