Providenciales, 20 Jul 2015 – Western Union, once the most popular money transfer company in the Turks and Caicos is now closed.
A notice is posted by Fidelity Bank & Trust International Ltd that the franchise will no longer be carried by their company in The Bahamas, Turks and Caicos and Cayman Islands as of Friday (July 17) past.
The board of Directors said they have enjoyed the relationship with Western Union but was pressed to close the doors with the change in economic times and risks. Global reports reveal that cheaper digital money services like Paypal pose too much of a threat on the $9.6 billion dollar company which has seen stocks decrease significantly this month.
It was reported in the TC Weekly News in May that the company might be pulling out; again, as of Friday Western Union has closed up shop in the TCI.