HayPost, the national postal operator of the Republic of Armenia, and Ria Money Transfer (Ria), the third largest money transfer company in the world, have announced a partnership to provide inbound and outbound money transfer services throughout Armenia.

According to HayPost, the new contract will allow HayPost customers to receive cash remittances in euro (EUR) and US dollars (USD) at any of HayPost’s 600+ onlinepost offices in Armenia.

“The new agreement, in addition to providing a secure and economical service, Ria’s rapid transfer system enables HayPost customers to receive transfers from family and friends abroad within minutes. HayPost customers can also send money through Ria’s global network which spans 147 countries and 287,000 locations”, the statement reads.

With the help of HayPost’s Glendale branch costumers that live in the U.S. can also use Ria Money Transfer to send cash to their loved ones in Armenia.

“One of our missions is to provide quality, fast and affordable services to our customers. We are confident that our partnership with Ria Money Transfer fits within this mission and are hopeful our work together will yield tangible results in the near future”, said General Director of “HayPost Trust Management” BV Juan Pablo Gechidjian.

“HayPost also has many strategically located branches in remote locations and we’re looking forward to better serving Armenians living abroad by giving them a secure and affordable alternative for sending money home to their families”, said Ria’s President and CEO, Juan Bianchi.

In 2014, the World Bank estimated that Armenia received USD2.2 billion in remittances and that remittances accounted for 21% of the country’s GDP in 2013. This data places Armenia in the top 10 countries most dependent on remittances globally.