ECONOMY

Western Union restarts money transfer service in Greece

western-union-restarts-money-transfer-service-in-greece

Western Union Co said on Monday it had restarted its money transfer service in Greece, allowing customers there to receive funds from overseas at some locations.

The world's largest money transfer company said about 270 agent locations out of 1,000 have been reopened and that the cash received by its customers will not be subject to the capital controls imposed by the near-bankrupt country.

Western Union's move follows a new law by the Greek government that allows money transfer companies to resume cash transfer under special conditions.

The company shut its services in Greece on June 29 for a week, after the country closed its banks to limit strains on its crippled financial system.

Western Union restarted its direct bank transfer services earlier in July, allowing the withdrawal of up to 60 euros ($65.58) daily.

Banks in Greece re-opened last week after the European Central Bank increased emergency funding, but capital controls remain in place.

[Reuters]