Western Union To Suspend Its Money Transfer Operations In Greece

Western Union To Suspend Its Money Transfer Operations In Greece
29.06.2015 01:00 am

Western Union To Suspend Its Money Transfer Operations In Greece

Payments , e-Payments , Credit Cards , Retail Banking

Western Union is to suspend its money transfer operations in Greece as the crisis-wracked country reels from an overnight Government decision to shut all banks and the stock market for six business days and impose restrictions on cash machine withdrawals.

The desperate measures follow Prime Minister Alexis Tsipras' weekend decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

With national newspapers splashing front pages with photos of long queues outside cash machines and petrol stations, the Government acted to close all banks at least until after July 5, the date of the referendum, and shut down all cash machines for 24 hours. ATMs will re-open this afternoon with a EUR60 daily withdrawal limit applied. Withdrawals by card-carrying tourists will not have the limits applied.

Greeks will still be able to pay bills online using Web banking, but will not be able to move money to accounts abroad.

In making its decision to suspend operations in Greece, Western Union says it had not seen a significant increase in customers moving money out of the country, rather a rise in inbound transferrals.

"Our inbound business is seeing an upswing and we will continue to monitor this closely as and when our business in Greece is operational once gain," the company said in a statement emailed to Reuters on Monday.

Related News

BlueSnap Appears on the Inc. 5000 List Following Three-year Revenue Growth of 260 Percent

Inc. magazine today revealed that BlueSnap is No. 1648 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-... Read more »

Standard Chartered and Airtel Africa Partner to Drive Financial Inclusion Across Africa

Standard Chartered Bank (www.SC.com) and Airtel Africa have today... Read more »

Barclaycard Launches New Service to Redefine Supply Chain Payments for Businesses

Barclaycard has launched Barclaycard Payment Intelligence (BPI), a new service which uses in-depth data analytics to provide... Read more »

AscendantFX Introduces Payment Tracking Through SWIFT gpi

AscendantFX Capital announced today that they have become members of the SWIFT network, and more specifically the Global Payment Initiative (gpi). Ascendant... Read more »

Mondia Pay Becomes Popular Digital Payment Solution for African Telcos

Mondia Pay, Mondia’s (www.Mondia.com) digital payment entity, announced that it recently... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel