The new firms were combined with the company’s existing agent Italcambio, which now includes three of Venezuela’s five currency exchange companies into MoneyGram’s network and increasing its locations in Venezuela to 100.
MoneyGram Central America, South America and the Caribbean vice president George Zelinski said with Casa de Cambio Angulo Lopez and Venegiros Casa de Cambio, the company is significantly diversifying its network in the country and nearly doubling the number of locations available to its customers.
"Both financial institutions are experienced money transfer service providers. Joining the MoneyGram network expands each provider’s reach beyond the region for the first time," Zelinski added.
According to an estimate, Venezuela is an active send and receive remittance market, with $812m sent particularly from the nation’s 2 million immigrants.
MoneyGram offers money transfer services worldwide and bill payment services in the US and Canada through a global network of more than 267,000 agent locations including retailers, international post offices and financial institutions in 192 countries and territories worldwide.
