China Everbright Bank and Western Union sign agreement to offer money transfer in China
China Everbright Bank and The Western Union Company announced an agreement to offer money-transfer services at more than 300 China Everbright Bank branches in more than 30 cities in China. The service will be rolled out in the next few months.
Western Union’s representation agreement with China Everbright Bank will help extend Western Union’s global network of money-transfer services into cities throughout China, complementing the existing network and offering its customers even greater convenience.
China remains an attractive market for Western Union. According to the World Bank, China receives USD 22.5 billion in annual remittances, making it the third-largest remittance recipient country.
“Increasing numbers of Chinese people are moving to other parts of the world to study or work,” said Andrew Ong, regional vice president for Western Union, North Asia.
“Western Union’s Money Transfer service is trusted by customers to quickly and reliably receive money from, or send money to, family members or friends back home. Together with China Everbright Bank, the network is expanding into more economically developed cities. Both companies are able to increase choice and convenience for our customers, wherever they might live,” he added.
Zhang Yukuan, general manager of retail business at China Everbright Bank, added, “With our operating philosophy of ‘A Premier Bank with Diligent Financial Management’ in mind, we are committed to exceeding our clients’ demands and offering consistent, high-quality financial services. Our clients span over 36 major cities in 23 provinces. Launching money transfer services means we can provide our customers with premium-quality money transfers to and from more than 200 countries and territories.”
Western Union has had a presence in China since 1994 and currently has 25,000 locations through its cooperating partners China Postal Savings Bank and Agricultural Bank of China.
