Western Union in partnership with South Korea’s Suhyup Bank

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Western Union, one of the world’s largest online money transfer companies, has confirmed that it will pair up with Suhyup Bank in South Korea to increase its customer offering.
  • The goal is for the service to be available in a wide range of markets within a year.
  • “We are glad to collaborate with Western Union, enabling us to expand our portfolio of services and cross-border reach and bringing customers greater ease and confidence as they send money to their loved ones abroad,” said a senior figure at Suhyup Bank.

Western Union, a major international money transfer provider, has confirmed that it will begin work with a bank in South Korea.

The company said that it will work alongside Suhyup Bank, which is known for being one of South Korea’s leading financial names.

The new pairing will allow clients to send money online to a wide range of recipients.

Customers will be able to accept as well as initiate transfers, and it will be possible to do this at around 130 Suhyup Bank outlets in the country.

Over 220 so-called ‘sub-agent’ outlets will also accept customers.

Within a year, the aim is for this to increase to almost 500 banks and sub-agent outlets.

Clients will be able to make international money transfers with cash payouts to over 200 nations and markets across the world.

It will also be possible to opt for bank account transfers and e-wallet capabilities – though this will only apply in certain markets.

In a statement, a senior figure at Western Union said that the company was “driven by collaborations”.

K. Premmananth, who is the head of Singapore, Indonesia and North Asia, said that the company wanted to make the process of moving money a more positive experience.

“At Western Union, we are driven by collaborations that drive global connectivity and support our mission of moving money for better,” he said.

He added that the partnership was something that the firm was optimistic about.

“We look forward to a successful collaboration with Suhyup Bank, expanding access to money transfer services for customers in South Korea.”

Suhyup Bank’s head of Global Banking Department, Jooeun Lee, said that the organisation was innovative.

“Suhyup Bank is a bank steeped in innovation and we always do our best to meet customers’ needs through a variety of financial products and services.”

Jooeun Lee added that the bank was also pleased to be partnering with such a big name.

“We are glad to collaborate with Western Union, enabling us to expand our portfolio of services and cross-border reach and bringing customers greater ease and confidence as they send money to their loved ones abroad.”

Do you want to get more information on the complex workings of the cross-border payments industry? If so, visit our reviews pages.


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