Tag: Western Union

Reliance Money partners Western Union

Posted by | Sep 2, 2007 | |

Reliance Money, part of the Anil Dhirubhai Ambani Group, on Saturday announced its new brand TRavelmate Services, combining the company’s money transfer business in association with Western Union.

The Director and CEO of Reliance Money, Sudip Bandyopadhyay, told reporters that “India is the single largest recipient of global remittances of USD 27 billion annually, more than ten per cent share of the total global remittances estimated at USD 240 billion. This is continuously increasing due to labour migration and increasing wages in most countries where Indians work”.

Reliance Money transfer business currently handled close to one lakh transactions a month with a daily inward remittance equal to USD 1.4 million, he said. The forex and currency exchange business in India was around USD 7 billion annually and growing at a CAGR of 20 per cent and Travelmate Services expected to garner a good share in the next two years.

In addition to its outlets in 800 cities and towns, plans were on for opening 10,000 standalone kiosks reaching the Tier-2 and Tier-3 towns. “In money transfer, we are now second after Indian Posts and may overtake them in two or three years,” he added. Christina Gold, President and Worldwide CEO of the USD 4.5 billion Western Union, said their association with Reliance was from 1993 and India was a large and growing market for remittances from overseas.

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Agreement expands Western Union's intra-country money transfer services in Chile

Posted by | Aug 27, 2007 | |

The Western Union Company announced it has entered into an agreement with EGT of Chile, a holding company for several transportation providers including Tur-Bus, to offer intra-country Western Union-branded services.

With this agreement, Western Union intra-country services will be offered at approximately 500 locations, including all Tur-Bus locations throughout Chile. EGT, in addition to other Western Union Agents in Chile, already offers Western Union outbound money-transfer services to Western Union Agent locations worldwide.

This agreement will enhance Western Union’s domestic money-transfer business using Tur-Bus and EGT’s network of locations. The Agent locations will begin offering Western Union intra-country services by the end of the year.

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Correos and Western Union launch money transfers campaign

Posted by | Aug 22, 2007 | |

Correos have launched a campaign to facilitate money transfers for immigrants in Spain. This is the second campaign of this category during the summer of 2007. The offices involved in this campaign are located in zones with high a concentration of immigrants.

The Spanish government estimates there are around 4 million immigrants currently living in Spain, mainly coming from South America, Africa and Eastern Europe.

From 20th August till 30th September 2007, Correos will give a 1 GB MP3 for every 3 money transfer operations.

In 1999, Correos signed an agreement with Western Union to include money transfers in its 2,124 office networks.

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Western Union eyes growing remittance market in India

Posted by | Aug 21, 2007 | |

Eyeing the growing remittance market in India, Western Union, a global money-transfer service provider is projecting itself as a safe and reliable medium to transfer money to India.

According to Suvodeep Das, South Asia marketing director, “India has the world’s second largest migrant population, of about 25 million, who stay in different countries across the world. Every year over 7,500,000 migrants get added to this list”.

The number is significant and is next only to China which has 30 million migrant people living across the globe.

Western Union with over 40,000 agent locations in 4,000 towns, cities and villages helps the migrant Indian population (most of whom are from Punjab, Gujarat and Kerala) in sending and receiving money.

Giving example of about one lakh Punjabi farmers engaged in farming in Italy, Das said, “Most of the Indian migrants are blue-collared workers and we help them send money to their loved ones living in India”.
Since a large portion of the remittance market in India is informal, the size of this market becomes difficult to estimate or quantify.

“We are trying to capture this informal market most of which exists in rural India”, he added.

Explaining the safety and reliability of the transactions Das said, “we have a paper trial of all transactions so we can identify both sender and receiver”.

Western Union has registered a growth of 95 pct in the last six quarters in India and agent locations has grown from 3000 in 2001 to 40,000.

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Western Union services now available at 587 additional locations in Mexico

Posted by | Jul 26, 2007 | |

The Western Union Company, and Grupo Elektra, a leading retail and financial services company, announced that 587 Farmacias Benavides locations throughout Mexico are offering Western Union consumer money-transfer services.

Grupo Elektra has offered Western Union services since 1993. The company currently offers Western Union services through 2,000 Agent locations in Mexico, including Salinas y Rocha, Elektra and Banco Azteca.

Farmacias Benavides, a well-recognized and established pharmacy chain in Mexico, offers consumers the option to receive Western Union consumer money transfers at 587 locations in 16 states and 110 cities throughout Mexico. Most Farmacias Benavides locations are open 12 hours a day, seven days a week, and some are open 24 hours.

In addition, the chain plans to roll out the money transfer services of Western Union subsidiaries Orlandi Valuta and Vigo within a year.

“We remain committed to offering additional locations to our consumers in Mexico, and this agreement extends our in-country reach while strengthening our unmatched global Agent network,” said Liz Alicea-Velez, Executive Vice President, Latin America and the Caribbean, Western Union.

With these 587 locations, the total number of Mexico Agent locations offering Western Union, Orlandi Valuta and Vigo services is approximately 13,700.

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