Diasporic Entrepreneurship in the Caribbean - Firm Profiles.pdf Vol 2 | Page 47

Remittance Firms

18. GRACE KENNEDY MONEY SERVICES*
Company Background:
GraceKennedy Money Services (GKMS) is part
of the GraceKennedy Remittance Limited
(GKRS) Group of Companies, a wholly owned
subsidiary of GraceKennedy Limited. It is the
umbrella brand for the services of Western
Union, FX Traders and Bill Express. The GKMS
network has over 300 locations across Jamaica,
which provides at least one or all of the various
monetary services. GKMS also operates in other
locations in the Caribbean.
Main Products/Services:
Bill Express
In 2002, GKMS launched a one stop shop for
full payment solutions, through the Bill Express
Brand, whereby customers aree able to pay
most of their bills in any of the 200 locations in
Dominica, Grenada, Guyana, Jamaica, St. Lucia,
and Trinidad and Tobago.
Bill Express Online
This is an online service that allows customers
to pay multiple bills online 24 hours 7 days
a week. The Bill Express on-line service
accepts locally and internationally issued Visa
and MasterCard credit cards. Payments are
communicated to merchants as soon as the
credit card payment is authorized.
Western Union
GraceKennedy Remittance Services Limited
(GKRS) was established in 1990 to operate
as the exclusive agent of Western Union
Financial Services in Jamaica and offers an
exclusive remittance service through the brand
Western Union. In 2008, GKMS was appointed
a Western Union master agent in the United
Kingdom.
The success of the alliance between
GraceKennedy and Western Union
International facilitated GKRS’s expansion into
Trinidad & Tobago in 1992 and into Guyana
in 1993. Today, the network stretches across 8
countries and is supported by an international
agent base which operates in over 300 countries
worldwide.

Western Union offers 3 types of money
transfer services:
Inbound Transfers – Once money is sent, it
is available to the recipient in minutes and
payment is made in the local currency
Outbound Transfers – Customers can send
money from all Western Union locations
to any Western Union location in over 300
countries worldwide.
Intra-island Money Transfers – Customers can
make quick transfers and pick-up of funds
throughout the island.
FX Trader
In 1996 FX Trader was launched as a cambio
in Jamaica, which buys and sells foreign
currencies at competitive rates to the general
public. FX Trader operates from over 20
locations in Jamaica and 14 locations across
Trinidad & Tobago.
FX Trader buys and sells in 5 major foreign
currencies namely – US, Sterling Pounds,
Canadian, EC and Cayman Dollars. Customers
may purchase these foreign currencies using
– cash, debit card or manager’s cheques. FX
Trader is also the first cambio to offer a toll-free
service that has 24-hour rate updates.
Location:
Jamaica (300 locations island-wide), Trinidad
and Tobago, Guyana, Antigua and Barbuda,
Montserrat, St. Kitts and Nevis, and St. Vincent
and the Grenadines.

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