MoneyGram Announces Agreement with Cotacao DTVM in Brazil

Latin America - español

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Sep 17, 2015, 09:00 ET

SAO PAULO, Sept. 17, 2015 /PRNewswire/ -- MoneyGram (NASDAQ: MGI), a global provider of innovative money transfer and payment services, announces today that it has reached an agreement with Cotacao DTVM to enable customers in Brazil to send money transfers to friends and family from more than 50 Cotacao DTVM exchange houses in the country.

"We are pleased to work with Cotacao DTVM, one of the largest distributors of currency exchange in Brazil, to serve our customers who need to send money quickly and securely to family and friends around the world," says Pedro Saro, MoneyGram's vice president Mexico, Latin America and Caribbean. "Our new relationship will help MoneyGram achieve its goal to provide convenient and reliable access to financial services for customers in every corner of the world."

"The agreement with MoneyGram reinforces Cotacao's focus in offering our customers products and services of the utmost quality," says Alexandre Fialho, Cotacao Director. "We are certain that our clients want to send money outside of Brazil quickly and securely while receiving great customer service. We are pleased to work with MoneyGram to offer our customers these services."

MoneyGram has also recently opened an office in Brazil to provide increased presence and support for agents, consumers and business partners as remittances from the country continue to grow.

According to the World Bank, outbound remittances from Brazil have increased to about $1 billion. Most of the transfers were sent to Portugal, Spain, and Japan. Nearly $2.5 billion flowed into Brazil last year, most of that was from the United States.

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.

About Cotacao

In Brazil since 1968, Cotacao DTVM is one of the largest distributors of currency exchange in Brazil. Cotacao was the first in the industry to receive the International Quality Certificate ISO 9001. This qualification is the result of providing continuous quality services and benefits to its clients, such as international prepaid cards home delivery - Visa TravelMoney (Visa) or Travel Card (MasterCard) - in addition to currency exchange delivery to the nearby towns and to its subsidiaries.

Headquartered in Sao Paulo, has approximately 1 million customers and over 50 branches located in Campinas, Ribeirao Preto, Rio de Janeiro, Curitiba, Florianopolis, Brasilia, Porto Alegre, Goiania, Belo Horizonte and Salvador, among other locations.

SOURCE MoneyGram