MoneyGram partners with Postal Savings Bank of China
MoneyGram (MGI), a global money transfer and payment services company, has announced an agreement with Postal Savings Bank of China Co. Ltd (PSBC), a large commercial retail bank in China, to provide money transfer services in over 3,700 locations. With the addition of PSBC to MoneyGram’s agent network, and the rollout of MoneyGram’s money transfer services to mainland locations, services are now available at over 20,000 locations in China.
China is the second largest receive country in the world with an estimated $60 billion of money transfer receives in 2012, according to the World Bank. Chinese travelling worldwide, support foreign direct investments that generate transfers to China from approximately 150 countries. Through MoneyGram’s addition of PSBC, customers can now send funds to family and friends in all provinces in China.
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