First Azerbaijani money transfer System Established
Azerbaijan, Baku / corr Trend I.Khalilova / Zamin bank has developed the first Azerbaijani international money transfer system - Caspian Money Transfer.
Nadir Ismayilov, the Chairman of the board of the bank, said due considerable demand by clients all branches and units of Zamin Bank have begun accepting and delivering money transfers 24 hours a day since 1 May 2007.
A distinguishing factor of the system is the minimal commission rates of 1-1.5% for transfer via Caspian Money Transfer, and a delivery time of only 2-3 minutes, while the beneficiary does not pay a commission.
The commission rate for transfer of US dollar, euros and rubles via Contact is 3% and takes 3-5 minutes, via Migom - from 2-3% commission and takes 5-10 minutes. The standard commission rate for money transfer via InterExpress is 1.5-2.5% and can take up to15minutes, while Western Union's tariffs exceed 4% depending on the sum of transferred.
Ismayilov said that for now Caspian Money Transfer is applicable only in CIS countries, although in the near future it will cover the Baltic countries, near and far abroad. The joining of Azerbaijan's leading banks to this system will enable money transfer to any point of the world. Moreover, Zamin Bank has established relationships with 45 banks around the world.
The need to establish an Azerbaijani system to transfer monies is associated with the high number of Azerbaijanis residing out of the country, who carry out money transfer every month.
According to the Russian Central Bank, last year money transfers from Russia to Azerbaijan made up $1.07bln, Tajikistan - $1bln, Ukraine - $2.4bln and Armenia - $850mln.