MoneyGram is working with the Postal Savings Bank of China to provide money transfer services in over 3,700 locations.
With the addition of PSBC to MoneyGram's agent network, and the rollout of MoneyGram's money transfer services to mainland locations, services are now available at over 20,000 locations in China.
China is the second largest receive country in the world with an estimated USD60 billion of money transfer receives in 2012, according to the World Bank. Chinese traveling worldwide, support foreign direct investments that generate transfers to China from approximately 150 countries. Through MoneyGram's addition of PSBC, customers can now send funds to family and friends in all provinces in China.
PSBC was part of China Post until its spin off in March 2007 as a separate entity. It is owned by China Post Group and has a strong network in the rural areas.