Western Union Now Officially In Brazil

“Western Union Co said it got approval to operate a commercial bank and foreign exchange brokerage firm in Brazil, that allows it to offer transfer services directly to consumers in the country. The approvals, that are effective immediately, also allow Western Union to introduce new financial services, including domestic money transfers, consumer bill payments and prepaid cards in Brazil, the world’s largest payment transfer company said in a statement.

Englewood, Colorado-based Western Union currently provides international money-transfer service in Brazil through its agent network.” – Source

My Take

Hopefully this is good news for Brazilians in the US as I know remessas (money-transfers) to Brazil are big business. I wonder if this would be bad news for all the Brazilian markets and such that currently offer money-transfers as part of their services. It’s hard to tell since Brazilians already go to such markets and thus kill two birds with one stone, as opposed to making a seperate trip to a Western Union.

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