MANILA, Philippines (Feb. 25, 2015) (GLOBE NEWSWIRE) -- MoneyGram (NASDAQ:MGI), a leading global money transfer company, announces a new agreement with Landbank of the Philippines to offer international money transfer services at more than 300 strategically located Landbank branches throughout the country. Landbank's vision is to deliver innovative financial services in all provinces, cities and municipalities, and adding MoneyGram money transfers helps fulfill that vision.
MoneyGram's agent network in the Philippines stands at more than 10,000 locations, and through this new agreement, Landbank increases MoneyGram's receive locations footprint.
According to the World Bank, approximately $25 billion in remittances flowed into the Philippines in 2013. To meet the growing demands for a reliable network wherein Filipinos can receive their remittances, MoneyGram has focused on growing its network to cover both urban and rural areas.
"We are excited about the new agreement with Landbank," says Grant Lines, MoneyGram's executive vice president, business development. "MoneyGram and Landbank are both focused on innovation which makes us natural collaborators to deliver financial services across the Philippines. Adding Landbank to our network in the Philippines enables us to expand our reach in the country."
Commenting on the new alliance, Renato Eje, vice president and acting head of the OFW Remittance Group of Landbank, said, "MoneyGram is the right choice for Landbank. Now, we can offer our customers a money transfer service that is fast, reliable and has a wide global network. Working with MoneyGram demonstrates our commitment to giving our valued customers the important services they need to receive funds from their loved ones around the world."
To receive money in the Philippines, customers can walk into any MoneyGram agent location, complete a simple form, indicate their reference number and show a photo identification to receive their remittances. The funds will be ready to collect within minutes upon sending, subject to agent availability, hours of operation and local laws and regulations.
About MoneyGram International, Inc.
MoneyGram, a leading money transfer company, provides essential services to consumers who are not fully served by traditional financial institutions. MoneyGram offers worldwide money transfer services in more than 200 countries and territories through a global network of 350,000 agent locations, including retailers, international post offices and banks. MoneyGram also offers bill payment services, issues money orders and processes official checks in select markets.