The Western Union Company (NYSE: WU), a leader in cross-border, cross-currency money movement, has launched online money transfers in Malaysia via the Western Union® mobile app and westernunion.com, enabling customers to send money with a few clicks, 24/7, to almost anywhere in the world.
Western Union’s digital services in Malaysia enable direct money transfers for payout at Western Union’s retail network of more than half a million agent locations in more than 200 countries and territories, or directly into billions of bank accounts worldwide. Western Union is fast-tracking its digital footprint across the world and today has online services in more than 50 countries and territories.
“We are accelerating our digital presence to mirror our iconic retail footprint globally and locally to offer customers multi-channel choice to suit all their money transfer needs,” said Molly Shea, Senior Vice President & General Manager, Global Money Transfer, Asia Pacific, Western Union. “Our customers value us for our speed, convenience and reliability in serving their money transfer needs – up until now, offered through our wide retail footprint. We are pleased to take all of these features and much more and offer our services at their fingertips via our globally high star-rated mobile app or transactional web.
“Our customers still retain the choice to access 2,800 Western Union Agent locationsi across the country to send money transfers in person – this reflects our commitment to providing true choice and more options to connect to their families and friends around the world,” said Shea.
Western Union’s mobile app also enables customers who prefer paying for their transactions in person to commence their transaction on the app and then visit an agent location to complete their transaction more quickly.
Customers can send up to RM3,000 per day and fund their transactions online from their local internet banking accounts with FPX (Financial Process Exchange) participating banks.
The advanced economy of Malaysia makes it a notable destination for labor migrants from neighboring countries. According to the IMF, Malaysia’s economy continues to perform strongly, and the country is well on its way to achieving high-income status. On the domestic front, Malaysia’s strong employment is boosting private consumption, and investment is also helping to drive growthii.
Malaysia has a high smartphone penetration at 98 percentiii. According to a study titled Unlocking the Economic Impact of Digital Transformation in Asia Pacificiv by Microsoft and IDC Asia/Pacific, by 2021, digital transformation will add an estimated USD $10 billion to Malaysia’s GDP, and increase the growth rate by 0.6 percent annually, factors that underscore the need for convenient digital channels for cross-border money transfers.
In line with Central Bank of Malaysia regulations, prior to the first use of the online service and the app, customers are required to register on www.westernunion.com/my. Once the email address is verified, customers will be directed to enter their valid ID details and upload a copy of the same ID. Acceptable ID’s include a passport, government issued ID, driver’s license, residence permit with photo, work permit with photo, emergency passport, UNHCR Card, military/police/government ID or I-Kad.
After registration, to complete the initial transaction, customers should input the amount to be sent and the destination country. Customers can then choose the “pay in store” option, enter receiver details, verify the information is correct and click send. Within 24 hours, customers can head to the most convenient location with the money transfer control number (MTCN) and the same original valid ID used during registration. In store, once the Western Union representative verifies the original ID with the details online, the sender can proceed to fund the transaction. The customer will be notified via email of their successful verification. After the initial registration and verification process, the customer can conveniently send Western Union money transfers any time, with a few clicks, from their mobile phone or online.
In addition to the convenience and reliability of sending money any time, the website and app (available for iOS and Androidusers) enable customers to estimate fees and foreign exchange rates for online money transfers, view past and pending transactions, view payout options available in the receiver’s country, and access round-the-clock customer service. Customers can also track money transfers online or find a Western Union agent’s location where the money can be collected.