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World’s leading money-transfer company, Western Union Co. (WU - Analyst Report), has announced that it will provide its Direct to Bank service in China and Canada.

The service enables a consumer to send a transaction from an agent location directly to a bank account. Globally, the company has relationships with over 80 banks that have agreed to this service, primarily through their online banking portals.  

The service will now be available in China, such that the customers in the region will be able to receive money direct into their bank accounts when the money is remitted from U.K. from the company’s online site

Over time Western Union will extend its service to add more ‘send’ locations to enable Chinese customers to get funds from more locations other than U.K., while Canadians will now be able to receive money remitted to them directly into their bank accounts.
With this digital expansion, the company has broadened its service by allowing customers greater flexibility to send money through its online channel – from 23 countries into bank accounts in up to 46 countries.    

The company is aggressively seeking to make available its Direct-to-Bank service to more agent locations in more countries this year.

Western Union is advancing development of the electronic methods of remitting money that provide a fast easy, flexible and safe option of transferring money from one place to another.

Other companies like Moneygram International Inc.(MGI - Analyst Report), Citigroup, Inc. (C - Analyst Report), HDFC Bank Ltd. (HDB - Analyst Report) also offer online money transfer service internationally and are worth considering.

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