By Tess Stynes
Western Union Co. (WU) on Wednesday said it will begin
international direct-to-bank money transfers to Mexico from the
U.S. through Grupo Financiero Banorte SAB's UniTeller network, a
moves that aims to expand the money-transfer-services company's
range of customers in Mexico.
The service, expected to begin in the current quarter, will
allow Western Union's U.S. customers to send money directly into
Banorte accounts, and soon to other Mexican banks.
The service potentially could be used to transfer funds to an
estimated 60 million individual bank accounts, according to data
Western Union cited from the Mexican National Banking and
Securities Commission.
Odilon Almeida, head of Western Union's Americas and European
Union business, said that although "receivers in Mexico continue to
have a strong preference for cash and our retail growth has been
solid, we believe the direct-to-bank services will bring in new
types of consumers who prefer to receive funds in accounts."
Western Union said it offers direct-to-bank services in 50
countries, including seven of the world's top 10
remittance-receiving developing countries.
Write to Tess Stynes at tess.stynes@wsj.com
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