Business Intelligence on Retailing, Franchising, and Consumerism in China

MoneyGram Introduces Cash-to-Account Service With ICBC

U.S.-based MoneyGram International has introduced a cash-to-account service with Industrial and Commercial Bank of China.

With the new service, consumers can now send money directly into ICBC bank accounts in China. ICBC has locations across China and manages more than 269 million personal banking customers.

ICBC has been a MoneyGram cash payout agent since 1995 and has more than 1,500 locations offering MoneyGram service in about 400 cities.

The service will be marketed at MoneyGram locations in select areas that have large populations of Chinese immigrants and migrant workers. According to the World Bank, China received more than USD51 billion in remittances from all over the world in 2010, making it the second-largest receiver of money transfers in the world.

According to ICBC, adding the cash-to-account product is a strong manifestation of the company's commitment to better serve the needs of Chinese overseas and their beneficiaries in China. ICBC's partnership with MoneyGram boosts the company's efforts to reach more of the Chinese living abroad.

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