China Everbright Bank and The Western Union Company have announced an agreement to offer money-transfer services at more than 300 China Everbright Bank branches in more than 30 cities in China.
The service will be rolled out in the next few months. Western Union's representation agreement with China Everbright Bank will help extend Western Union's global network of money-transfer services into cities throughout China, complementing the existing network and offering its customers even greater convenience.
China remains an attractive market for Western Union. According to the World Bank, China receives US$22.5 billion in annual remittances, making it the third-largest remittance recipient country.
"Increasing numbers of Chinese people are moving to other parts of the world to study or work," said Andrew Ong, regional vice president for Western Union, North Asia.
Western Union has had a presence in China since 1994 and currently has 25,000 locations through its cooperating partners China Postal Savings Bank and Agricultural Bank of China.