The partnership, which was signed this summer between MoneyGram and Russian bank, brings MoneyGram its largest participant of MoneyGram money transfer system in the region and Sberbank’s customers a convenient international money transfer service.
Russia is the third-largest send market for personal remittances in the world after the US and Saudi Arabia. According to the World Bank, $18.6bn in remittances was sent from the country in 2009.
MoneyGram chairman and CEO Pamela Patsley said that with over 12 million immigrant workers in Russia, the second-largest immigrant population in the world behind the US, there is huge opportunity for money transfer services. Through this partnership with Sberbank MoneyGram is sure to meet the demand for international money transfers in this region.
Sberbank chairman German Gref said the robust bank system in Russia and MoneyGram’s strong network of participants of MoneyGram money transfer system across the globe is an excellent combination that will strengthen both companies’ reach around the region.
