Western Union launches direct-to-account transfers from UAE to the world
By Leandra Monteiro
Western Union, a global cross-border, cross-currency money movement and payments company, announced the launch of high-value direct to account payout transfers from the United Arab Emirates to the world, targeting the multibillion-dollar account-based money transfer segment.
This strategic collaboration with Al Fardan Exchange, one of the leading financial service providers in the country, provides the opportunity for enhanced business practices that will enable comprehensive end-to-end solutions for our combined customer base.
Consumers in the United Arab Emirates can now send up to AED 183,600 (USD50,000) via their smartphones from wu.com or Western Union mobile app, funded from accounts, directly into bank accounts in many countries worldwide. They can also make direct transfers to bank accounts from Al Fardan Exchange retail locations in the UAE.
“The launch of high-value account payout transfers from our digital and retail channels is another milestone in our continuous efforts to cater to the diverse money movement needs of customers in the UAE. Many of our consumers are global citizens with assets and investments in multiple countries,” said Salma Massoud, Head of Digital, Middle East and Africa, Western Union.
“The opportunity to send up to AED183,600 (USD50,000) per transaction, 24/7, around the world, enables our consumers to send money in larger values at a very competitive cost with more end-to-end transparency, convenience, and speed. Our consumers represent a mix of affluent expats and UAE nationals, and now can send money between their bank accounts across countries for high-value purchases such as real estate, or financial payments such as mortgages or investments,” Salma added.
“Fast, transparent and inclusive cross-border payments have widespread benefits to economic growth, financial inclusion and global development,” said Hasan Jaber, Chief Strategy Officer at Al Fardan Exchange. “Al Fardan Exchange has been leading work to address payment solutions across the board, both in the UAE and globally. We have a roadmap that sets ambitious but achievable goals to accommodate the different starting points of payment solutions.”
Western Union’s mobile app and revamped website in the UAE enables consumers to send money to their families and loved ones 24/7 from the comfort of their homes for payout at Western Union’s Global Network of bank accounts, wallets, and Agent locations. They may choose to pay for transactions on the website or within the app using debit, credit cards, or bank transfers. Customers also may choose to start a transaction online and then pay cash in person at any Al Fardan Exchange retail locations.
Western Union has been providing money transfer services in the UAE for over 20 years and has more than 900 retail agent locations.
IBSi Daily News Analysis
July 05, 2022
Here’s why web scraping will become huge for FS next yearRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage