MoneyGram International (NYSE:MGI), a leading global money transfer company, and Bank of China, a pillar of China's banking community and Global Fortune 500 Company, announced today the introduction of MoneyGram's services at 930 bank branches across Guangdong province, bringing MoneyGram's convenient and reliable money transfer services to more than 100 million residents across China's most populous province.
It is estimated that more than $25 billion in remittances-more than half of the total remittances sent into China, were received in Guangdong province in 2008, according to official estimates including reports by the Overseas Chinese Affairs Bureau.
"Continuing our expansion with Bank of China in Guangdong province was a natural choice considering more than half of all remittances to China are collected there annually," said Nick Cunnew, MoneyGram's senior regional director for Asia Pacific and South Asia. "This marks an important milestone for MoneyGram as our services are now available to all consumers across Guangdong. In the coming months, all consumers in China will have another choice for money transfer services that are affordable, reliable and highly convenient."
In addition to the 930 locations in Guangdong, MoneyGram's service was added last year to all 240 Bank of China branches in Beijing. All locations offer payout in British pounds, U.S. dollars or euros, limiting the fees for currency conversions on all transactions from Europe, the United Kingdom and United States.
MoneyGram and Bank of China will continue to introduce money transfer services to more bank branches with all locations active by the end of 2011.