MoneyGram Adds Bank Partnership in Turkey

MoneyGram is further expanding its funds transfer services internationally by partnering with DenizBank, a Turkish private bank.

"This significantly increase MoneyGram's footprint in Turkey while decreasing the distance our customers have to travel to send money to friends and family worldwide," says Pam Patsley, chief executive officer and chairman at MoneyGram, in a Sept. 9 press release.

To continue its growth and stay competitive with rival Western Union, MoneyGram has expanded its remittance service in overseas markets, including Africa and Romania. MoneyGram also partnered with UKash, an e-commerce cash payment system, allowing UKash customers to send money transfers domestically and internationally to any of MoneyGram's 327,000 locations.

DenizBank, established in 1997, will offer MoneyGram's service at all of its locations nationwide.

"Our aim at DenizBank is to offer affordable and convenient service to our customers throughout the world. We attach great importance to intensifying our collaborations with global strong brands accordingly," says Hakan Ates, president and CEO of DenizBank, in the release. "People working, studying abroad or tourists, businessmen who do not want to carry cash with them or anyone who is in need of urgent money transfer can do so rapidly, securely and easily from DenizBank branches without needing a bank account."

MoneyGram's partnerships are increasing the company's revenue, with an 11% jump in the second quarter of 2013 from a year earlier.

Also this year, MoneyGram forged a relationship with PayPal to offer the eBay unit's 55 million U.S. accountholders to withdraw funds from their accounts at MoneyGram locations.