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TheStreet Open House

MoneyGram Services Now Available At Debenhams’ Multichannel Department Stores

Stocks in this article: MGI

MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company, has teamed up with international department store Debenhams to offer money transfer services to its customers.

Debenhams’ customers will now be able to send and receive funds around the globe while doing their shopping at the 200-year old retailer in the UK.

MoneyGram services are currently offered at 44 Debenhams locations across the UK via its Travel Money bureaus, with further store expansion planned in the coming months. It is anticipated that the new service will be used by thousands of new customers who will enjoy sending from such locations.

“Customers want more convenience and flexibility in the way they send money home,” says Marc Matthews, regional director UK and Ireland at MoneyGram. “By partnering with a retailer such as Debenhams, we are adding an important option with convenient locations that customers may already visit.”

For a leading retailer like Debenhams, offering the MoneyGram service to millions of customers wanting to send money to family and friends abroad creates a useful one-stop-shop on the high street.

According to the World Bank, the UK is a major source of remittances with an outward money transfer market worth of $3.8 billion*.

“We have a rapidly growing travel money and insurance business and we are always looking for new ways to offer our customers more choice,” says Mike Hazell, Head of Personal Finance at Debenhams. “Working with MoneyGram gives us an opportunity to grow our existing services and attract new customers into our stores and offering MoneyGram services strengthens the breadth of our customer offer.”

* World Bank Migration and Remittances Factbook 2013

About MoneyGram International

MoneyGram International, a leading 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 through a global network of 336,000 agent locations – including retailers, international post offices and financial institutions – in more than 200 countries and territories. MoneyGram also offers bill payment services in the U.S. and Canada. To learn more about money transfer or bill payment at an agent location or online, please visit moneygram.com or connect with us on Facebook.

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