Alinma Bank, Saudi Post launch ‘Ersal’ Western Union services

Alinma Bank and Saudi Post launched on Tuesday their equally-owned joint venture Ersal, to offer Western Union money transfer services in the kingdom.

Ersal will be available at about 25 locations as Ramadan approaches this week, bringing the total number of Western Union outlets in Saudi to over 200, Alinma said in a statement on its official website.

Saudi Post and Alinma first entered into the agreement with Western Union last year, according to data compiled by Argaam. Ersal, however, was first set up as a joint venture in 2013.

With over nine million expatriate workers, the kingdom ranked as the world’s second country in the world to send the most remittances every year during 2008-2013, after the United States.

Foreigners residing in Saudi transferred SAR 41.3 billion during the first quarter of 2015, four percent higher compared to the same period last year.