MoneyGram (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 that they have completed a three-year expansion of services across the Bank of China network.
With this key milestone, customers in China can now access MoneyGram's services at any of the Bank's more than 10,000 locations across mainland China.
MoneyGram money transfer services were first introduced at Bank of China's 240 locations in Beijing in 2009. Since that initial offering, the two companies have worked closely together to expand throughout Bank of China's national network spanning urban cities and rural towns.
"This achievement represents an important milestone and significant opportunity for MoneyGram's continued growth globally and in the Asia Pacific region in particular," said Nick Cunnew, MoneyGram's vice president for Asia Pacific. "Bank of China is a globally recognized brand with an incredible reach in the world's second largest remittance receives market." Lina Zheng, Regional Director of China and Mongolia, said, "With the solid basis we have built, MoneyGram will deepen the cooperation with Bank of China to provide more convenient international remittance services for Chinese customers around the world."
According to the World Bank, China, with about $57 billion annually coming into the country, is the second largest recipient of money transfers globally. The demand for money transfer services is driven by the growing number of Chinese studying, traveling, working and migrating abroad.
A Bank of China account is not required to use the service. Money transfers are available for receipt at Bank of China locations from any of MoneyGram's 267,000 locations globally in as little as 10 minutes. Adding to the convenience, the sender can choose to have the funds paid out in USD, GPB or Euros, depending on the Bank of China location and subject to the availability of the currency at the time.