Western Union expands into PH’s bank channel

MANILA, Philippines—The Western Union Company (NYSE:WU), a leader in global payment services, today significantly expanded 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 – including Australia, Hong Kong, Singapore, New Zealand, Canada, France, Italy, Norway and United Kingdom – can now send Direct-to-Bank money transfers from select Western Union® Agent locations to 59 banks including majority of the top banks in the Philippines. Money sent to 49 of these banks will be credited into the bank accounts in minutes. 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 US$24 billion in 2012, making the country the third largest remittance recipient in the world.

To send money directly to a bank account via Western Union, consumers simply need the recipient’s full name, the name of the recipient’s bank and the recipient’s bank account number.

For more information on Western Union, please visit www.westernunion.com