Western Union has launched a high-value account-to-account money transfer service, which will enable its UK customers to transfer funds to any bank account across the world.
The service will enable its customers in the UK to send up to £50,000 directly into the beneficiary’s bank account through their smartphones using Western Union mobile app or from wu.com.
Western Union Global Money Transfer president Odilon Almeida said: “With this launch, we have added one more milestone in our quest to serve the diverse money transfer needs of our customers – many of whom are global citizens with assets and holdings in multiple countries.
“The opportunity to send £50,000 per transaction, 24/7, around the world, enables our customers representing a mix of affluent expats and natives, to send money in larger values with confidence.
“They send money between their bank accounts across countries for high-value purchases such as real estate, or financial payments such as mortgages or investments.”
The company, which has invested heavily in expansion of its bank payout network and real-time compliance controls, now plans to expand the account-to-account transfer service to other major money-sending countries.
Western Union Global Payments president Jean Claude Farah said: “Now our money transfer customers can also connect to billions of accounts in more than 70 countries and this will continue to accelerate.”
According to World Bank data, around $26bn was sent in person-to-person transfers from the UK to the rest of the world last year.
Around $13bn of the total amount was remitted to Nigeria, India, France, Germany, Pakistan, Poland and China.
Currently, Western Union caters to more than 150 million consumer-to-consumer and business-to-business customers across 200 countries.