Western Union will stop making transfers within Russia from April 1

Western Union payment system will refuse domestic Russian transfers in two months

The Western Union money transfer system decided to close domestic transfer directions from April 1 due to their low demand. In this market, it competes with bank card transfers and the Fast Payment System.

The Western Union money transfer system will stop conducting transactions within Russia from April 1, 2022. The company announced this in a letter sent to partner banks. RBC got acquainted with the document, its authenticity was confirmed by a source in the payment market. A representative of Western Union confirmed this.

This decision was made due to the low demand for domestic transfers in the market, the letter explains. Cross-border transfers will be carried out as usual.

“The company focuses on the development of the traditionally demanded international money transfer service and continues to develop a multi-channel platform that allows Western Union partners (banks. — RBC) quickly and in compliance with all regulatory requirements to launch transfers abroad for their clients,” said a company representative. When asked what volume of transfers were made through domestic Russian channels, he did not answer, since Western Union does not disclose such information.

It will be impossible to send a transfer within Russia via Western Union already on March 31, and on April 1 the opportunity to receive a payment or a refund will disappear, follows from the letter. Those senders who made a transfer before March 31, but it was not received by the addressee, will be able to return the money from April 1 at the offices of the Russian Post. Also, from March 24, the limit of internal transfers will be reduced to 5 thousand rubles. Now, depending on compliance with various conditions, the amount of the maximum transfer per day ranges from 50 thousand rubles. up to $7.5 thousand (570 thousand rubles at the current exchange rate).