ENGLEWOOD, Colo. & MOSCOW--(BUSINESS WIRE)--The Western Union Company (NYSE: WU), a leader in cross-border, cross-currency money movement, and Post Bank, one of Russia’s largest banks, have expanded their offering for digital international money transfers by enabling customers to use Post Bank’s mobile banking app to send Western Union Money Transfers directly into billions of bank accounts in more than 50 countries.
Post Bank customers still retain the choice for their receivers to be paid in cash in more than 200 countries and territories.
“Through our digital services, we are connecting more people across borders than ever before,” said Odilon Almeida, Western Union Global Money Transfer President. “Our collaboration with Post Bank gives the sender convenient access to send money at their finger-tips and also the flexibility to choose the payout option most convenient to the receiver – paid into bank accounts or received in cash at Western Union retail agent locations,” he said.
“We are constantly developing our cooperation with Western Union, whose money transfer services are available via the Post Bank Mobile App for Russians, as well as citizens from other states. Now the bank’s customers are able to transfer funds to bank accounts in more than 50 countries around the world. This is in addition to our previously launched service enabling customers to send transfers from our Post Bank internet account and Mobile App, with payout in cash at Western Union locations around the world. A service that also offers the ability to amend, return and receive money transfers,” said Anastasia Maslennikova, Post Bank’s Member of Board and Director of Digital Business Development.
To send money transfers to a bank account, the customer must fill out a form on the Post Bank mobile banking app (available for iOS and Android users), specify the receiver’s name, destination country, bank account details and the amount to be sent. After the form has been filled and submitted, the sender will receive a one-time password via SMS. After inserting the one-time password, the sender will receive an electronic receipt with the unique Money Transfer Control Number (MTCN). The transfer currency is automatically converted into the currency of the recipient’s banking account.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of March 31, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in more than 40 countries to move money around the world. In 2017, we moved over $300 billion in principal in nearly 130 currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.
About Post Bank
Post Bank is a universal retail bank created in 2016 by VTB Group and Russian Post on the basis of "Leto Bank". The key goal of Post Bank is to increase the availability of financial services for residents of Russia. The first client centers of the bank opened on April 5, 2016. Post Bank is developing a regional network on the basis of the Russian Post offices. As a result of the first half of 2017, more than 10,500 service points were opened in more than 70 regions of the Russian Federation, and the client base of the bank reached 4.5 million people. Post Bank is the second largest retailer in the Russian banking market. In post offices, the bank is represented in the format of sales windows with a bank employee or with an employee of the Russian Post. Post Bank operates without cash desks, all transactions customers make with the help of ATMs with the function of closed circulation of cash. Post Bank is the only bank in Russia, whose ATM network (about 4000 machines) consists entirely of such devices. The site of the bank is http://www.pochtabank.ru/.