Money transfer and payment services firm MoneyGram is launching a new money transfer service, Cash to ATM, in partnership with DSK Bank in Bulgaria.

With this service, DSK Bank debit card holders will be able to receive MoneyGram transfers in Bulgarian currency BGN at over 850 DSK Bank ATM terminals.

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MoneyGram Southern Europe vice president Massimo Canovi said: "With the launch of the service, MoneyGram strengthens its commitment to Bulgarian customers by offering convenient cash pick up. DSK Bank provides services for over 3 million customers, reaching nearly every Bulgarian family, who will now have convenient access to funds sent from loved ones around the world."

DSK Bank is looking to bank upon the high remittance rate of the country with remittances from Bulgarians working abroad totaling $1.6bn in 2013, according to the statistics provided by the World Bank.

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