State Bank of India Becomes MoneyGram International Agent

 

Dallas, TX: MoneyGram International has joined hands with State Bank of India (SBI), India’s largest public sector bank, to provide in-bound money transfer services across SBI’s key branches, beginning with 100 new agent locations by the end of 2011. India was the world’s largest recipient of remittances in 2010, according to the World Bank, amounting to nearly $55 billion last year.

For the Asian Indian diaspora in the U.S., this deal reflects MoneyGram’s commitment in serving the community. This alliance with SBI, a respected and trusted name among India’s banks, brings MoneyGram customers greater options and convenience for sending money to family and friends at home in India.

MoneyGram is rapidly growing its network of partners to become one of the largest global money transfer companies in India, having more than 34,000 agent locations. MoneyGram offers convenient, reliable and fast money transfer services to reach any of its agents across India. MoneyGram is a cost-effective solution for sending money to India, providing a competitive exchange rate as well. According to Zainab Ali, MoneyGram senior interactive marketing manager, adding State Bank of India to MoneyGram’s agent network increases consumers’ access to MoneyGram services in India. The Bank’s locations make it more convenient than ever for customers to send and receive money virtually anywhere in the country.

Mr. Dan O’Malley, MoneyGram executive vice president of the Americas and Emerging Markets, said on the occasion, “The State Bank of India is a well-known and respected institution. This is important to us and the customers we serve. They need to know and trust the services they use when they’re sending and receiving money. SBI is the largest commercial bank in India in terms of branches. It is also the only bank in India ranked among the Top 500 (Rank 292) companies globally by Fortune Magazine.”

Mr. Madhavan Menon, MD at Thomas Cook (India) Ltd said, “A partnership of three powerful customer-centric brands (SBI, MG, and TCIL) augurs well for our customers and the money transfer business as a whole. As super-agent for MoneyGram, adding the impressive network of State Bank of India to our extensive pan-India footprint, will ensure increased access and facilitate ease in transactions for our customers, by bringing inward remittances right to their doorstep! This arrangement is an addition to Thomas Cook’s long standing association with SBI which includes Foreign Currency Pick-ups from more than 2000 SBI locations in the country and the white labeled Global Money Card (Prepaid Forex Card – Vishwa Yatra Card of SBI) which are retailed out of the 150 plus TCIL branches in India.”

MoneyGram International, Inc. (NYSE: MGI) is a leading global payment services company. The Company provides consumers with an efficient and secure way to send and receive money globally, make urgent bill payments and purchase money orders. MoneyGram’s products and services are conveniently available through more than 256,000 agent locations in 192 countries and territories. Certain products and services are also available online. For more information, visit the Company’s website at www.moneygram.com or on Facebook.

Thomas Cook is the largest integrated Travel and Travel related Financial Services Company in the country. The Company set up its first office in India in 1881, and has been providing world-class travel service for 130 years. TCIL’s footprint currently extends to over 213 locations in 78 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 102 Gold Circle Partners and 180 Preferred Sales Agents in over 100 cities pan India.

 

 

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Editor: Akhtar M. Faruqui
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