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MoneyGram Launches Money Transfer Service to All Bank Accounts in India


MoneyGram Launches Money Transfer Service to All Bank

Accounts in India


MoneyGram customers can now send bank deposits to India in as little as three



DALLAS, Texas (Dec. 11 2014) – MoneyGram (NASDAQ: MGI), a leading

global money transfer company announces that customers can now send money

to all Rupee-denominated bank accounts in India in as little as three hours, when

sent during India bank processing hours.


“Our agents around the globe can now provide this superior service offering to

customers seeking a fast and efficient way to send funds directly into any Indian

bank account with excellent exchange rates,” says Grant Lines, MoneyGram’s

executive vice president, Asia Pacific, South Asia and Middle East. “With the

addition of India, we now offer bank account deposits through the MoneyGram

network into four of the world’s largest remittance receive markets — China,

India, Mexico and the Philippines. This is a significant milestone for us, and it

follows closely on the heels of our launch last month of a new send-to-wallet

solution into Kenya’s M-Pesa ecosystem.”


This service, developed in collaboration with one of India’s largest banks, Axis

Bank, taps into the national Indian banking payments network, the National

Electronic Funds Transfer (NEFT) network. With a real-time connection through

Axis Bank, MoneyGram provides its customers around the globe with access to

the efficiency and speed of the India NEFT network to send international money

transfers directly into rupee-denominated bank accounts.


Customers can send funds through MoneyGram to all major banks in India

including Axis Bank, Punjab National Bank, ICICI, HDFC, SBI and many more.

Indian bank processing hours are generally Monday through Friday, 9:00 a.m. to

4:00 p.m. (Indian Standard Time), and Saturday, 9:00 a.m. to Noon (Indian

Standard Time). Individual bank branch processing hours may vary.


About MoneyGram International, Inc.

MoneyGram, a leading money transfer company, provides essential services to consumers who are not fully served by traditional financial institutions. MoneyGram offers worldwide money transfer services in more than 200 countries and territories through a global network of 347,000 agent locations, including retailers, international post offices and banks. MoneyGram also offers bill payment services, issues money orders and processes official checks in select markets.


Media Contact:

Michelle Buckalew



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