The announcement executes Western Union’s strategy to expand its services and open new growth areas as the company leverages its core cross-border assets. This launch represents a significant milestone in Bangladesh as it marks the first time outbound international money transfers will be available to international workers and citizens through a money transfer operator such as Western Union.
Customers in Bangladesh will now be able to send money from Bank Asia and SIBL locations across the country. They can fund their transactions from their respective Bank Asia and SIBL accounts, with the capability to payout into billions of bank accounts, including wallets and cards, across more than 125 countries and territories, with real-time capabilities in 100 of these countries. Additionally, customers will also be able to choose payout in cash in approximately 600,000 agent locations in 200+ countries and territories.
“Western Union is a part of the fabric of Bangladesh,” said Gaurav Yadava, India and South Asia Country Director, Western Union. “We are an important financial link for millions of people on the move. Today, with Bank Asia and SIBL, we are extremely proud to announce another major milestone in the country, offering our new outbound money transfer option, empowering citizens and residents alike to create a borderless world through the ease of global money movement.”
“I am excited to be a part of this momentous milestone launching outbound money transfer services in Bangladesh,” said Mohd. Humayun Kabir, Executive Director FEPD Bangladesh Bank. “Western Union is a highly recognized brand used by consumers worldwide and I am glad they have come together with SIBL and Bank Asia to facilitate international money transfer from Bangladesh to the world”
Western Union has been operating in Bangladesh for more than 25 years, offering inbound money transfer services via both digital and retail service options to customers in the country. Today, with the launch of outbound services, Western Union now facilitates easy education payment solutions for Bangladeshi students studying overseas, medical payments of Bangladeshi nationals overseas and also seamless money transfers for international workers supporting their loved ones back home.
“We are delighted to launch outbound money transfer services with Western Union, offering a high level of convenience and connectivity for customers,” said Zafar Alam, Managing Director, SIBL. “Customer needs are evolving and we are excited to leverage our joint capabilities, enabling an avenue to transfer money internationally in a way that is smooth, fast and serving a customer base with diverse preferences.”
“Our goal is to deliver a better customer experience and we are happy to achieve that with our collaboration with Western Union,” said Arfan Ali, Managing Director, Bank Asia. “We are pleased to come together to play a significant role in moving money from Bangladesh to the rest of the world, expanding opportunities for a globally connected future and enriching customers lives.”