Western Union Expands with Suhyup Bank in South Korea

By AIT News Desk On Sep 16, 2021

Customers Can Now Send Western Union Money Transfers from Suhyup Bank Locations Across the Country

Western Union, a global leader in cross-border, cross-currency money movement and payments, and Suhyup Bank, one of the leading banks in the country, have joined forces to offer international money transfer services, connecting customers in South Korea to their loved ones overseas.

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“We are glad to collaborate with Western Union, enabling us to expand our portfolio of services and cross-border reach and bringing customers greater ease and confidence as they send money to their loved ones abroad.”

The significant collaboration will enable customers to send and receive Western Union money transfers at approximately 130 Suhyup Bank locations and more than 220 sub-agent locations across the country, with the plan to scale up to 480 bank and sub-agent locations within this year. Customers will be able to move funds for cross-border money transfers, enabling payout in cash across more than 200 countries and territories and into bank accounts and wallets in select countries worldwide.

The digital service capability will be operational in the coming months to enable Suhyup Bank account holders to send money transfers via web and app.

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“At Western Union, we are driven by collaborations that drive global connectivity and support our mission of moving money for better,” said K. Premmananth, Head of Singapore, Indonesia and North Asia for Western Union. “We look forward to a successful collaboration with Suhyup Bank, expanding access to money transfer services for customers in South Korea.”

Western Union’s ability to bridge both the digital and physical worlds has been key in its success. As part of its strategy, Western Union is increasingly partnering with local banks and financial institutions enabling them to expand their suite of services to include access to market-leading cross-border money movement capabilities and to enhance the customer experience.

“Suhyup Bank is a bank steeped in innovation and we always do our best to meet customers’ needs through a variety of financial products and services,” said Jooeun Lee, Head of Global Banking Department, Suhyup Bank. “We are glad to collaborate with Western Union, enabling us to expand our portfolio of services and cross-border reach and bringing customers greater ease and confidence as they send money to their loved ones abroad.”