MoneyGram International and Hanvit Bank have signed an agreement to provide international money transfer service to Korea, marking the first time a money transfer company has been introduced to millions of South Koreans.
South Koreans can receive funds with the well-known MoneyGram money transfer service at all 791 Hanvit Bank branches located in major cities all over the country. In addition, the agreement lets customers transfer money within 10 minutes to virtually anywhere in the world from 25 bank branches.
According to Iain Blackwood, CEO of MoneyGram International, the new service is an immediate benefit for many South Koreans.
“Now those people living and working in other countries such as the U.S., China and India can remit funds back to their families quickly, conveniently and safely,” he said.
Blackwood said other customers expected to use the service are students living abroad, foreign travelers in need of emergency funds and South Koreans who need to transfer funds domestically.
The announcement was made at the Radisson Seoul Plaza Hotel by both companies’ key officers — Jin-Man Kim, CEO of Hanvit Bank and Iain Blackwood of MoneyGram International. Also present at the announcement were Mohit Davar, COO and CFO of MoneyGram International and Andrew Tse, managing director Asia Pacific of Thomas Cook Group.
As South Korea’s largest financial institution and one of the top 100 banks in the world, Hanvit Bank has total assets of more than 100 trillion won and offers a full range of banking services and products for both individuals and corporations. Hanvit Bank was created from the merger of The Commercial Bank of Korea and Hanil Bank on January 4, 1999.
MoneyGram Payment Systems, Inc., a subsidiary of Viad Corp (NYSE:VVI), is a leading money transfer services company with more than 30,000 locations in more than 130 countries around the world.