MoneyGram, Al Rajhi Bank to support the cross-border payments market in Saudi Arabia

Monday 8 June 2020 11:19 CET | News

MoneyGram has partnered with Al Rajhi Bank, a large Islamic bank, and Tahweel Al Rajhi, the remittances arm of Al Rajhi Bank, to provide money transfer services in Saudi Arabia.

The partnership covers both digital and walk-in channels, to support customer growth in one of the world’s largest remittance markets. According to the World Bank, Saudi Arabia is home to over 11 million immigrants who send about USD 33.6 billion in remittances.

The global cross-border P2P payments and money transfers provider will work with Al Rajhi Bank to offer customers with multiple payout services including cash, account deposit, and digital wallet capabilities.

Al Rajhi Bank is a large Islamic bank by assets and market capitalisation. Tahweel Al Rajhi is Al Rajhi Bank’s remittance arm, providing local and global money transfer services and banknotes services in addition to other premium services. Tahweel Al Rajhi has a large branch network in the Kingdom with over 230 centres and over 110 correspondent bank relationships.
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Keywords: MoneyGram, Al Rajhi Bank, cross-border payments, Saudi Arabia, remittances, money transfers, mobile payments, partnership
Categories: Banking & Fintech
Countries: Saudi Arabia
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Banking & Fintech

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