Deal made for MoneyGram services to be offered at BES branches throughout Portugal
Greater convenience for Portuguese-living, MoneyGram users and expansion for the money transfer company which now, partnered with Banco Espirito, one of the largest banks in Portugal, has extended its European presence and potentially its market, right across Portugal.
MoneyGram transfers will now be possible at a BES branch, which theoretically works in the same way as MoneyGram agents have done previously. People using the service will be able to go to the bank, to send money worldwide and to receive funds in the same way.
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The relationship appears to be paradoxical: unbanked individuals will literally be walking into BES to take care of their financial needs. It is an interesting move for the bank too, given that money transfer services such as MoneyGram were originally created as an alternative to traditional and often limiting bank facilities.
But according to BES retail marketing manager, Lemos Lopes, “BES is dedicated to expanding our financial services to best meet our customers’ needs…By offering MoneyGram’s services in our Portugal locations, we are making the receipt and transfer of overseas funds easily accessible. With a fast-growing diaspora, it makes sense to provide our customers with a quick and global way of sending or receiving money from their loved ones, friends and family members.”
MoneyGram’s press release reports that Portuguese immigration has risen to, close to, three million, making money transfers to and from particular countries like Angola, France, Brazil and Switzerland increasingly more prominent with over $500 million sent from Portugal and almost $3 billion received in 2012 – a certain motivating factor for both parties to extend their channels in support of purpose.