Coinstar Money Transfer (CMT), a wholly-owned subsidiary of Coinstar, Inc. (NASDAQ: CSTR), today announced its expansion with China Construction Bank (CCB), a leading commercial bank headquartered in Beijing, China.
Coinstar's money transfer service is now available in approximately 1,500 branches across 24 Chinese provinces, and later this year the service will be available in 13 more provinces with about 1,000 additional CCB branches.
"With Coinstar Money Transfer, China Construction Bank can now provide a quality but affordable remittance service that enables all the travellers, students, workers or even customers without bank accounts to send or receive immediate cash from overseas. The CMT service will be of great help to both Chinese & expatriates here," said Mr. Wang Yi, Assistant General Manager of China Construction Bank.
CMT offers both a cash pay-out service through CCB branches and a direct bank deposit service to all the banks in China within the CMT system. The cash pay-out service is quick and easy and takes only minutes to complete a remittance transaction.
The Asia Pacific region is one of the fastest growing markets for money transfer in the world. According to World Bank, China is the second largest remittance receiving country with $25.7 billion recorded in 2007.
"China has been a strong 'receive' market for a number of years and now with the strength of China's import and export industry, the demand for sending funds out of the country is growing, thereby creating a good opportunity to expand our business in this region," said Mohit Davar, CEO of Coinstar Money Transfer. "We're very happy to be working with CCB as a master agent in China and look forward to an ongoing and productive relationship with them."