MoneyGram increases presence in Brazil with Cotacao DTVM

MoneyGram, a global provider of money transfer and payment services, recently announced that it has reached an agreement with Cotacao DTVM to enable customers in Brazil to send money transfers to friends and family from more than 50 Cotacao DTVM exchange houses in the country.

MoneyGram has also recently opened an office in Brazil to provide an increased presence and support for agents, consumers and business partners as remittances from the country continue to grow.

"The agreement with MoneyGram reinforces Cotacao's focus in offering our customers products and services of the utmost quality," Cotacao Director Alexandre Fialho said. "We are certain that our clients want to send money outside of Brazil quickly and securely while receiving great customer service. We are pleased to work with MoneyGram to offer our customers these services."

According to the World Bank, outbound remittances from Brazil have increased to about $1 billion. Most of the transfers were sent to Portugal, Spain and Japan. Nearly $2.5 billion flowed into Brazil last year, most of which was from the United States.

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