The agreement allows customers to send and receive funds at over 11,500 Post Offices across the UK. The Post Office, which serves almost 18 million people a week, has been a MoneyGram agent since 1997.

"The renewal of this 17-year working relationship is a testament to a shared vision," says Carl Scheible, executive vice president, Europe, Africa and Emerging Channels at MoneyGram. "Together, MoneyGram and the Post Office's network are committed to meeting the needs of consumers who want convenient, reliable and fast money transfer services. We are delighted to continue our relationship with this trusted brand and look forward to continued growth of our shared business."

According to the World Bank, the UK is a major source of remittances with an outward money transfer market worth of $3.8 billion *. (£2.27bn)

"Financial services is a very important part of the Post Office business, providing an invaluable service to people across all communities," says Nick Kennett, director of Post Office Financial Services. "We are delighted to renew our contract with MoneyGram following a competitive tender process. We want to make sure the services we offer are as accessible as possible to our customers through a network of over 11,500 branches and with the addition of longer opening hours."

MoneyGram has aligned with over 30 post offices around the world to provide consumers with convenient access to reliable and affordable money transfer services close to where they live and work.