Western Union halting transfers inside Russia as of April 1

MOSCOW. Feb 7 (Interfax) - Western Union will halt money transfers within Russia as of April 1, the company announced in a statement.

Western Union said it will focus on developing the traditionally in-demand service of international money transfers and continue to develop the multichannel platform that enables Western Union partners to quickly launch transfers abroad for customers while complying with all regulatory requirements.

Western Union's call center told Interfax that rates for internal Russian transfers will remain unchanged until April 1, but limits on Russian transfers will be reduced to 5,000 rubles per transfer as of March 24.

The company did not specify the reason for closing its domestic Russian transfer business. RBC reported that this is due to the weak market demand for internal Russian transfers. PayPal halted internal transfers in Russia in the summer of 2020.

Western Union provides payment services, including money transfers. The company was founded in the United States in 1851 and has about 600,000 branches in 200 countries.