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After 2 months, Western Union says it can again transfer money out of Greece
– canadianbusiness.com
NEW YORK, N.Y. – Western Union said Monday that it is now offering money transfers out of Greece two months after that service was suspended.
Western Union said customers in Greece can use its Paylink agent to send as much as 500 euros a month ($559) to other countries. The Englewood, Colorado-based company said the Greek government is allowing some money transfer operators to transfer money out of Greece under special conditions. The transfers are supervised by the Bank of Greece, and the 500 euro limit is imposed by the government.
The Greek postal service ELTA is also a Western Union agent, but the company said ELTA still cannot transfer money out of Greece.
Greece’s banks were shut on June 29 to stop mass cash withdrawals that would have caused them to collapse. The government later imposed limits on cash withdrawals. At the time the debt-laden country’s five-year international bailout package was about to expire. Greece ultimately accepted a three-year bailout of up to 86 billion euros ($96 billion) and with it a package of spending cuts and tax hikes that kept it from falling out of the euro…
Western Union said customers in Greece can use its Paylink agent to send as much as 500 euros a month ($559) to other countries. The Englewood, Colorado-based company said the Greek government is allowing some money transfer operators to transfer money out of Greece under special conditions. The transfers are supervised by the Bank of Greece, and the 500 euro limit is imposed by the government.
The Greek postal service ELTA is also a Western Union agent, but the company said ELTA still cannot transfer money out of Greece.
Greece’s banks were shut on June 29 to stop mass cash withdrawals that would have caused them to collapse. The government later imposed limits on cash withdrawals. At the time the debt-laden country’s five-year international bailout package was about to expire. Greece ultimately accepted a three-year bailout of up to 86 billion euros ($96 billion) and with it a package of spending cuts and tax hikes that kept it from falling out of the euro…
