MoneyGram has launched a new channel of money transfer to allow customers to send money directly to bank accounts in China.
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The service, which is currently available for accounts from the US, Singapore, Australia and Japan, will be delivered in association with UnionPay International, a subsidiary of China UnionPay.
The relationship with UnionPay will connect MoneyGram customers to the country’s largest banks, including Bank of China, Bank of Communications, China Construction Bank and Industrial and Commercial Bank of China allowing MoneyGram consumers to benefit from a guaranteed exchange rate on their Renminbi deposits.
Grant Lines, executive vice president, Asia Pacific, South Asia and Middle East at MoneyGram, said: "MoneyGram’s customers work hard to ensure their families and friends have the funds they need for life’s essentials. Our goal is to provide a fast and easy way to send and receive money which is why we are focused on increasing convenience and access for our consumers."
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By GlobalData
