The Malta Independent 23 April 2024, Tuesday
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Western Union allowed to resume money transfers from Greece two months after it was told to stop

Monday, 31 August 2015, 19:28 Last update: about 10 years ago

Western Union said 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  a month 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 and with it a package of spending cuts and tax hikes that kept it from falling out of the euro.

Western Union said its services weren't available in Greece as of June 30. Inbound transfers resumed a week later and domestic money transfers were available at all of its locations in Greece by early August, but Western Union and its competitors couldn't transfer money out of the country. Western Union money transfers payable in euros are not subject to Greece's capital controls.


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