Western Union Expands Money Transfer Services In Australia

The Western Union Company (NYSE:WU) expanded alliance with Australia Post, which is a government-owned corporation, entitled to provide postal services in Australia.

For more than 16 years, the duo has been involved in enabling money transfer and making payments across the globe through a digital platform.

Along with innovating services, the extension appears to be Western Union’s efforts to enhance customer connectivity in Australia with the rest of the world. At present, the world’s leading money transfer company’s services are available at more than 2800 Australia Post retail locations.

The action is in line with Western Union’s efforts to expand its digital services, thereby leveraging its platform to unlock new cross-border, cross-currency payment opportunities, and generate additional operating efficiencies.

In the last month, the company along with Du Xiaoman Financial (formerly fintech Baidu (NASDAQ:BIDU) Finance) and its network of bank partners introduced Western Union international money transfers, which would pay out to more bank accounts in China in real time, thereby covering more bank account holders in the country.

Remittance in Australia

Western Union’s impressive cross-border, cross-currency money movement bodes well for the long haul. With the recent expansion, the company further penetrated the diversified Australia market.

With Australia being one of the leading entities in the remittance industry, Western Union transferred money to more than 200 countries and territories in 2019 through Australia Post.

As of Dec 31, 2019, the company’s network consisted of more than 550,000 retail agent locations, providing branded services in above 200 countries and territories.

Shares of the Zacks Rank #3 (Hold) company have gained 47.2% in a year, outperforming its industry's growth of 40.9%.

Stocks to Consider

Investors interested in the finance sector might consider some better-ranked stocks, including CB Financial Services, Inc. (NASDAQ:CBFV) , AXA Equitable Holdings, Inc. (NYSE:EQH) and Bank of America Corporation (NYSE:BAC) .

CB Financial Services offers a wide range of banking products and services. The company’s earnings beat estimates in the trailing four quarters by 18.7%, on average. It presently has a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

AXA Equitable works as a diversified financial services entity. The company’s earnings beat estimates in the trailing four quarters by 12.4%, on average. It currently carries a Zacks Rank of 2.

Bank of America offers a diverse range of banking and non-banking financial services and products. The company’s earnings beat estimates in the trailing four quarters by 8.6%, on average. It has a Zacks Rank of 2 at present.

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