First Azerbaijani Money Transfer System Integrates into Russian and Ukrainian Systems
Azerbaijan, Baku, 30 June / corr. Trend I.Khalilova/ Zamin Bank, stock-commercial bank, plans to complete integration of its Caspian money transfer system into international payment system of the Ukrainian Finance and Credit - AVERS bank, Nadir Ismayilov, chairman of the Supervisory board of Zamin Bank, said.
The two money transfer systems are getting integrated on the basis of a written agreement between the Azerbaijani and Ukrainian banks. Ismayilov said that an integration process would enable to extend the spectrum of coverage of these systems not only in Ukraine and Azerbaijan, but also in all parts of the world, where they had service offices.
Zamin Bank is a founder of money transfer system in Azerbaijan, like Finance and Credit in Ukraine. Caspian money transfer system was registered at the Ukrainian National Bank in February 2008, which enabled to connect Ukrainian banks to this system.
According to the head of the bank, first integration of the money transfer of this type was done with Russia's Zolotaya korona, with head office in Novosibirsk. The Russian system has ten offices in different countries. The integration process is almost complete and presently is on probation in the test mode and they will operate as integrated money transfer system from 1 July.
Currently, Caspian Money Transfer system is operating in nine countries including Russia, Georgia, Ukraine, Uzbekistan, Kyrgyzstan, Moldova, Tajikistan, England and Czech Republic. At present, the work is being done to include Italy and Dubai to the operating zone of Caspian Money Transfer. A program on strategic development, which specifies relevant measures, is devised for further improvement of the system.
The establishment of the Azerbaijani transfer system is necessary due to a great number of Azerbaijanis residing in foreign countries, who realize money transfers monthly. Particularly, about 800,000 Azerbaijanis live in Ukraine and more than 2mln in Russia.
Distinctive feature of the Azerbaijani system is the minimum commission rate for transfer via Caspian Money Transfer (2-1.5%) and it takes two or three minutes, whist the recipient does not pay any commission rate.The commission rate for money transfer in dollar, Euro and ruble is 3% within and out of Azerbaijan through Contact and take three-five minutes, whereas it comprises 2-3% via Migom taking 5-10 minutes to complete. Standard fee for money transfer via InterExpress is 1.5-2.5% and takes 15 minutes and more, though Western Union tariff exceeds 4% depending on the amount of transfer.
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