Western Union Resumes Service Between The U.S. And Cuba
Portfolio Pulse from Benzinga Newsdesk
Western Union, in partnership with Orbit S.A., has resumed its money transfer service from the U.S. to Cuba, allowing customers to send money to family members with accounts at specific Cuban banks. This service is available through U.S. retail locations, WesternUnion.com, and the Western mobile app, highlighting the company's commitment to maintaining vital financial connections between the U.S. and Cuba.
May 09, 2024 | 12:50 pm
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Western Union's resumption of services to Cuba, in collaboration with Orbit S.A., could boost revenue by tapping into the remittance market between the U.S. and Cuba, reinforcing its position in international money transfers.
Resuming services to Cuba opens up a significant remittance corridor for Western Union, likely increasing transaction volumes and revenue. Given the importance of remittances in the Cuban economy and the lack of alternatives, this move could significantly impact Western Union's performance in the short term.
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