Money transfer company MoneyGram is set to
launch a cash-to-account service in the Philippines in its first
move into the Asia-Pacific market.
The service, due to go live on 31 May 2011, is
claimed to enable consumers to transfer money from MoneyGram
locations and via MoneyGram’s website directly into the bank
accounts of recipients in the Phillipines.
Banco De Oro (BDO) Unibank accountholders and
customers of a further 19 banks will be able to receive funds via
the MoneyGram platform at the time of launch with additional 36
banks expected to begin offering the service later this year.
“The launch of the cash-to-account product is
a strong manifestation of our commitment to better serve the needs
of Filipinos overseas and their beneficiaries in the Philippines,”
said Jonathan Diokno, senior vice president and head of BDO
“Our partnership with MoneyGram, boosts our
efforts to reach more of the over 8m Filipinos living abroad.”
According to the World Bank, over $21bn
remittances were sent to the Philippines in 2010, making it the
fourth-largest remittance receive country in the world. It is
estimated that more than 40%of all remittances to the Philippines
are sent from the US.
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MoneyGram currently offers cash-to-account
money transfer service in Poland and Mexico.