MoneyGram, a money transfer provider, has introduced Australian payout service for Chinese customers to enable them to transfer money from Australia in Australian dollars at any Bank of China (BOC), CITIC Bank or Industrial and Commercial Bank of China (ICBC) branch location.
According to the company, the Australian payout service available at all 9,755 BOC, 1,858 ICBC, and 450 CITIC Bank branches, waives currency exchange fees for Australian customers sending money in China since the transactions involve Australian dollars at both the sending and receiving location.
Under the terms of the agreement CITIC Bank and BOC can also send money across the globe in Australian dollars.
For Australian customers, MoneyGram is currently offering a $16 Australian dollar flat fee for any amount up to $10,000 from now until 2 January 2013.
Commenting on the new services, MoneyGram Australia & Oceania regional director Robert Walls said, "We believe having more money transfer options brings our customers closer together, no matter how far away they are from each other. It’s important for MoneyGram to create superior value for our customers in China and Australia, a country with nearly 320,000 Chinese immigrants."
Customers who want to send money from Australia can visit a MoneyGram agent location, and transfer the funds to any BOC, CITIC Bank or ICBC bank location.
MoneyGram provides money transfer services globally and bill payment services in the US and Canada. It has a global network of more than 284,000 agent locations — including retailers, international post offices and financial institutions — in 196 countries and territories around the world.