MoneyGram and Banco Rendimento Introduce Cash-to-Account Service in Brazil

MoneyGram International (NYSE:MGI), a leading global money transfer company, announced today the launch of its new "cash-to-account” service in Brazil with Banco Rendimento, one of Brazil’s leading banks and foreign exchange companies. The new service enables MoneyGram consumers to send money directly into any bank account in Brazil – effectively adding more than 15,000 bank locations to MoneyGram’s receive network.

"The Banco Rendimento relationship extends our money transfer product offering into the important cash-to-account segment in Brazil and provides our customers with access to receive funds in bank accounts across Brazil’s entire banking system,” said Dan O’Malley, MoneyGram executive vice president, Americas & Emerging Markets. "This agreement continues MoneyGram’s focused strategy to develop key relationships that expand our network and product delivery solutions.”

Brazil is one of Latin America’s largest cash-to-account remittance markets. According to World Bank estimates, up to 60 percent of the $4.7 billion USD in remittances sent to Brazil annually are cash-to-account transactions. Money is sent primarily from Brazilians living and working in the U.S., U.K., Italy, Spain, France and Portugal.

"With MoneyGram in our send network, we will strongly increase the availability of our services to Brazilians living abroad, especially in locations where the cash-to-account payments were not available before now,” said Roger Ades, product director for Banco Rendimento.

In addition to Brazil, MoneyGram also offers cash-to-account money transfer services at select agent locations in China, Poland, Mexico and the Philippines. MoneyGram also offers cash-to-cash money transfer services at 4,100 locations throughout Brazil and 256,000 locations globally.

About MoneyGram

MoneyGram International, Inc. (NYSE: MGI) is a leading global payment services company. The Company provides consumers with an efficient and secure way to send and receive money globally, make urgent bill payments and purchase money orders. MoneyGram's products and services are conveniently available through more than 256,000 agent locations in 192 countries and territories. Certain products and services are also available online. For more information, visit the Company's website at www.moneygram.com or follow us on Facebook.

About Banco Rendimento

Founded in 1992, Banco Rendimento is one of the leading foreign exchange and pre-paid operators in Brazil. Rendimento offers a wide range of international services such as remittances, foreign check cashing, wholesale and retail bank notes, wire transfers, trade financing and pre-paid cards. Through its subsidiaries Cotação DTVM S.A. and Agillitas Serviços de pagamentos S.A., Banco Rendimento caters to over 1 million customers and the majority of the largest companies in Brazil. More information can be found on the website www.rendimento.com.br.