Locations in Mexico
LAKEWOOD, Colo.--(BUSINESS WIRE)--April 16, 2002--MoneyGram
Payment Systems, Inc., has signed a strategic alliance with Banco
Mercantil del Norte, S.A., to provide its electronic money transfer
service for U.S. customers sending funds to Mexico. Banco Mercantil
del Norte, S.A., doing business as Banorte, is one of the largest
banks in Mexico and the principal subsidiary of Grupo Financiero
The agreement, signed April 16 at Banorte's headquarters in Mexico
City, will make MoneyGram's Cambio Plus service the featured money
transfer service at Banorte's locations throughout Mexico. Cambio Plus
service allows customers to send any amount of money to Mexico in 10
minutes for a flat $15 fee and offers one of the most competitive peso
payout rates in the industry. In addition, customers receive a free
3-minute telephone call and an additional 5 percent discount off of
the fees when they use their MoneyGram MoneySaver card.
"MoneyGram's alliance with Banorte demonstrates our continued
commitment to the Mexican market," said Tony Ryan, vice president and
general manager for Travelers Express/MoneyGram. "This contract
enhances MoneyGram's already strong presence in Mexico by adding 1,186
Banorte branches to our extensive network of locations available for
money transfer payouts."
Banorte's Director of Commercial Banking Othon Ruiz Montemayor
believes the alliance will bring forth "a fruitful working
relationship, that will be characterized by the excellence of service
rendered by two leaders in their respective industries. We are very
enthusiastic about the new service we will provide customers through
MoneyGram, a leader in the money transfer business."
MoneyGram Payment Systems, Inc., a subsidiary of Travelers Express
Company, is a leading money transfer services company with more than
50,000 locations in more than 150 countries around the world.
Travelers Express is a subsidiary of Viad Corp (NYSE:VVI) and provides
payment services in the financial, retail and money transfer areas.
Grupo Financiero Banorte (GFNorte) is 100% Mexican. Recently, they
acquired Bancrecer, S.A., becoming the fourth in the market of
deposits and third in credit approvals. This was an important step
that kept them as a major competitor in their country. Banorte has a
total of 1,186 locations and 2,700 ATMs throughout Mexico.
Note: In addition to the transfer fees applicable to a
transaction, a currency exchange rate set by MoneyGram or its agents
will be applied.
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