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Western Union Telegraph Building, lithograph. The Western Union Company is an American multinational financial services corporation headquartered in Denver, Colorado.. Founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company in Rochester, New York, [3] the company changed its name to the Western Union Telegraph Company in 1856 after merging with several other telegraph ...
Among these, Western Union still stands as the dominant remittance service provider in the United States. [7] Globally nearly 1 in every $5 being sent across borders went through Western Union in 2011, which amounted to nearly $80 billion. Although Western Union is the largest of the remittance focused companies, they certainly aren't the only one.
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. [ 2 ] [ 3 ] [ 4 ] Ria initiates transfers through a network of agents and company-owned stores located throughout North America, South America, Europe, Asia-Pacific, Africa, and online.
Wire transfers via Western Union and MoneyGram are ideal for this purpose. International wire transfers cannot be cancelled or reversed, and the person receiving the money cannot be tracked. Other non-cancellable forms of payment include postal money orders and cashier's cheques, but wire transfer via Western Union or MoneyGram is more common.
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A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office. Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions .
On 8 April 2017, an internal memo from British bank Santander claimed the bank would lose 84% of its revenue from its money transfer business if its charges were the same as Wise. [19] Also in April 2017, the company announced the opening of its APAC hub in Singapore. [20] In 2019, the company announced opening an office in Brussels. [21]