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MoneyGram introduces cash-to-account service in Philippines

26 April 2011  |  3601 views  |  0 Source: MoneyGram International

MoneyGram International (NYSE: MGI), a leading global money transfer company, announced today it will soon introduce a new money transfer service - cash-to-account also known as credit-to-bank account - in the Philippines.

The service, set to launch on May 31, will enable consumers to transfer money from MoneyGram locations and on MoneyGram's website (www.moneygram.com) directly into the bank accounts of recipients in the Philippines. At launch, the program will enable funds to be received by account holders at Banco De Oro (BDO) Unibank, Inc., the largest bank in the Philippines, and customers of 19 other major banks. An additional 36 banks are expected to begin offering the service this year.

 

"We are excited about the launch of our cash-to-account program in the Philippines because it enables us to provide a value-added, convenient service to consumers in this very important remittance market," said Stu Kiefer, vice president, product development.

In the U.S., the service will be marketed at select MoneyGram locations in areas which have a large population of Filipinos making them key markets for remittances to the Philippines: New York City; Bergenfield, NJ; Galveston, Texas; Miami/Ft Lauderdale, Fla.; Honolulu, Hawaii; Las Vegas, Nev.; Los Angeles, Calif. According to the World Bank, over $21 billion in remittances was sent to the Philippines in 2010, making it the fourth-largest remittance receive country in the world. It is estimated that more than 40 percent of all remittances to the Philippines are sent from the United States.

"The launch of the cash-to-account product is a strong manifestation of our commitment to better serve the needs of Filipinos overseas and their beneficiaries in the Philippines," said Jonathan Diokno, senior vice president and head of BDO Remittance Origination. "Our partnership with MoneyGram, one of the world's leading remittance companies, boosts our efforts to reach more of the over eight million Filipinos living abroad."

BDO account holders can collect funds that same day; recipients may withdraw the cash from over 7,000 BDO, Expressnet, Megalink and BancNet ATMs nationwide. BDO has been a MoneyGram agent since 1992 and has over 1,100 locations offering MoneyGram service in every major city and most communities in the Philippines.

The cash-to-account service is also available for customers of another 19 major commercial banks in the Philippines including Allied Bank, Asia Trust, Asia United Bank, Bank of Commerce, Bank of the Philippine Islands, China Bank, Citibank, Development Bank of the Philippines, East-West Bank, HSBC, Land Bank, Maybank, Metrobank, Philippine National Bank, Planters Bank, Rizal Commercial Banking Corporation, Security Bank, Union Bank and United Coconut Planters Bank. Account holders at these banks will typically see the funds deposited into their accounts the same or next business day.

MoneyGram currently offers cash-to-account money transfer service in Poland and Mexico, but this is the company's first foray with the service in the rapidly growing Asia Pacific market.

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