MoneyGram and Bank of China have introduced MoneyGram's services at 930 bank branches across Guangdong province, bringing MoneyGram's money transfer services to more than 100 million residents of the province.
In addition to the 930 locations in Guangdong, MoneyGram’s service was added last year to all 240 Bank of China branches in Beijing. All locations offer payout in British pounds, US dollars or euros, limiting the fees for currency conversions on all transactions from Europe, the UK and US.
MoneyGram and Bank of China said that they would continue to introduce money transfer services to more bank branches with all locations active by the end of 2011.
Nick Cunnew, senior regional director for Asia Pacific and South Asia at MoneyGram, said: “Continuing our expansion with Bank of China in Guangdong province was a natural choice considering more than half of all remittances to China are collected there annually. This marks an important milestone for MoneyGram as our services are now available to all consumers across Guangdong. In the coming months, all consumers in China will have another choice for money transfer services that are affordable, reliable and highly convenient.”