Consumers in Brazil have more options when they send and receive money transfers thanks to an agreement with MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company and São Paulo, Brazil-based Confidence Câmbio. Customers can now use MoneyGram services at 69 Confidence Câmbio stores across the country.
“Aligning with Confidence Câmbio will assist with growth in this important market, and will help MoneyGram meet the growing consumer demand for money transfers in Brazil,” says Pedro Saro Campos, vice president, Latin America, Mexico and Caribbean at MoneyGram.
According to the World Bank, Brazil has the largest economy in Latin America. The countries inbound remittances totaled $2.6 billion in 2012, with money primarily sent from the U.S., Japan and Spain. Outbound remittances totaled nearly $1 billion, with funds mainly sent to Spain, Portugal and Japan.*
Confidence Câmbio is a well-known company with a presence in many of the largest cities in Brazil. It is part of Confidence Group which also owns the first foreign exchange bank in this country. Group Confidence is part of Travelex – the largest foreign exchange group in the world.
Confidence Câmbio offers products and services in foreign currency exchanges and transactions that allow customers to send foreign currency abroad and receive foreign payments that are both convenient and secure.
“We are expanding our portfolio of products and services and especially strengthening the options for international remittances to fulfill the different needs of our customers. Thus, we expect to double our participation in the international remittances segment,” says vice president of the Confidence Group, Andreas Wiemer.