What is Western Union? Western Union Review

About Western Union

Western Union is a subsidiary of First Data Corporation (FDC), one of the Fortune 500 companies in the United States. China Everbright Bank, China Postal Savings Bank, China Construction Bank, Zhejiang Chouzhou Commercial Bank, Jilin Bank, Harbin Bank, Fujian Strait Bank, Yantai Bank, Longjiang Bank, Wenzhou Bank, Huishang Bank, Shanghai Pudong Development Bank and many other banks are Western Union's Chinese partners.

Usage Process

1. Remittance Process

1. The remitter goes to the nearest Western Union agent, identifies the Western Union logo, and fills out the remittance form.

2. Submit the completed form and payment for processing.

3. After the remittance is completed, the remittance order is received and the remittance information and remittance monitoring number are notified to the payee. If the remitter reserves the identity verification question of the payee (the identity verification question is regarded as the withdrawal password), the payee should be informed at the same time. Both parties should pay attention to the confidentiality of the remittance information during the notification process.

4. In just a few minutes, your designated payee can collect the remittance at any Western Union agent outlet around the world.

2. Withdrawal Methods

1. After receiving the notification from the remitter, the payee should identify the Western Union logo and go to the nearest Western Union agent to go through the procedures for collecting the money. When withdrawing the money, fill out the collection form and show your valid ID and withdrawal password.

2. The payee must collect the Western Union remittance in person and may not entrust others to collect it on his behalf.

Western Union Advantages

1. Reliable

Western Union's global secure electronic system ensures the safety of every remittance, and has an operation password and a self-selected password for you to verify, so that your remittance can be delivered to the designated recipient in full and safely in an instant.

2. Quick

Western Union's remittance procedures are simple. It uses the world's most advanced electronic technology and unique global electronic financial network to process remittances instantly in nearly 200 countries and regions around the world. The recipient can receive the remittance in full within a few minutes.

3. Convenience

Western Union International Money Transfer Company has 135,000 agent outlets in foreign countries, including banks, post offices, foreign exchange offices, railway stations and airports. In China, Western Union's agent outlets are spread across all provinces in the country, and the number of outlets is increasing every day.

4. Fixed-quota withdrawal

Western Union remittances do not incur any intermediary fees, ensuring that the remittance amount is equal to the remittance amount, ensuring that the recipient receives the full amount. Only a one-time handling fee is charged when the remittance is made, and the general remittance fee, intermediary bank handling fee and telegraph fee are exempted.

5. Simple procedures

Western Union transfers money through a unique electronic financial network. The recipient does not need to open an account at a bank first. He or she can withdraw money with a valid ID and withdrawal password.

FAQ

Q: Does Western Union require an account number?

A: You don't need to open a Western Union account. Everyone has a Western Union account.

Q: Do I have to pay a Western Union payment fee?

A: There is definitely a handling fee, which is paid by the customer. Western Union will tell the customer how much US dollars he wants to transfer, and he can write it in the payment information as mentioned above.

Q: Is there any refund risk for Western Union?

A: After Western Union customers transfer money, it is safe to withdraw cash from the bank.

Development History

Western Union was founded in 1851 as the New York and Mississippi Valley Printing and Telegraph Company.

In 1856, Western Union was officially renamed the Western Union Telegraph Company.

In 1871, the Western Union Money Transfer® service was introduced, which has been the company's main business ever since.

In 1992, the Western Union® Money OrderSM service was launched, providing customers with quick and easy access to funds.

In 1996, the North American headquarters was established in Inglewood, Colorado, and new offices were opened in Paris, Vienna and Hong Kong.

In 2005, under the leadership of Christina Gold, President of Western Union Financial Services, the company (including its subsidiary Orlandi Valuta) had more than 250,000 partners worldwide.

In 2006, Western Union terminated its historically important telegraph service and successfully completed its transformation.

In May 2009, Western Union announced plans to acquire Custom House from Peter Gustavson. The transaction was completed in September 2009 for $370 million. After the acquisition, Custom House was renamed Western Union Business Solutions.

In January 2011, Western Union acquired Angelo Costa, a company that provided transfer and payment services to immigrants, for $200 million.

In July 2011, Western Union acquired Travelex's global payment business for US$606 million;

In October 2011, Western Union completed the acquisition of Finint sr.;

In 2014, Western Union had more than 500,0001 partner outlets around the world.

References

• 1. Western Union remittance steps: Personal Library