Western Union is discontinuing Western Union Digital Bank, and all accounts will be permanently closed two months after users receive their official closure notice. Any payment sent to the IBAN after closure will be rejected or returned to the sender.
The digital bank was run by Western Union International Bank GmbH in Austria, regulated by the FMA, which recently sanctioned the entity over DORA notification breaches.
Why is Western Union Digital Bank closing?
„We regularly review our products and services. Following one of these reviews, we decided to discontinue Western Union Digital Bank.” – the company explained.
„After careful consideration, we have decided to discontinue Western Union Digital Bank. As a result, all Western Union Digital Bank accounts will be closed two months after users have received their closure notice, in accordance with our General Terms and Conditions. On the account closure date, users will no longer have access to the Western Union Digital Bank app and the debit card linked to their accounts will be deactivated. Users will receive a confirmation once their account is closed ” – the company said in a statement.
.What you need to do
For a smooth transition, make sure you complete the following actions before your account closure date:
. Withdraw or transfer any remaining funds from your account.
. Contact any individuals, employers, organizations, or service providers that use your Western Union Digital Banking IBAN and provide them with your alternative banking details to prevent interruptions to:
. Incoming payments, such as salary, benefits, pension payments, or transfers from family and friends.
. Outgoing payments, such as Direct Debits, bill payments, subscriptions, and other recurring transactions.
. Download or save any account statements, transaction history, or other records you’d like to keep before your account closes.
. If you’re a Premium customer, cancel your Premium subscription before your account closure date.
If you prefer, you can close your account before the scheduled closure date through the Western Union Digital Bank app by selecting Profile > Close account.
Important
The core Western Union money transfer business stays fully active and runs on completely separate terms.
While Western Union Digital Bank services will no longer be available, you can still use Western Union money transfer services through the Western Union website or app. Western Union money transfer services are separate from Western Union Digital Bank and are governed by separate Terms and Conditions.
About WU International Bank GmbH
Western Union International Bank GmbH was founded in Vienna in 2004, regulated by the Austrian Financial Market Authority. It operated across the European Economic Area, enabling cross-border payments, direct account transfers from mobile wallets, FX offerings for small businesses and Mastercard-issued cards connected to global settlement networks. Its most recent update was upgrading core infrastructure to support advanced payment hubs and Europe’s new Verification of Payee mandate.
Arthur Bedel, founder of Monyz, commented: „Western Union built this bank when online banking was still finding its way into the mainstream. Twenty years later, Revolut, Wise, N26 and Monzo own every segment it was built to serve. A strategic review confirmed what the market had already decided.”
Western Union launched its digital banking service in early 2022, rolling out first in Germany and Romania in the spring of 2022 before expanding to Poland later that year.
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