MoneyGram International (NYSE:MGI), a leading global money transfer company, announced today it has added two of the largest foreign currency exchange houses in Venezuela to its money transfer network - Casa de Cambio Angulo Lopez and Venegiros Casa de Cambio.
Combined with the company's existing agent Italcambio, MoneyGram's network now includes three of Venezuela's top five currency exchange companies, bringing the number of MoneyGram locations in Venezuela to 100.
"We are thrilled to enter into relationships with two more premier financial institutions in Venezuela. With Casa de Cambio Angulo Lopez and Venegiros Casa de Cambio, we are significantly diversifying our network in the country and nearly doubling the number of locations available to our customers," said George Zelinski, vice president of Central America, South America and the Caribbean. "Both financial institutions are experienced money transfer service providers. Joining the MoneyGram network expands each provider's reach beyond the region for the first time."
Venezuela is an active send and receive remittance market, with 812 million USD sent from the country, particularly from the nation's approximate 2 million immigrants. Key send markets include China, Colombia, Peru, Ecuador, Spain, Portugal and the U.S. In addition, the country receives 1.2 million USD annually, from countries such as the U.S., Italy, Spain, Colombia and the U.K.