MoneyGram further expands account deposit services with launch in Ukraine

MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, announced that it is partnering with Industrialbank, to create a new bank deposit service in Ukraine. MoneyGram is the first company in the industry to enable consumers to send money directly to any receiver’s bank account in the country.

“MoneyGram is in the middle of a global transformation,” said Alex Holmes, MoneyGram Chairman and Chief Executive Officer. “As the company evolves to meet the changing needs of consumers around the world, we’re focused on accelerating digital growth through the expansion of account deposit capabilities to new markets. Our new partnership with Industrialbank in Ukraine is one of a number of recent partnership signings that highlight our ongoing strategic investments to upgrade and expand our service in key receive markets.”

Available at more than 400 banks across the globe, the MoneyGram account deposit service is easy and reliable. Customers simply enter the information required for the sender and receiver at the point of sale and then select the bank deposit option. In Ukraine, funds are available in the receiver’s bank account the same day if sent within Ukrainian business hours, otherwise will be available on the following business day with no back-end fees and low, locked-in exchange rates.

“Industrialbank is one of the leading banks in the Ukraine. Its success on the foreign markets and focus on improving customer services for the Ukrainian market have led to providing the new account deposit product for Ukraine, which has no equivalent in the CIS. I am grateful for the MoneyGram and Industrialbank teams for implementing such a project,” said Mykhailo Bukreev, Chairman of the Board of Industrialbank.

According to World Bank data, Ukraine received a record of more than $14 billion in 2018, up about 19 percent over what the country received in 2017. As the largest remittance recipient in Europe and Central Asia region, this new service should help give the country a more convenient and easy way to gain access to funds and greater financial inclusion.