MoneyGram is committed to helping people and businesses by providing affordable, reliable and convenient payment services. An international company, MoneyGram has more than 190,000 locations in 190 countries and territories, allowing credit union members to economically and efficiently move money around the world, or close to home. One of our oldest alliance relationships, MoneyGram has had a strategic alliance with CUNA Strategic Services to offer value-priced transaction services for credit unions for more than 30 years.
MoneyGram is well-positioned to assist credit unions in meeting the needs of the unbanked and underserved. The company is a global leader in wire transfers and the largest money order provider in the world. MoneyGram can help your credit union attract and retain underserved populations, providing those critical first services that help you turn them into loyal, profitable members.
Credit unions that outsource transaction services with MoneyGram are able to offer a comprehensive program which frees up staff time and guarantees compliance. The program is fully-supported by MoneyGram, and backed by their nearly 70 years of expertise, their 190,000 agent locations and presence in 190 countries.
Money Transfer Services
MoneyGram stands out in the marketplace as the money transfer service that delivers the greatest value to credit union members. The service typically costs less than a Western Union transaction, which is important because, generally speaking, the people utilizing this service are the least able to absorb high transaction fees. MoneyGram also offers additional value to members such as a free 3-minute call and a 10-word message to accompany funds, for transactions in the Western Hemisphere.
The credit union can conduct send, receive and express payment transactions, drawing unbanked or underserved individuals into the branch, generating revenue for the credit union through commissions paid to them by MoneyGram. Program features include:
MoneyGram ExpressPayment service helps your members by making bill payments a lot less stressful. With the ExpressPayment service from MoneyGram, you can give members a critical, last minute cash payment option when a bill has to be expedited for payment. Mortgages, credit cards, auto loans and more can be quickly paid from your credit union using MoneyGram, helping members to avoid costly late fees. Plus members can easily load money onto hundreds of prepaid cards using MoneyGram ExpressPayment service.
Members pay their bills or load their prepaid cards using cash and notification of payment is made to their company within minutes.
Bill payment notification made within ten minutes. Actual payment posting time may vary by biller.
An additional benefit to the Official Check program is fee income to your credit union; you earn fees on your outstanding official checks until they clear.