MoneyGram International, a US-based money transfer company, has added CIMB Bank Singapore to its agent network list, allowing it to offer international money transfer services at the CIMB Bank Currency Exchange outlets.
The addition of two CIMB Bank Currency Exchange outlets at Resorts World Sentosa and the Marina Bay Cruise Centre, allows MoneyGram to bring increased accessibility of funds transfer services to customers.
Customers can now easily transfer money by submitting the send or receive form along with a photo identification to complete the transfer.
MoneyGram APAC, Southeast Asia and Middle East senior vice president Grant Lines said adding CIMB Bank Singapore to their network is an important step for them as they provide more access to affordable money transfer services to those who rely on funds transfer services for their daily needs.
CIMB Bank Singapore retail banking head Coreen Kwan said that the relationship with MoneyGram will widen the range of remittance services on offer at their Currency Exchange outlets and allows them to better cater to customer segments that require such services.
In 2011, around $6.6bn in remittances moved out of Singapore, according to World Bank data.
In addition to Singapore, MoneyGram has recently expanded its services in India, Bangladesh and the Philippines to meet the growing demand for money transfer services in Asia.