Western Union rolls out digital banking in Romania

Friday 16 December 2022 14:22 CET | News

Money transfer service Western Union has rolled out its Digital Banking app, which offers both digital banking and international money transfers, in Romania, according to MSN


Money transfer service Western Union has rolled out its Digital Banking app, which offers both digital banking and international money transfers, in Romania.


Whether customers live in Romania and want to send instant money transfers, or if they live abroad and want to send money to someone in Romania, with the Western Union Digital Banking app they can reportedly do so instantly to other Western Union Digital Banking account holders, directly in the app. The receiving accounts also get the money instantly and the funds can be withdrawn at an ATM, with the debit card that comes with opening the Western Union Digital Bank account, MSN reports.

The app provides users with a free Visa Platinum debit card and works as a bank account, with a free current account and a free savings account included. Users reportedly receive up to 4% interest on their savings account and, at the WU shop, they can get access to cashback offers and discounts. Users can sign up and create a WU+ account in the app, and after being approved, new customers can order their Visa Platinum card, according to MSN.

With the increasing number of Romanians going abroad to work, money wire via Western Union agencies reportedly is a popular choice for those who want to send money back home, to family and friends. Romanians from abroad can send (and receive) money also with a WU+ account, where they can save the details for future transfers and track their transfer in real-time. For those who prefer, it is also possible to send money from the WU+ app for the receiver to get a cash pickup at any of the 7,300 Western Union agent locations in Romania, the company states, cited by MSN.

According to MSN, digital banking is more convenient, allowing 24/7 access to funds, as well as the ability to go cashless, while being in control of funds and costs associated with transfers. Digital banking apps can be rich in features, while also allowing 24/7 customer support when needed. Digital banking apps often require a two-factor authentication as well as biometric login, for security reasons. 

The launch of WU+ in Romania also allows entry to the WU Shop, where users reportedly get up to 30% cashback as they make online purchases through the new WU Shop. Users can find gift items from global brands listed on the WU Shop and send them to any part of the world. Besides these, the app reportedly offers coupons, special deals, and free shipping for select stores within WU Shop. The cashback can be redeemed from the WU profile, MSN states. 

More about Western Union

Giovanni Angelini, President for Europe and Africa at Western Union, shared his expertise and insights into the future of digital wallets and real-time cross-border payments and what we should expect from this field in 2023. Read the full interview on our website.

In October 2022, Western Union partnered with UAE-based Banking-as-a-Service provider NymCard to enable fintechs and financial institutions in the UAE to offer international money transfers through the former’s platform. In September 2022, WU partnered Shanghai Pudong Development Bank and Tencent Financial Technology to enable international money transfers through Weixin (WeChat). 

Also in September 2022, Western Union announced its expansion to Latin America through Te Enviei’s acquisition – a Brazil-based digital wallet that widens its financial ecosystem offerings.

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Keywords: remittance, money transfer, digital banking, product launch
Categories: Banking & Fintech
Companies: Western Union
Countries: Romania
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