Global fund transfer company MoneyGram International Inc.MGI announced the extension of its agreement with Travel Money Group.
Per the agreement, customers in Australia and New Zealand will be able to remit funds to India, Philippines, the Pacific Islands, and over 200 other countries and territories, from any of Travel Money's 140 plus centers in the respective regions.
Travel Money Group, which is owned by Australia's largest travel business, Flight Centre Travel Group, is a specialist retailer of foreign currency, pre-paid multi currency cards, travel insurance and international money transfer services. MoneyGram has therefore chosen to renew its agreement with Travel Money Group to gain an easy access to customers by virtue of the latter's strong presence in the market it serves.
This step by MoneyGram also points to the potential growth it foresees from the region. According to the data issued by the World Bank, more than $3412 million is sent from Australia and New Zealand to India, Philippines, and the Pacific Islands annually.
We expect such alliances to boost MoneyGram's global market position, and accelerate the company's organic growth by boosting its money transfer business. Currently, MoneyGram offers worldwide money transfer services in more than 200 countries through a global network of 350,000 agent locations.
Currently, MoneyGram carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same sector include Euronet Worldwide, Inc. EEFT , Financial Engines, Inc. FNGN and Houlihan Lokey, Inc. HLI . While Euronet Worldwide carries a Zacks Rank # 1 (Strong Buy), the other two stocks carry a Zacks Rank # 2 (Buy).