IDBank and Fora-Bank have announced their cooperation.

IDBank has stated that from now on, it is possible to make instant transfers via Idram application, IDBanking.am platform and FORA-BANK application between the cards and accounts of the two banks from Russia to Armenia and vice versa, without visiting bank branches.

To receive the instant transfer from Russia directly to your card or account, it is necessary to provide the sender an IDBank card or account number in any currency. The sender in Russia can transfer money through FORA-BANK application.

To make transfers from IDBank, it is necessary to have a RUR card or account in IDBank, from which the transfer to Fora-Bank will be made in rubles. Ruble account can be opened online via Idram application or IDBanking.am platform with no charge, and the ruble card can be ordered through the same channels of remote banking.

“Our clients frequently transfer money to their relatives and acquaintances abroad. We have decided to provide them with a service that will allow them not to worry about high commission fees and restrictions related to the time of sending the transfer. Now they can send money anytime in 2 minutes via their smartphone with minimum commission. Moreover, what is important, the recipient will immediately receive it on their card and will be able to use it. As the first destination we have chosen Armenia, where we have implemented this idea in cooperation with our colleagues from IDBank,” said Dmitri Orlov, Deputy Chairman of the Management Board of Fora-Bank.

“The service with minimal tariffs set is considered a novelty for IDBank clients and completes the list of online services. From both Armenia and Russia, the transfer is made via mobile application, and the client in Armenia, for example, can receive money on their card and manage their funds flexibly. By the way, in Armenia the transfer is received in the currency of the account/card of the client, and the exchange is made according to the buy rate for the digital platform, which is the most profitable in the banking system of Armenia,” said Sergey Arakelyan, Digital Banking Director of IDBank.

To use the service, clients need to download FORA-BANK application for Russian users, and the Armenian users need to have Idram application and become IDBank client (if you have not become yet) and pass the online procedure of synchronization via application in a few steps.

IDBank is controlled by the Central Bank of Armenia.