AUCKLAND, New Zealand, Nov. 7, 2015 /PRNewswire/ -- MoneyGram (NASDAQ: MGI), announces today that customers in New Zealand can now send money to all Rupee-denominated bank accounts in India in as little as three hours*, when sent during Indian banking hours.
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Customers can choose to send money from any Lotus Exchange or Travel Money locations or one of 70 MoneyGram agent locations across New Zealand.
"As more immigrants from India move to New Zealand, the demand for money transfer services is increasing," says Grant Lines, MoneyGram's executive vice president Asia Pacific. "We are pleased to offer our loyal customers a quick, reliable and secure way to get money to their friends and family in their home country."
The service taps into the national Indian banking payments network, National Electronic Funds Transfer (NEFT), the national Indian banking payments network to provide customers around the globe with a quick and easy method to send international money transfers directly into Rupee-denominated bank accounts.
This new service is available to all major banks in India including Axis Bank, Punjab National Bank, ICICI, HDFC, SBI and many more. Indian banking hours are generally Monday through Friday 8:00 a.m. – 7:00 p.m. (Indian Standard Time), and Saturday, 8:00 a.m. to 1:00 p.m. (Indian Standard Time).
According to the World Bank, remittances from New Zealand to India were $312 million in 2014.
Money transfer recipients in India who do not have access to a bank account can still use a traditional cash-to-cash MoneyGram service accessible through more than 50,000 agent locations in India.
*Transactions completed after banking hours will be deposited the next business day. Timing of funds availability is subject to banking hours and compliance with regulatory requirements.
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About MoneyGram International, Inc.
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 moneygram.com
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