August 25, 2005
Western Union estimates that there is an annual demand of up to
USD 56 billion for foreign currency remittances by individuals, not including business remittances, in Taiwan.
As most banks will only conduct foreign currency remittances for their own customers, Western Union is a quick and convenient option for individuals who need to remit money overseas. Although some foreign banks in Taiwan also provide foreign currency remittance services to their customers, it is difficult for many foreigners in Taiwan to meet the banks' requirements for setting up banking accounts. In Taiwan, Western Union works with Cathay United Bank, meaning individuals can transfer money overseas by making a simple visit to one of the bank's numerous branches around Taiwan.
Western Union in Taiwan has introduced promotions aimed at boosting its money transfer transactions to specific countries. In August, it is presenting five-minute international phone cards to customers that transfer money to Vietnam and, for those that make at least two transfers, it will enter their names in a drawing for a free plane ticket to Vietnam. The company's promotion for September will target remittances to China.
Many foreign employees and foreign brides in Taiwan rely on Western Union to send money back to their home countries. It is estimated that there are presently over 100,000 Filipinos and around 300,000 Vietnamese in Taiwan, while the number of foreign laborers from Thailand and Indonesia is gradually rising. Foreign students and businesspeople, including high-tech professionals from India employed in Taiwan's high-tech industries, also account for a significant portion of money transfers in Taiwan.
Western Union also sees the over 1.5 million Taiwanese businesspeople in China as another important source of clients.
Western Union has over 225,000 money transfer points in two hundred countries. It has 23,000 points in China and over 6,000 points in Indonesia.
(United Daily News)
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