Western Union advances money transfer service in China, Romania

Source: Western Union

The Western Union Company (NYSE:WU), a leader in global payments, today announced that it will offer Account-Based Money TransferSM services to Shanghai Pudong Development Bank (SPDBank) accountholders in China and Banca Transilvania accountholders in Romania.

"Western Union is committed to offering our consumers around the world convenient channels for moving money," said David Yates, Executive Vice President, Western Union. "In both China and Romania, people are rapidly embracing new technologies. We are proud to offer our fast, reliable services in these important markets - 24 hours a day, seven days a week."

Once the service is introduced in China, SPDBank accountholders will be able to send Western Union® Money Transfers directly from their accounts via online banking or their mobile phones for cash payout at Western Union Agent locations in more than 200 countries and territories. In addition, people around the world will be able to send funds directly to SPDBank accounts. SPDBank accountholders will be able to access the funds via the Internet, ATMs and their mobile phones.

SPDBank also will begin offering the Western Union Money Transfer service at 365 of its retail locations throughout China.

The online banking service is expected to be activated by mid-2011, with ATM and mobile options to follow. The launch of the service with SPDBank will mark the first time ABMT services are available in China.

Since the service launch in Romania, Banca Transilvania accountholders are now able to send money directly from their bank accounts via ATM money transfer for cash payout at 386,000 Western Union Agent locations in 200 countries and territories. In addition, people around the world can send Western Union Money Transfers directly to a Banca Transilvania accountholder in Romania. The receiver can withdraw the funds through Banca Transilvania's network of 780 ATMs around the country.

The launch of this service marks the first time money transfer via ATM is available in the Romanian financial services market.

Globally, 28 banks have agreed to join the Western Union electronic-channel initiative by offering Western Union ABMT Services.

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