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CONTACT-Account Service added new countries

11 April 2018

Money transfers via CONTACT system can now be sent to individuals' accounts opened in any bank of Australia, Bangladesh, Egypt, Kenya, India, Pakistan, Sri Lanka, Ethiopia.

New countries have been added to CONTACT-Account service for the cash-to-account money transfers. Now one can send money via the CONTACT online-platform, as well as at the system’s POS located in Russia, the CIS countries to individuals' accounts opened in any bank of Australia, Bangladesh, Egypt, Kenya, India, Pakistan, Sri Lanka, Ethiopia.

Transfers are processed in US dollars with the subsequent conversion to the national currencies * of the recipient’s country. The conversion rate is available for the sender at the procedure. Money transfers are enrolled on the same day if they were sent before 15:00 local time of the country of destination, or the next day if sent after 15:00. The maximum amount of transfer varies from 2300 to 7000 US dollars, depending on the country.

"Currently, the CONTACT-Account service offers one of the widest choice of countries for sending cash transfers to banking accounts. It includes the EU countries, the USA, Canada, China, Turkey. This service is unique for such countries as Bangladesh, India, Pakistan and Sri Lanka, - said Elena Gafarova, vice-president of the CONTACT system for international development. - For most CONTACT users who send money to non-CIS countries, the option of crediting funds to individuals accounts plays an important role, since it meets the national legislative requirements in the area of ​​currency control and money transfer operations for individuals. Not surprisingly, the cash-to-account transfers are the most common way of supporting financial ties in many countries".

A full list of countries where the CONTACT-Account is available and requirements for the details of remittances with due regard to the country specifics, can be found on the service page on the CONTACT system website.

* In Egypt and Australia, enrollment in US dollars is additionally available.