MoneyGram expands reach with Postal Savings Bank of China

Expands reach in China.

MoneyGram, money transfer and payment service company, has announced an agreement with Postal Savings Bank of China Co. Ltd, a large commercial retail bank in China.

China is the second largest receive country in the world with an estimated USD60bn of money transfer receives in 2012, according to the World Bank. Through MoneyGram’s addition of PSBC, customers can now send funds to family and friends in all provinces in China. PSBC offers a broad range of financial services including micro financing to rural and urban customers, Small and Medium Enterprise, in-branch service, Internet banking, telephone banking and mobile banking.

“Adding the network of Postal Savings Bank of China is an important milestone for us as we provide more access to affordable money transfer services to those who rely on remittances for their daily needs,” said Grant Lines, senior vice president for Asia Pacific, South Asia and Middle East at MoneyGram.

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