Western Union Announces New Service For Mexico

By Dex Tennyson, for ExpatBriefing.com 20 January, 2015

Western Union has said that customers in the US will soon be able to transfer cash directly into qualifying bank accounts in Mexico through its retail agents, smart phone apps, or its website.

The global payment company has made an agreement with UniTeller, an international money transfer processing company that is a subsidiary of Grupo Financiero Banorte (GFB), one of Mexico's largest financial institutions. The service is planned for launch during the first quarter of 2015. Initially, it will be possible to send money directly into Banorte accounts, with other Mexican banks following soon after.

Ricardo Velazquez, speaking for GFB, explained that "beneficiaries of remittances in Mexico will find it very convenient to open an account at our bank and directly receive the funds through Western Union." He described UniTeller and Banorte as "leaders in Mexico in the offering of financial services to the beneficiaries receiving money from their relatives abroad."

Odilon Almeida, for Western Union, added: "We are excited to offer our customers in Mexico a new way to conveniently receive money. Although receivers in Mexico continue to have a strong preference for cash and our retail growth has been solid, we believe the direct to bank services will bring in new types of consumers who prefer to receive funds in accounts."

Western Union currently offers direct-to-bank services in seven of the world's top 10 remittance-receiving developing countries. The new agreement brings that number to eight, with Mexico added to the list that includes India, China, the Philippines, Egypt, Pakistan, Bangladesh, and Vietnam.

Tags: Mexico | United Kingdom | Expats | Money Transfers |


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