MoneyGram Announces Australian Payout Service in China

Customers in China can now receive their money transfers in Australian dollars at any Bank of China, CITIC Bank, Industrial and Commercial Bank of China branch locations

SYDNEY & HONG KONG--(BUSINESS WIRE)--MoneyGram, (NYSE: MGI), a leading global money transfer provider, announced today that customers in China can now cash out money transfers from Australia in Australian dollars at any Bank of China (BOC), CITIC Bank or Industrial and Commercial Bank of China (ICBC) branch location.

“We believe having more money transfer options brings our customers closer together, no matter how far away they are from each other. It’s important for MoneyGram to create superior value for our customers in China and Australia, a country with nearly 320,000 Chinese immigrants.”

The addition of Australian payout service, available at all 9,755 BOC; 1,858 ICBC; and 450 CITIC Bank branch locations offering MoneyGram services, are offered free of currency exchange fees for Australian customers sending money to friends and family in China since the transactions involve Australian dollars at both the sending and receiving location. CITIC Bank and BOC can also send money across the globe in Australian dollars.

For customers in Australia, MoneyGram is currently offering a $16 Australian dollar flat fee for any amount up to $10,000 US dollars from now until January 2, 2013.

“In this global environment, customers want more options for sending and receiving money,” said Robert Walls, Regional Director of Australia & Oceania, MoneyGram. “We believe having more money transfer options brings our customers closer together, no matter how far away they are from each other. It’s important for MoneyGram to create superior value for our customers in China and Australia, a country with nearly 320,000 Chinese immigrants.”

To send money from Australia, customers can visit any MoneyGram agent location, complete a send form, and in as little as 10 minutes, subject to agent hours and availability, the funds will be available at any BOC, CITIC Bank or ICBC bank location.

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.