Private sector lender, Axis Bank has added itself as the new agent for MoneyGram International, known for its global presence in remittance industry. As per the deal, Axis Bank will be offering MoneyGram's services through 1100 locations in India. Axis Bank will be routed to MoneyGram through super agent UAE exchange.
A customer can now avail MoneyGram's services by going to any Axis Bank counter, filling a receive form and supplying his photo identity to receive funds.
"MoneyGram is excited to have Axis Bank offering our services and we are especially pleased that they will be introducing MoneyGram in areas - rural and urban - in which we've had limited presence," said Harsh Lambah, regional director for MoneyGram. "Axis is a trusted institution and we know we will have a successful relationship in providing money transfers, a much relied upon service in India."
Sameer Nemavarkar, head of Retail Forex and Remittances, Axis Bank said, "India, the largest remittance receiving country in the world, received inward remittances of more than USD 50 billion in the year 2009, according to the World Bank. Axis Bank is focussed on growing this business and strives to offer solutions for cross-border money transfers. Our tie up with MoneyGram will enable us to offer an instant money transfer solution to all remitters abroad and beneficiaries in India. It is not necessary for senders or receivers to be Axis Bank account holders."
George Anthony, country Head for UAE Exchange said, "MoneyGram is a key partner of ours in the remittance business and we trust that our success in meeting consumer needs will continue with Axis Bank."