Moneygram International Inc. in collaboration with payments’ company Earthport, has launched direct to bank transfer service in Romania.

The new service will enable money transfer from across the globe to RON Bank account in Romania. Direct to bank international money transfers are preferred by customers looking for the convenience of funds received directly into a bank account.

The provision of this service is a strong demonstration of the company’s commitment to better serve the needs of Romanians.
MoneyGram has partnered with Earthport since the latter boasts a wide connection to more than 60 local currency clearing systems.

Also, Romania holds a significant market opportunity, since it is one of the largest remittance receivers in Eastern Europe. As per World Bank, an estimated $3.2 billion was remitted to Romania in 2015. Per the International Organization of Migration, 16.5% of Romanians live outside the country, migrating mainly to Italy, Germany and Spain. Romanians living in these three nations account for 50% of all cross-border money transfers into Romania. This requires a streamlined remittance transferring system.

Moneygram’s peer Western Union Co. (WU Quick QuoteWU - Free Report) also provides the facility of transfer money into bank accounts in more than 50 countries. It also offers money remittance service in Romania in collaboration with MasterCard Incorporated (MA Quick QuoteMA - Free Report) and Banca Transilvania (BT).

MoneyGram carries a Zacks Rank # 3 (Hold). A better-ranked stock in the space is Euronet Worldwide, Inc. (EEFT Quick QuoteEEFT - Free Report) with a Zacks Rank #2 (Buy).

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