Is Western Union a bank, and if not, how does it avoid being classified as one?

Asked Aug 9, 2011· 1 answer
Faisal KhanAnswered Aug 9, 2011
Western Union is a Money Transfer Business (or Money Service Bureau). They have obtained licenses in almost every practical country to operate as a money transfer business and hence are allowed to handle cash transactions (in/out payments) in all the markets they are operating in. Under their license for each country/state, that is how they allow their agents to operate.
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