AKB Industrialbank : INDUSTRIALBANK signed an agreement with WesternUnion for RUB transfers

03.11.2016

With effect in November 2016, INDUSTRIALBANK signed an agreement with WesternUnion, international express money transfer system, in order to provide its customers with services related to transfer and receipt of money denominated in Russian rouble (RUB).

Fee schedule for RUB transfers within the system is as follows: up to RUB5,000 - RUB 100, RUB 5,000.01 to RUB 50,000 - 1.7% of amount of transfer, up to RUB 100,000 - 1.3% of amount of transfer, over RUB 100,000 - 1% of amount of transfer.

A slightly different fee schedule is provided for '12 hours' plan, through which money can be received in 12 hours after being remitted. Namely: up to RUB5,000 a fee makes RUB 50, RUB 5,000.01 to RUB 10 000 - 1% of amount of transfer, over RUB 10,000 - 0,5% of amount of transfer. Maximum amount of money transfer through '12 hours' plan cannot exceed RUB 100,000.

'This is a very opportune innovation, which will be of interest of the customers, utilizing services of RUB transfer between the near abroad countries. Hence, the customer-remitting party makes RUB transfer, and the customer - beneficiary receives such transfer also in RUB. It allows the customers to avoid excessive expenses related to conversion of RUB into USD/EUR while making international transfers', - Konstantin Varnin, Deputy Head of Retail and Small Business Department of JSCB 'INDUSTRIALBANK' says.

According to Decree of the President ¹ 4672016 posted in web-site of the President, sanctions are imposed to certain money transfer systems. One of four appendices contains a list of companies, which activities are restricted in the territory of Ukraine. Among them are payment systems: 'Zolotaya Korona', 'Colibri', 'International Money Transfer System Leader', 'Unistream', Anelik èBlizko.

Reference:
JSCB 'INDUSTRIALBANK' (Zaporozhye) was established in 1990. It is a universal bank offering a wide range of services to companies, entrepreneurs and individuals. Financial reliability of the bank is confirmed by rating agency 'Credit-Rating' as uaA-, Outlook 'Stable'.