Western Union launches Transferwise rival service in UK

Oct 10, 2018 · cityam.com

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Western Union is gearing up to face innovation head-on as it launches a digital bank account transfer service in the UK, competing with major fintech startups such as Transferwise for command of the market.

UK consumers will now be able to send up to £50,000 from the Western Union app or website directly into other bank accounts around the world, with no additional fee charged on top of the currency exchange commission.

Western Union said the move was prompted by double-digit growth in its digital business for several quarters, as well as 70 per cent of its digital transactions being carried out through its app.

The firm's UK head of global money transfers Graham Baker told City A.M. that innovation represents a "big opportunity" for companies to drive competition in currency transfers, although he doesn't believe fintechs such as Transferwise represent any true threat to the space.

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