MoneyGram recently introduced a new cash-to-account service with Industrial and Commercial Bank of China (ICBC). With the service, consumers can now send money directly into ICBC bank accounts in China.

ICBC has locations across China and manages more than 269 million personal banking customers. It has been a MoneyGram cash payout agent since 1995 and has more than 1,500 locations offering MoneyGram service in about 400 cities.

The service will be marketed at MoneyGram locations in select areas that have large populations of Chinese immigrants and migrant workers. According to the World Bank, China received more than $51 billion in remittances from all over the world in 2010, making it the second-largest receiver of money transfers in the world.

In addition to the U.S., the service of sending directly to ICBC accounts will also be available to customers in 20 other markets, including UK, Greece, Germany, Hong Kong, Australia and Japan.