MoneyGram (NASDAQ: MGI), a leading global money transfer company, has signed an agreement with OzForex, one of the world’s leading foreign exchange service providers, to power mobile and web money transfers to customers in Australia and New Zealand.
The agreement now gives MoneyGram customers the ability to make money transfers from a bank account in Australia or New Zealand to bank accounts overseas via PC, tablet, or mobile phone. It also enables customers to execute transfers on specific dates or at specific exchange rate targets, and the option to buy "bundled transfers" to lock in low, ongoing average transaction costs.
“MoneyGram’s goal is to deliver the fastest, most efficient, secure and affordable money transfers for our customers,” said Robert Walls, MoneyGram's regional director of Australia, New Zealand & Pacific Islands. “Collaborating with agents and technology companies like OzForex, which is a leading player in this space, enables us to keep our fees competitive while offering more convenient account-to-account money transfer options.”
Australia has one of the highest smart phone penetration rates in the world, and an increasingly significant remittance market, given that more than 27 percent of the population is of migrant descent 1. These migrants and expats are using both cash-to-cash networks and online services for their money transfer needs.The agreement with OzForex enables MoneyGram to provide a channel to customers who need to transfer large amounts directly to an overseas bank account. MoneyGram also will continue to offer cash-to-cash transfer options to these residents via its network of more than 321,000 agents in 198 countries and territories. “MoneyGram is one of the world's leading money transfer operators, and shares our philosophy of providing value and convenience,” said OzForex CEO Neil Helm. “We're very excited about powering this service for MoneyGram, and about helping hardworking people in Australia and New Zealand to get the most out of their money.”