The new service enables MoneyGram consumers to send money directly into any bank account in Brazil, adding more than 15,000 bank locations to its network.
MoneyGram executive vice president, Americas & Emerging Markets Dan O’Malley said the Banco Rendimento relationship extends its money transfer product offering into the important cash-to-account segment in Brazil and provides customers with access to receive funds in bank accounts across Brazil’s entire banking system.
Banco Rendimento expects the deal with MoneyGram will enable it to expand its service to Brazilians living abroad, especially in locations where the cash-to-account payments were not available before now.
In addition to Brazil, MoneyGram also offers cash-to-account money transfer services at select agent locations in China, Poland, Mexico and the Philippines.
MoneyGram also offers cash-to-cash money transfer services at 4,100 locations throughout Brazil and 256,000 locations globally.
