MoneyGram Expands in China Through a New Deposit Service

MoneyGram has partnered with Bank of China to enable inbound transfers.

The service allows customers to receive MoneyGram transactions from around the world into their Bank of China accounts at any time. The new service features self-service options including a website, kiosks and tablet access. Bank of China is the country's fourth largest bank. Despite the recent market turmoil, China has become a popular market for U.S.-based payment companies.

"This makes money transfers easier for our customers and also expands the company's self-service offerings around the world," said Grant Lines, MoneyGram's executive vice president for Asia Pacific, South Asia, Middle East and Russia, in a September 1 news release.

MoneyGram recently expanded its presence in Japan as its faces competition from established transfer brands such as Western Union, as well as an increasing number of startups.