Bermuda Financial Network Ltd. became the second money transfer service to open on the Island this month, when it started operations in conjunction with Western Union on Monday.

The service allows customers to transfer money almost instantaneously to any of the 345,000 locations and 200 countries' Western Union services, including Portugal, Jamaica, and the US.

BFN managing director Alvin Wilson announced the new service's opening yesterday at a press conference.

"Millions of people around the world rely on the Western Union global network and its fast, reliable, and convenient system to send and receive money, and we're delighted to once again offer those services here on the Island," said Mr. Wilson.

Transfers of less than $200 will cost a flat fee of $15, while amounts over $500 will cost five percent. Right now, the service does not have a set limit to how much can be sent, but Mr. Wilson said that the limit will be around $7,000 to $7,500.

According to BFN president Dalzell (Dal) Tucker, the service has already been in demand on the Island for a long time.

"We've had a lot of customers ask about this service, many of whom beg us to send money," Mr. Tucker said. "Many workers on cruise ships use these services world-wide and they expect it here."

"Nineteen percent of Bermuda's population are ex-patriots, who often need to send money for one reason or another to their home country," said Mr. Wilson. "Our first customer actually came from Nigeria and we were gladly able to transfer money home to his family."

Money transfer regulations were announced late last month by Finance Minister Paula Cox, with BFN being the second company to step into the growing market.

Despite the competition that has already appeared, Western Union vice-president Mariano Dall'Orso is not concerned.

"There are service levels that we feel will attract customers again and again," said Mr. Dall'Orso. "We pride ourselves with serving customer needs."

While the service is currently only available from BFN's office at 133 Front Street, the company plans to offer more locations in the next few months.

"We are already looking at other locations," said Mr. Wilson.