The Western Union Company (WU) (NYSE: WU), a leader in cross-border, cross-currency money movement, and Post Bank, one of Russia’s largest banks, have expanded their offering for digital international money transfers by enabling customers to use Post Bank’s mobile banking app to send Western Union Money Transfers directly into billions of bank accounts in more than 50 countries.
Post Bank customers still retain the choice for their receivers to be paid in cash in more than 200 countries and territories.
“Through our digital services, we are connecting more people across borders than ever before,” said Odilon Almeida, Western Union Global Money Transfer President. “Our collaboration with Post Bank gives the sender convenient access to send money at their finger-tips and also the flexibility to choose the payout option most convenient to the receiver - paid into bank accounts or received in cash at Western Union retail agent locations,” he said.
“We are constantly developing our cooperation with Western Union, whose money transfer services are available via the Post Bank Mobile App for Russians, as well as citizens from other states. Now the bank’s customers are able to transfer funds to bank accounts in more than 50 countries around the world. This is in addition to our previously launched service enabling customers to send transfers from our Post Bank internet account and Mobile App, with payout in cash at Western Union locations around the world. A service that also offers the ability to amend, return and receive money transfers,” said Anastasia Maslennikova, Post Bank’s Member of Board and Director of Digital Business Development.
To send money transfers to a bank account, the customer must fill out a form on the Post Bank mobile banking app (available for iOS and Android users), specify the receiver’s name, destination country, bank account details and the amount to be sent. After the form has been filled and submitted, the sender will receive a one-time password via SMS. After inserting the one-time password, the sender will receive an electronic receipt with the unique Money Transfer Control Number (MTCN). The transfer currency is automatically converted into the currency of the recipient’s banking account.