U.S. Bank and MoneyGram Forge Money Transfer Alliance

Tuesday 1 June 2004 09:59 CET | News

U.S. Bank and MoneyGram have joined forces to provide international money transfer services through U.S. Bank branch offices in an effort to conveniently meet customer demand for the service and capture an even greater share of the international remittance business.

The contract makes U.S. Bank MoneyGrams largest bank affiliate in the United States. U.S. Bank will initially offer MoneyGram in 213 branches in Chicago, Los Angeles, Milwaukee and San Diego in the first phase, which will be up and running in August, with plans to offer the program in all branches in 24 states by early 2005. U.S. Bank found success in providing consumers with low cost money transfer solutions when it launched two Mexican remittance programs in 2003. The card-based Secure Money Transfer product and relationship with Mexicos L@Red de la Gente provides consumers with low cost options to send funds to more than 20,000 ATMs or 750 L@Red de la Gente locations in Mexico. L@Red de la Gente is part of the MoneyGram network. The addition of the MoneyGram network opens additional outlets in Mexico and access to 160 other countries, including some of the most reputable financial and retail locations in the world. MoneyGram complements existing money transfer capabilities at U.S. Bank and provides greater flexibility for current and prospective customers who wish to send money safely and quickly to friends, family or associates in all parts of the world. The Inter-American Development Bank in Washington, D.C. estimates that more than $30 billion in remittances are expected to be sent from the United States to Latin America during 2004. The price will vary based on the dollar amount being transferred and the destination. MoneyGram has 68,000 outlets in more than 160 countries, including more than 6,000 outlets in Mexico alone.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce