TODAY.AZ / Business

The International Bank of Azerbaijan expands its network of immediate transfers for natural persons

24 May 2006 [08:23] - TODAY.AZ
From May 19, 2006 the International Bank of Azerbaijan starts its operations in CONTACT system of immediate money transfers for natural persons without account.

According to IBA press-service, at initial stage the Bank will provide services only on issuance of transfers made by system agent banks. However, in near future will also be provided services on money transfers from Azerbaijan. Connection to system will allow our compatriots living in various cities of Russia and CIS to send their funds to families in Azerbaijan.

"CONTACT" — is one of largest money and payment transfers systems operating in roubles, US dollars and Euro in Russiam, CIS and abroad. The system share in money transfers across Russia and CIS is 17%, from Russia to foreign states-15%. Over 2005 the total volume of trasnfers via system was equal to 1 bln. dollars USA. In total the system is represented in 79 world countries and has more than 26000 transfer payment and issuance points, with more then 6000 of them located in Russia.

The peculiarity of the CONTACT is that money transfer service fee- 3% of the sum sent – paid by sender and recipient does not incur any additional costs, the speed of money transfer transaction varies from 1 minute to 1 hour, and also, the transfers can be made not only to CIS counties but also to Baltic states and foreign countries. The main difference of the system from similar systems- absence of minimum limit of transfers.

IBA has one of the largest service networks in the country – 36 branches and more than 120 offices. In Russia bank is represented by the subsidiary bank "The International Bank of Azerbaijan-Moscow", which in turn has branches in Saint-Petersburg and Yekaterinburg, as well as client service offices in Moscow, which also operate with immediate transfers from Russia to Azerbaijan and from Azerbaijan to Russia.

URL: http://www.today.az/news/business/26462.html

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