With the current contract for online international payments with First Rate Exchange Services (FRES) ending on 31 July 2019, Post Office is set to start working with Western Union, a global leader in cross-border, cross-currency money movement, to offer online international payment services to UK consumers and businesses.
Starting today (Thursday 18 July 2019), this new partnership builds on our existing digital international payment product. It will allow our customers to transfer money online with ease through an enhanced portal, not just to bank accounts, but to mobile wallets and Western Union outlets.
Post Office Money Director Chrysanthy Pispinis said: “Online money transfer customers tend to be a distinct group to cash users, so this complements the retail services we continue to offer in 6,500 branches with MoneyGram. Our partnership with Western Union taps into the growing demand for digital international payment services in the UK.”
You may have questions about this service – please see some Q&A’s below.
How will this affect Post Office branches?
This partnership will not affect customers in our branches as it is focused on our online money transfer customers, who tend to be a distinct group.
What about the MoneyGram service available in branches?
Our customers using MoneyGram will be able to access this service in their local Post Office branches as normal.
As Western Union also has a high street presence, will this confuse our customers?
We already have an online international payments service, which does not affect our services in branch. Updates will be issued to existing online customers.
Why are you changing the provider for online international payments?
Our International Payments contract with FRES ends on 31 July 2019.
What about the promotional offer for postmasters to recommend customers to the international payments service?
The offer will continue to apply for existing customer accounts until 31 July 2019, but not for sign-ups to the new Western Union online service.