Russian banks record growing demand on transfers to near abroad countries

01.08.2022 | 17:14 Home / News / Fintech /
#Russian banks #transfers #near abroad
Russian banks record a multiple increase in the demand of citizens for cross-border transfers to neighboring countries, writes Frank Media with reference to a survey of banks conducted by Vedomosti.

There are several main reasons for the growth of cross-border transfers. The first is the withdrawal of Western Union - the international money transfer system - from the Russian market and the flow of customers to other channels and methods of transfer. In addition, a number of major banks, including Sberbank and VTB, have been disconnected from SWIFT, which makes transfers in euros and dollars impossible. Those banks that can still use SWIFT began to experience difficulties with transfers: the time for transfers increased significantly, counterparties began to refuse transfers or payment verifications.

The second reason is the relocation of Russians, as a result of which the demand for transfers to relatives, friends and work partners is growing. Another reason is the increase of the volume of possible transfers by the Bank of Russia (CB) and the expansion of directions for transfers from cards of Mir - Russian payment system.

Another factor in the growth in demand for cross-border payments through a bank is the closure of the Unistream system by a number of countries for transfers. The trend of growing demand for such transactions will only intensify in the future.

- Cross-border transfers from card to card at Post Bank in May-June have more than doubled. Of all transfers abroad, 85-90% of transactions are transfers to cards of foreign banks: more than 30 thousand made monthly in the bank. On average, customers transfer about 11 thousand rubles. The most popular countries are Kazakhstan, Uzbekistan, Armenia, Greece and Bulgaria: transfers to these countries increased 3 times as compared with a year earlier.

- Since the launch of the VTB service for cross-border transfers in June to Armenia, Azerbaijan, Belarus, Kazakhstan and Vietnam, by bank details in national currencies to the accounts of individuals and legal entities, customers have made two thousand transfers of 500 million rubles. The average transfer amount is 250 thousand rubles.

- Most often, citizens transfer funds through MTS Bank to the CIS countries - Armenia, Uzbekistan, Azerbaijan, and Georgia. The average check of a transfer in a bank through the Fast Payment System is 10-15 thousand rubles, for transfers by name - 35-40 thousand.

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