Some years back, the traditional method of transferring money from one place to another was by the use of money orders or interbank transfers. These days, the convenient approach is to use a professional global money transfer company like MoneyGram International Inc. This firm is easily one of the biggest players in the money transfer business today. The solid reputation of this firm rests on its resilience, its size and the fact that it has been able to run a profitable operation for years.
As a supplier of global money transfer service, this firm has been in business for a very long time. In its present form, the public company now known as MoneyGram International Inc, was founded in 2004. This is the year in which the company assumed a new name and became a publicly traded firm. Before 2004, this firm had been doing business under the name Travelers Express.
At present, this company is the second largest money transfer company in the world. It has its corporate headquarters in Dallas Texas but maintains its important Minneapolis Minnesota office as the hub of its global operations. MoneyGram has over 200,000 agents located in different countries of the world. It also employs about 3,000 people and is presently owned by Thomas H Lee Partners and Goldman Sachs.
The major function of MoneyGram is to help people around the world send and receive money. This is obviously a very lucrative business because this firm seems to be doing very well. The main strength of MGI is the fact that it was founded on solid business ethics. Again, the company is staff-friendly and rewards staffers who have been loyal to the firm. Another strong point of this firm is that it offers prompt and efficient service to its clients.
For people who want to transfer money, the process is quite simple. The person can simply walk into any office of the firm anywhere in the world and get the transfer done. It is a simple matter of filling in the relevant information, paying the fee and sending the cash. The next step would be to inform the recipient of the money that the transaction has been completed.
Receiving the money sent by this method of money transfer is quite easy as well. For a start, the beneficiary needs to have the right reference number from the person who sent the cash. It would also help if the recipient has a valid form of identification. These may include a driver’s license, an international passport or a national ID card. With any of these documents, the recipient’s identity will be verified. The person can simply fill out the payment form, supply the correct reference number and collect the cash.
In some cases, the person receiving the money will be paid in local currency. In other cases, the agent or the bank handling the transaction may pay the recipient in American dollars. The best thing is about MoneyGram service is that it is fast, efficient and convenient.