MoneyGram Expands Portuguese Reach with Banco Espirito Santo

MoneyGram MGI, a leading global money transfer company, announced today that it has signed an agreement with Banco Espírito Santo (EURONEXT: BES), one of Portugal's largest banks, and is now offering its funds transfer services at bank locations across the country. The agreement boosts MoneyGram's presence in Portugal and brings added convenience to both BES and MoneyGram customers. “We're committed to making our money transfer services easy to access,” said João Camara, MoneyGram's country manager for Portugal and Cape Verde. “By expanding our network with BES, a bank that customers have come to trust, we're increasing the convenience and accessibility of our services. This ultimately enables our customers to more easily reach loved ones, whether nearby or across the globe.” According to the Portuguese Immigration Observatory, the number of Portuguese immigrants increased to nearly three million, with destinations including Angola, France, Brazil and Switzerland. According to Bank of Portugal's latest figures, the country received nearly $3 billion and sent nearly more than $500 million in 2012. MoneyGram's services enable customers in Portugal to send and receive funds both domestically and internationally.