ICBC will collaborate with Western Union to activate the Account Based Money Transfer Service which will allow customers to receive funds in US or RMB currencies.
Western Unions Account Based Money Transfer services in China have gained momentum recently with the company activating services with Postal Savings Bank of China (PSBC), Agriculture Bank of China (ABC) and China Everbright Bank (CEB). All of these banks allow their customers with online banking to direct international money transfer received via Western Union into their bank accounts, while CEB also offers its customers outward remittances services.
ICBC provides a range of financial products and services to 4.11 million corporate clients and 282 million individual customers through 16,648 outlets across China, 239 overseas subsidiaries and a global network of more than 1,669 correspondent banks as well as internet banking, telephone banking and self-service banking.
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