MoneyGram, a global money transfer provider, has announced that customers in China can now cash out money transfers from Australia in Australian dollars at any Bank of China (BOC), CITIC Bank or Industrial and Commercial Bank of China (ICBC) branch location.
The addition of the Australian payout service, available at all 9,755 BOC, 1,858 ICBC and 450 CITIC Bank branch locations offering MoneyGram services, is offered free of currency exchange fees for Australian customers sending money to friends and family in China since the transactions involve Australian dollars at both the sending and receiving location. CITIC Bank and BOC can also send money across the globe in Australian dollars.
For customers in Australia, MoneyGram is currently offering an A$16 flat fee for any amount up to US$10,000 from now until 2 January 2013.
“In this global environment, customers want more options for sending and receiving money,” said Robert Walls, regional director of Australia and Oceania, MoneyGram. “We believe having more money transfer options brings our customers closer together, no matter how far away they are from each other. It’s important for MoneyGram to create superior value for our customers in China and Australia, a country with nearly 320,000 Chinese immigrants.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.