As the world’s leading company of express remittance (Money TT), Western Union owns the most professional and advanced electronic transfer finance network. The network has a coverage of nearly 200 countries and regions. 

But recently, it is told that many people cannot transfer or collect money via the network because banks has imposed restrictions on the Western Union’s network, which results from country’s foreign exchange policy.

Because of increasingly strengthening surveillance on import and export by Chinese government, Western Union has been affected as a way of foreign exchange.

1. Ensure the legality of money resource. It requires that you as well as your clients need to finish payment and remittance in a lawful way.
   

2. Ensure the authenticity during trading. No matter it is a procedure of trading or salary payment, it must be based on the truth.

HACOS contacted banks in GZ which often use Western Union including CBC, China Post, CEB, ABC, BOC, CCB, etc. The officers responsible for foreign exchange transaction in the banks tell HACOS that there are different rules on whether Western Union can be used to deal with payments or not in China.

#HACOS knows that

In fact, Western Union is not under restrictions explicitly. Specific ways to do risk quantitative analysis differs from banks to banks based on the situation of each bank. 

But bank branches in some cities have actually stopped transferring money by Western Union indeed.

It is suggested that you’d better go to the bank and ask for detailed information before you intend yo finish payment by Western Union.

#How to deal with it under different circumstances?

When Doing Business 

If you need Western Union to finish payment or remittance towards other countries, you’d better confirm that whether it is allowed or not and ask bank for detailed information, in case of unnecessary troubles.

Politically Sensitive Countries

It is not suggested that use Western Union while dealing with some politically sensitive countries, such as Russia, Syria, Cuba, Lebanon, and some sanctioned African countries.

Large-scale Transaction 

It is also not suggested dealing with large-scale transaction. The larger scale of transaction, the more politically sensitive, and more likely to be restricted. 

Generally speaking, more than 500USD is sort of large transaction when dealing with foreign exchange by Western Union.

If you want further information, please pay attention to HACOS Wechat. We will give you more details immediately.

source: 外土司

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