MoneyGram (NYSE:MGI), a leading global money transfer company, announced today that CI Banco, a leading foreign currency exchange bank, has joined its growing money transfer network in Mexico.
CI Banco is now providing MoneyGram send and receive services at its 128 locations, strengthening MoneyGram's position in Mexico City and other popular immigrant and tourist destinations in Mexico.
CI Banco is now MoneyGram's second largest send agent in Mexico.
As a leading foreign currency exchange bank, CI Banco is widely known throughout Mexico by foreign workers and tourists as a place to go for their financial needs. The company noted the relationship with MoneyGram is important as it expands its service offerings.
Mexico is the third largest recipient of money transfers in the world, with more than $23 billion received in the country in 2010. Yet with the number of foreigners in the country doubling during the last 10 years, Mexico is fast becoming a key market for sending money as well.
"As Mexico increasingly becomes a popular destination for immigrants from South and Central America and the U.S., our goal is to expand MoneyGram's send capabilities throughout the country to meet the consumer demand for money transfer services," said Robert Burford, MoneyGram's regional director for Mexico. "CI Banco is a highly-respected brand with strong penetration in Mexico City and key tourist destinations. Their addition significantly bolsters our network in Mexico," he said.
In addition to the U.S., Mexico is a popular destination for immigrants from Argentina, Canada, Colombia, Cuba, El Salvador, France, Germany, Guatemala and Spain.