Western Union has launched online money transfers in Malaysia, where recipients can opt to cash out digitally, or at cashout agents at one of Western Union’s international retail network. This expansion is part of Western Union’s bid to expand its digital footprint across the world. Malaysia was one of 50 countries and territories that Western Union launched in.
Customers can send up to RM3,000 per day and fund their transactions online from their local internet banking accounts with FPX (Financial Process Exchange) participating banks.
The services are available to Malaysians around the clock, and also offers functions like estimating fees and foreign exchange rates for online money transfers, view payout options in the receiver’s country, and track their transfers online.
Western Union said in a press release that Malaysia’s economy makes it a notable destination for labor migrants from neighboring countries. Malaysia’s economy continues to perform strongly, and the country is on a path to getting its high-income status.
Malaysia has a high smartphone penetration at 98%, and there is an estimated US$10 billion that will be entering Malaysia’s GDP, which Western Union thinks underscores the need for digital channels for cross-border money transfers.
Featured image via David Weekly on flickr