Western Union Business Solutions is the division of Western Union that provides money transfer services and payment solutions to high-end individuals and business clients who require international payment solutions. Western Union Business Solutions has a network covering more than 200 countries and territories, and has access to over 130 currencies to meet their clients’ foreign currency exchange needs.
Western Union Business Solutions offers their clients the ability to send money and make payments, receive payments, as well as providing tailored risk management solutions. Businesses can choose to use Western Union’s online system or to talk with a representative by phone to set up their business’s outgoing payment needs, or to discuss options for receiving foreign payments and converting foreign funds.
The Western Union Business Solutions outgoing overseas payment services can help businesses streamline their outgoing payment processes, and help to reduce forex market risk. They offer these services in over 200 countries, utilizing more than 130 currencies. Western Union will assign a dedicated foreign exchange specialist who will analyze the customer’s industry and business requirements, and help to minimize foreign exchange risk and rate fluctuations by recommending a tailored solution.
Western Union offers two methods for incoming payments solutions to help companies manage their accounts receivables processing: incoming Electronic Funds Transfers (EFTs) and Check Conversion services. EFTs are offered through Western Union Business Solutions GlobalPay platform, or through the company’s correspondent bank account. EFTs allow the company to maintain control over the rate at which the funds are converted. This rate can be locked in before the funds arrive, or once funds have been received into the account and confirmed. EFTs are easy to set up and fully supported by Western Union’s systems.
Foreign currency checks can also easily be converted through Western Union Business Solutions’ Incoming Foreign Currency Draft service. These check services are provided for more than 130 currencies.
Western Union Business Solutions provides a suite of risk management tools to help its corporate customers manage their foreign exchange risk. A foreign exchange specialist can help build a risk management plan to minimize a company’s foreign exchange risk by using tools including forward contracts, stop-loss orders, currency options, exchange rate bids, exchange rate monitoring services, and enhanced risk monitoring and compliance.
Western Union Business Solutions also offers specialized foreign exchange solutions for specific industries. Customized plans for international business risk management and payments needs are created for a variety of industries by foreign exchange specialists with expertise in that specific area. Industries covered include law firms, financial institutions, NGOs, educational institutions, and travel firms.
Western Union, the parent company of Western Union Business Solutions, was founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company. Western Union Business Solutions provides a variety of financial services to its corporate and business customers, including money transfer payments, incoming payments processing, and foreign exchange risk management solutions.
Western Union Business Solutions has a network covering more than 200 countries and territories, and has access to over 130 currencies to meet company’s foreign currency exchange needs. Western Union’s global network and industry expertise can help businesses manage the fluctuations in the foreign exchange markets, and to streamline their international currency business processes.
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