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.
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.”
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