Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

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     

Next Previous

You might also find interesting:

Building Of Izvestia Sold Out Forbes Included Elvira Nabiullina in the Ranking of 100 Most Influential Women in the World Capturing Moscow Singers Boycott Russian Radio More than 200 Navigation Signs will Help Football Fans in Moscow

Comment on our site

RSS   twitter      submit

Northern Ural  Russian hospitality business  Russian painters  Russian business  Taimyr  St. Petersburg  Moscow State University  Promsvyazbank   Russian fashion designer  train tickets Russia FIFA  Mercedes-Benz Fashion Week Russia  Russian sportwomen  Malina-Jazz   Meccano  Resort Olympus  E-travel 2013  odd news  Russian Miniature Painting  Cheburashka   the Sun  Fyodor Pavlovich Reshetnikov  Russian sportswomen  Swarm  Tomsk  International space station  Kolomenskoye Park  Music Festivals  Russian tourism  Central House of Artist  Russian international relations  Museon Park of Arts  Russian Cinema  Stay Home Online Events  Russian science  Vladimir Voinovich  Ilya Repin  Russian economy  Russian scientists  Exhibitions in Moscow  State Darwin Museum  Russian football  book hotels in Russia  Siberia  Vandalism  business  ENEA  Russian trade  Moscow  Fabio Capello  The Romanov Family 

Travel Blogs
Top Traveling Sites