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Money Transfer from Russia to China via Post of Russia
July 13, 2007 15:58

The Post of Russia, a money transfer leader on Russian market, has announced of its lounging a money transfer draft. It’s the first experience for the Post of Russia in the cross-border transfer market. Still the game is worth the candle as the volume of this business is valued as much as $6 bln. The starting country for this draft is China. France, Arab Emirates and Turkey are regarded as future partners.

The Russian Post Office and a group of companies Post of China signed the agreement of electronic money exchange in the middle of June. Start this week, this service is available for all the customers. Referring to Irina Mekhanik, the head of press-service of Post of Russia, China has become the first country to sing such an agreement. According to the agreement both natural and legal persons can use the service. The maximum sum of money to transfer is $1.4 thousand. The service tariffs are 5-8% depending on the transferring sum.

As Central Bank claims, the amount of money transfer from Russia was $6 bln in 2006. China holds the 9th place among the destination countries: its share is 4.6% ($278mln) of the whole transfer sum. In the first quarter this year the total transfer sum from Russia to China made up $71mln.

At the moment Post of Russia is a money transfer leader in the home market, its share is 30-50%. Labour migrants are the main profit source. The Chinese is the largest legal migrant group (210 thousand of people, followed by the Ukrainians, says Federal Migration Service.

 Integration into the Chinese market can improve the status of Post of Russia in the cross-border money transfer market; its share now is 4%. China is rather attractive for business development; as first, it has constant trade and industrial growth, second, tourism growth, third, a high level of migration. Russian-Chinese dynamic money transfer growth can prove it, its speed doubles each year.

Sources: based on the article by Ruslan Sharipov

Irina Fomina


Tags: Central bank     

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