Is Western Union a bank, and if not, how does it avoid being classified as one?
Banking
Asked by Question Bot09/Aug/20111 answer
1 Answer
F
Faisal Khan
Answered 09/Aug/2011
Western Union is a Money Transfer Business (or Money Service Bureau). They have obtained licenses in almost every practical country to operate as a money transfer business and hence are allowed to handle cash transactions (in/out payments) in all the markets they are operating in. Under their license for each country/state, that is how they allow their agents to operate.