Russian Post Opens Money Transfer Line to China
State-owned Russian Post said last Thursday it is launching a money transfer service to China in its first ever foreign venture. The Russian money transfer leader plans to sign next partnership deals with postal services in France, the United Arab Emirates and Turkey.
A money transfer deal with China Post was signed in mid-June, Russian Post told Kommersant. Russians and Chinese have been able to send money through the service since Monday.
China has become Russian Post’s first foreign partner in money transfers. The state-run postal service plans to reach similar agreements with their partners in France, the United Arab Emirates and Turkey.
USD 6 billion was sent from Russia in money transfers in 2006, according to the Central Bank. China is ranked 9th in the list of countries receiving the biggest amount of transfers from Russia.
Russian Post is the leader of the country’s leader money transfer with some 40 percent of the market.
Money transfer services largely rely on labour migrants’ remittances. 210,000 Chinese work in Russia making up the largest migrant labour group.
Experts note that Chinese are quite conservative and prefer services of big corporations, which increase Russian Post for success.
