- Western Union made the move as a way of marking the Labour Day holiday, and also as a way to help customers during the coronavirus pandemic
- Senders can choose from three Western Union transfer modes, including the firm’s mobile app
- “As the COVID-19 crisis continues, Western Union is offering recognition and relief to customers sending money home to provide to their loved ones”, said a senior WU figure
Major international money transfer firm Western Union has confirmed that it will remove all fees on online money transfers from Singapore this month.
The offer, which has been packaged as a way of celebrating Labour Day, will be valid until the last day of the month for most payment methods – although longer for some.
The firm said that the offer could be redeemed by using one of three WU channels.
These are retail locations, online services such as the mobile app or website, and the “Digital Location” service.
This latter service allows customers to make money transfer transactions from home.
On the recipient end, it will be possible for users to collect the cash via mobile wallets or from a node in the firm’s network of bank accounts.
Agent retail locations can also be used for this purpose.
The firm also confirmed that the zero-fee scheme would persist beyond the one-month promotional period for those customers using the mobile application or the WU.com website.
According to Sohini Rajola, who serves as the head of network for the Middle East and Asia Pacific at Western Union, the development was a way of “helping residents” during the difficult period of the coronavirus pandemic.
“As the COVID-19 crisis continues, Western Union is offering recognition and relief to customers sending money home to provide to their loved ones”, she said.
“Western Union takes seriously the critical role we play in getting money to places where and when it is most needed.”
"We are working with agents, governments, customers and employees to enable global money movement and help ease the economic impact of COVID-19. We are committed to helping residents by enabling zero-fee transactions to send money to their loved ones,” she added.
Western Union’s decision to get rid of fees on outward money transfers from Singapore this May can be viewed in various lights.
On the one hand, the decision will clearly play well with customers who may interpret the move as a great freebie.
However, in the context of the coronavirus crisis it has a clear public service function as well.
For those who rely on remittances to support them during this period of uncertainty, the move will be a real blessing.
By increasing the incentives to send cash abroad, the move is also likely to contribute to economic stimulus as economies around the world begin to cautiously re-open.
Firms in the international money transfer space are often making decisions designed to attract, keep and serve their customers.
Stay up to date on the latest developments over at our magazine pages.
