A Dublin-anchored arm of US money transfer giant Western Union paid a $32 million (€27.9 million) dividend to its Dubai-based parent entity last year as revenues and profits at the money transfer giant increased. The American multinational, which is regulated as a payment institution in Europe by the Central Bank of Ireland, reported a more than 7 per cent increase in turnover through the Irish entity last year to just over $627.6 million. Money transfer revenues, which were up 7.1 per cent in the year to a value of more than $505.7 million, accounted for the bulk of the entity’s revenues.The company processed some 36.5 million transfers in the year, up 5.2 per cent from 2024, according to accounts filed by Western Union Payment Services Ireland in Dublin recently. Profits before tax at the company increased to $34.7 million from $32.2 million in 2024, the accounts reveal. In the directors’ report attached to the filings, the board said the increased profit relates “mainly to increased turnover from money transfer service and the service fees received from its subsidiary” in the UK “as a result of an exclusive agreement with UK Post”. The company paid a final dividend of $32 million to its parent in the year, up from $23 million in 2024. In the US, the money transfer giant reported first-quarter revenue of $983 million in April, flat compared to the same period last year. Last year, Western Union said it had agreed to purchase International Money Express, a firm that specialises in money transfers from the US to Latin America, for $500 million. The deal made headlines in May when the New York Times reported that New York City mayor Zohran Mamdani had urged the state’s department of financial services to block the deal. In a letter obtained by the New York Times, Mamdani, the democratic socialist who was elected in a landslide last year, said that a combination of the companies, both large players in New York City, could lead to higher fees and worse service for customers.