Philippines: Western Union opens banking channel

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Western-Union1Global payment service provider Western Union Company is expanding into the Philippines’s bank channel paving the way for international direct-to-bank remittances in minutes to over 40 banks in the Philippines from nine countries.

Western Union consumers in nine countries – Australia, Hong Kong, Singapore, New Zealand, Canada, France, Italy, Norway and UK – can now send direct-to-bank money transfers from select Western Union Agent locations to 59 banks including the majority of the top banks in the Philippines. Money sent to 49 of these banks will be credited into the bank accounts in minutes, the company said.  For the remaining 10 banks, it will be within one to three working days.

Patricia Riingen, Senior Vice President, East & South Asia, Western Union, said: “The Western Union Direct-to-Bank service is aimed at servicing our consumers with a preference to receive funds directly into bank accounts. Our global vision is about offering choice to our consumers immaterial of their channel preference. Therefore, strengthening our retail channel as well as making major in-roads into the banking channel is about serving an even bigger consumer base, delivering on our service hallmarks of reliability, speed and convenience and continuing to enhance our overall brand loyalty.”

According to the World Bank, remittances to the Philippines exceeded $24 billion in 2012, making the country the third largest remittance recipient in the world.

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Reading Time: 1 minute

Global payment service provider Western Union Company is expanding into the Philippines’s bank channel paving the way for international direct-to-bank remittances in minutes to over 40 banks in the Philippines from nine countries.

Reading Time: 1 minute

Western-Union1Global payment service provider Western Union Company is expanding into the Philippines’s bank channel paving the way for international direct-to-bank remittances in minutes to over 40 banks in the Philippines from nine countries.

Western Union consumers in nine countries – Australia, Hong Kong, Singapore, New Zealand, Canada, France, Italy, Norway and UK – can now send direct-to-bank money transfers from select Western Union Agent locations to 59 banks including the majority of the top banks in the Philippines. Money sent to 49 of these banks will be credited into the bank accounts in minutes, the company said.  For the remaining 10 banks, it will be within one to three working days.

Patricia Riingen, Senior Vice President, East & South Asia, Western Union, said: “The Western Union Direct-to-Bank service is aimed at servicing our consumers with a preference to receive funds directly into bank accounts. Our global vision is about offering choice to our consumers immaterial of their channel preference. Therefore, strengthening our retail channel as well as making major in-roads into the banking channel is about serving an even bigger consumer base, delivering on our service hallmarks of reliability, speed and convenience and continuing to enhance our overall brand loyalty.”

According to the World Bank, remittances to the Philippines exceeded $24 billion in 2012, making the country the third largest remittance recipient in the world.

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