Global money transfer company MoneyGram has added Rural Credit Union (RCU) Zhejiang as its agent in China, pursuant to which the latter will offer services at 96 locations in Zhejiang province.

As per the terms of the agreement, Zhejiang denizens can send and receive money in USD and EUR currency denominations across 196 nations at firm’s participating locations.

RCU Zhejiang president Jin Lili said, "The region’s high population gives us the great opportunity to extend our service channels with MoneyGram and provide rural customers with fast, convenient and low-fee remittance service."

The province comprises nearly 1,000 towns and 54 million people, which underlines the money transfer services business opportunity in the region.

A World Bank study states that China is the second-largest recipient of money transfers worldwide, with approximately $62bn coming into the country on an annual basis.

Headquartered in Dallas, Texas, MoneyGram provides money transfer services globally and bill payment services in the US and Canada, through a global network of more than 284,000 agent locations.