MoneyGram Renews Agreement with Woori Bank

2018-08-28 08:30 589

SEOUL, South Korea, Aug. 28, 2018 /PRNewswire/ -- MoneyGram (NASDAQ:MGI) and Woori Bank have extended their agreement to provide money transfer services inside 870 locations across the country. Thanks to the partnership, customers will continue to send funds conveniently at a location or via mobile app directly to more than two billion bank accounts and mobile wallets or, to any MoneyGram location in over 200 countries and territories worldwide.

Signing ceremony for the renewal of the agreement between MoneyGram and Woori Bank
Signing ceremony for the renewal of the agreement between MoneyGram and Woori Bank

"For nearly two decades now we have been partnering with Woori Bank to drive financial inclusion in South Korea and expand our digital channels to offer customers an easy way to send money back home. We look forward to continuing our partnership and using innovations to make money transfers easier for diverse migrant communities that live and work in South Korea," said Alex Holmes, MoneyGram's chairman and chief executive officer.

Woori Bank, which has been a MoneyGram agent since 2000, is one of the top banks in South Korea, serving over 22.5 million personal banking customers.

"Thanks to the partnership with MoneyGram, Woori Bank will continue to provide more convenient and safer financial services, and cement our position as a lifelong financial partner for all our customers," said a Woori Bank representative.

According to the World Bank, in 2017 over $5.9 billion in remittances were sent from South Korea, mainly to China ($4.1 billion), Vietnam ($601 million), the Philippines ($248 million), and Thailand ($223 million).


About MoneyGram
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at

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Source: MoneyGram
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