Minneapolis, MN–(HISPANIC PR WIRE – BUSINESS WIRE)–June 1, 2004–U.S. Bank and MoneyGram have joined forces to provide international money transfer services through U.S. Bank branch offices in an effort to conveniently meet customer demand for the service and capture an even greater share of the international remittance business. The contract makes U.S. Bank MoneyGram’s largest bank affiliate in the United States.
U.S. Bank will initially offer MoneyGram in 213 branches in Chicago, Los Angeles, Milwaukee and San Diego in the first phase, which will be up and running in August, with plans to offer the program in all branches in 24 states by early 2005.
U.S. Bank found success in providing consumers with low cost money transfer solutions when it launched two Mexican remittance programs in 2003. The card-based Secure Money Transfer product and relationship with Mexico’s L@Red de la Gente provides consumers with low cost options to send funds to more than 20,000 ATMs or 750 L@Red de la Gente locations in Mexico. L@Red de la Gente is part of the MoneyGram network.
The addition of the MoneyGram network opens additional outlets in Mexico and access to 160 other countries, including some of the most reputable financial and retail locations in the world. MoneyGram complements existing money transfer capabilities at U.S. Bank and provides greater flexibility for current and prospective customers who wish to send money safely and quickly to friends, family or associates in all parts of the world. The Inter-American Development Bank in Washington, D.C. estimates that more than $30 billion in remittances are expected to be sent from the United States to Latin America during 2004.
“This alliance makes a proven customer convenience available to even more people who have money transfer needs beyond Mexico,” said Richard Davis, vice chairman of commercial and consumer banking at U.S. Bank. “MoneyGram has built a reputation for providing superior service by always making the customer their first priority, which are principles that U.S. Bank shares in every customer interaction. We’re proud to collaborate with a company of such high standards to provide even greater convenience to our shared customers.”
“We’re excited to have a five-star service bank like U.S. Bank join our extensive global network for sending money transfers,” added Phil Milne, MoneyGram’s president and chief executive officer. “By selecting MoneyGram, U.S. Bank is giving its customers the affordable, reliable and convenient choice for sending money.”
The price will vary based on the dollar amount being transferred and the destination. MoneyGram has 68,000 outlets in more than 160 countries, including more than 6,000 outlets in Mexico alone.
MoneyGram, one of the world’s leading money transfer services. The company is a subsidiary of Minneapolis-based Travelers Express Company, Inc., which is a subsidiary of Viad Corp (NYSE:VVI). For more information or to locate a MoneyGram agent, visit the company’s Web site at http://www.moneygram.com.
About U.S. Bancorp
U.S. Bancorp (NYSE:USB), with assets of $192 billion, is the 7th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 ATMs in 24 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at http://www.usbank.com.
Teri Charest, 612-303-0732
Angela Phoenix, 602-207-5608