Western Union expands transfer network
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Western Union has more than doubled the number of banks offering its services from three to eight over the past year, expanding its network to more than 25,000 locations in China, a senior official from the US-based money transfer firm said Thursday.
Drina Yue, senior vice president of Western Union Asia Pacific, made the remarks during a ceremony in Beijing marking the company's 15th anniversary in China Thursday.
"With the cooperation of banks, our business (now) covers all provinces," said Western Union's Yue.
Western Union recently has offered cash transfer services via the Postal Savings Bank of China, the Agricultural Bank of China, China Everbright Bank and five other regional commercial banks based in Jilin, Heilongjiang, Fujian, Zhejiang and Shandong provinces.
China-based money transfers witnessed growth of 6 and 8 percent in the first and second quarter of this year over the same period last year, said Western Union's Yue.
The company's services are most widely used in Guangdong, Fujian and Zhejiang provinces.
According to a report from Illuminera, a strategic market research consultancy, the trans-border remittances market in China reached $112.9 billion in 2008, with personal remittances alone hitting $12 billion.
The World Bank said in an earlier report that India, China and Mexico are the top recipients of migrant remittances among developing countries.
And although Western Union's transfer speeds are relatively quick, the firm's fees are comparatively higher than some rivals in the market.
Western Union charges $15 for money transfers of between $0.01 and $500, and $40 for amounts up to $10,000.
In comparison, the Industrial and Commercial Bank of China, the largest commercial bank in the nation, levies a commission of 0.008 percent of the total amount of money transferred, or a maximum of 160 yuan ($23.59).
