MoneyGram, PSBC sign deal to offer money transfer services in China

MoneyGram has entered into a deal with Postal Savings Bank of China (PSBC) to offer its money transfer services at over 3,700 locations in China.

MoneyGram has entered into a deal with Postal Savings Bank of China (PSBC) to offer its money transfer services at over 3,700 locations in China.

The addition of PSBC into MoneyGram’s agent network will allow it to offer services at over 20,000 locations across China.

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

With the collaboration, PSBC customers can now send funds to family and friends in all provinces of China.

PSBC offers a range of financial services such as micro financing to rural and urban customers, small and medium enterprise (SME); in-branch service; internet banking; telephone banking and mobile banking.