Western Union Expands Initial Test Service from the United States to Cuba

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Western Union (NYSE: WU) today announced a major expansion of its pilot program providing money transfer services from the U.S. to Cuba.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, March 2, 2023
Information
Tags: 
Hispanic, Banking, Professional Services, Consumer, NYSE, Central bank, MLC, Central Bank of Cuba, Bank, Cryptocurrency, Miami metropolitan area, Western Union
Geotags: 
COLORADO, CARIBBEAN, UNITED STATES, CUBA, NORTH AMERICA, PUERTO RICO
⚠ partially generated by AI ↴
Organisation: 
WESTERN UNION COMPANY, THE WESTERN UNION COMPANY, WESTERN UNION
Stock Symbol: 
NYSE:WU
Summary
Key Points: 
  • Western Union (NYSE: WU) today announced a major expansion of its pilot program providing money transfer services from the U.S. to Cuba.
  • The initial test phase of the pilot program, launched on January 4, included send service from a select group of U.S. retail locations in the Greater Miami area.
  • Today, it has grown to more than 4,400 retail locations across the United States and Puerto Rico, as well as the availability of digital send service from WesternUnion.com and the Western Union mobile app.
  • To process transactions to Cuba, Western Union signed an agreement with Orbit S.A. who received authorization from the Central Bank of Cuba in February 2022 as a non-banking financial institution to process money transfers to the island.


Western Union (NYSE: WU) today announced a major expansion of its pilot program providing money transfer services from the U.S. to Cuba.

The initial test phase of the pilot program, launched on January 4, included send service from a select group of U.S. retail locations in the Greater Miami area. Today, it has grown to more than 4,400 retail locations across the United States and Puerto Rico, as well as the availability of digital send service from WesternUnion.com and the Western Union mobile app.

Currently, customers can send money from the U.S. to receivers with bank and debit card accounts at the following banks in Cuba: Banco Popular de Ahorro, Banco Metropolitano S.A. and Banco de Credito y Comercio (Bandec).

To process transactions to Cuba, Western Union signed an agreement with Orbit S.A. who received authorization from the Central Bank of Cuba in February 2022 as a non-banking financial institution to process money transfers to the island.

Service Details

  • Funds can be received into bank accounts and debit cards only. Service is limited to consumer money transfers only. U.S. customers can remit up to USD2,000.00 per transaction by presenting valid government-issued identification.
  • Money will be available for receipt same day if sent prior to Noon U.S. Eastern Time. Remittances sent after Noon U.S. Eastern Time will be available the next business day.
  • Service is available to receivers with Carnet de Identidad IDs and bank and/or debit card accounts at the following banks in Cuba: Banco Popular de Ahorro, Banco Metropolitano S.A. and Banco de Credito y Comercio (Bandec).
  • Customers cannot send funds to their own MLC bank accounts/debit cards in Cuba.
  • Deposits are available in U.S. dollar currency only, which has the same equivalency to the Cuban Moneda Libremente Convertible (MLC).

The company has plans to expand the program further this year.

WU-G

About Western Union

The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and nearly 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.

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