Of Special Interest
13th December 2011
MoneyGram / ICBC remittance deal
MoneyGram announced the introduction of a 'cash-to-account' service with the Industrial and Commercial Bank of China. This is a significant extension of the existing relationship whereby ICBC has been a cash payout agent for MoneyGram since 1995.
The World Bank estimates that $51bn or international remittances flow to China per annum. 269m Chinese have accounts with ICBC. The MoneyGram services will be allow money to be sent from 21 countries to China including the US, most Western European countries, Australia, Japan and selected agents in Mexico, Poland and the Philippines.