At present, less and less people use methods of money delivery through the familiars and friends, since more convenient and simple system exists. With occurrence of money transfer system, people do not need to spend much time and efforts. In this publication, we will consider thoroughly how this system works and what advantages are available.
Money transferremittances – it is form of money transfer through banking or postal system. This structure always includes a sender, receiver, intermediary charging some fee for provided services, and unique code of transfer transaction (each system has its own code).
What are money transfer systems?
There are various money transfer systems – they differ by methods of transfer, speed of transfer and service tariffication correspondingly. In Kyrgyzstan, the banks present more than 23 money transfer systems. Last years, remittances transferred via banking cards become more and more common.
How does money transfer works?
Money transfer is performed through Internet. Speed of money transfer does not depend on the region or country, in which the person resides either big city or small town. If Internet is available, 2-3 minutes would be enough that remittances go to the system of money transfer and they can be withdrawn in any place the client indicates.
Internal and external remittances
Money transfer can be implemented both within one state (for example, remittances from the capital to village) and abroad (for example, to America – transboundary remittances) in different currencies. In second case, money transfer can be made in the foreign currency, and after receiving, money can be converted in local currency if the client has such wish.
What is necessary for money transfer?
The client should come with passport in any point providing services on money transfer, and demonstrating the passport to tell a surname, name and patronymic name of the recipient and indicate the region, country where money must be withdrawn. Then, money should be brought to cash-desk. Whole process takes not more than 3-5 minutes. Also, you need to get code of remittance from the operator after transaction and report to the recipient.
Before the company or bank is selected where money transfer will be made, it is important to clarify existence of the point money will be received in location of your recipient.
What is necessary to receive remittances?
To withdraw money, the recipient should come to service point, showing the passport (ID – for the citizens of the Kyrgyz Republic), code of money transfer and telling amount to be withdrawn. After processing of required papers, the client approaches the cash-desk where he/she will get money.
What are advantages of money transfer?
Key advantage of money transfer is lack of need to open bank account and speed of service. It is convenient that the client living in the Naryn province can transfer money to Bishkek having only the passport.
Currently, it is one of the safe systems since video surveillance is conducted in all service points; every bank officer serving the client within the company strictly follows certain procedure.
What is benefit, which the state gains from remittances?
Our citizens working in the neighboring states use mainly the systems to transfer money to their relatives. It is convenient for the population of the country: anytime, the people may come, receive or transfer money saving their time and money. For the developing countries, transboundary remittances serve as substantial and sometimes main source of income.