MANILA, Philippines – The Western Union Company has expanded its Direct-to-Bank service in the Philippines, which will allow its consumers to receive funds directly in their bank accounts.
Western Union consumers in Australia, Hong Kong, Singapore, New Zealand, Canada, France, Italy, Norway and United Kingdom can now send Direct-to-Bank money transfers from select Western Union Agent locations to 59 banks in the Philippines.
Money sent to 49 of the participating banks will be credited into the bank accounts in minutes while transactions for the remaining 10 banks will take 1 to 3 working days.
“Our global vision is about offering choice to our consumers immaterial of their channel preference. Therefore, strengthening our retail channel as well as making major in-roads into the banking channel is about serving an even bigger consumer base, delivering on our service hallmarks of reliability, speed and convenience and continuing to enhance our overall brand loyalty,” said Patricia Riingen, Western Union’s senior vice president, East & South Asia.
The Philippines is the third largest remittance recipient in the world, with remittances exceeding $24 billion in 2012, according to the World Bank.
Consumers only need the recipient’s full name, the name of the recipient’s bank and the recipient’s bank account number to send money directly to a bank account via Western Union.