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TheStreet Open House

MoneyGram Adds Rural Credit Union Zhejiang To Network In China

MoneyGram (NYSE: MGI), a leading global money transfer company, announced today that its money transfer services at Rural Credit Union (RCU) Zhejiang are live at 96 locations in Zhejiang province of China. RCU Zhejiang became a MoneyGram agent in September.

Under the agreement, MoneyGram services are available to Zhejiang residents to send and receive money internationally in USD and Euros across 196 countries at participating RCU Zhejiang locations.

“MoneyGram is one of the world’s largest money transfer companies with 284,000 locations, while RCU Zhejiang also has more than 4,000 locations covering many small towns,” said Ms. Jin Lili, president of RCU Zhejiang. “The region’s high population gives us the great opportunity to extend our service channels with MoneyGram and provide rural customers with fast, convenient and low-fee remittance service.”

Approximately 1,000 towns and 54 million people make up China’s Zhejiang province. The region has experienced an increased demand for money transfer services, driven by the growing number of Chinese studying, traveling, working and migrating abroad. According to the World Bank, China is the second-largest recipient of money transfers globally, with about $62 billion annually coming into the country.

“In China, RCU Zhejiang is a province-recognized brand with a broad reach throughout the country that complements our MoneyGram network,” said Nick Cunnew, MoneyGram’s vice president for Asia Pacific. “MoneyGram and RCU Zhejiang have built a solid foundation that will allow us to expand our services and make sending and receiving money globally faster and more convenient for our customers.”

About MoneyGram

MoneyGram, a leading global money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide and bill payment services in the United States and Canada through a global network of more than 284,000 agent locations—including retailers, international post offices and financial institutions—in 196 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit or connect with us on Facebook.

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