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Migrants can save on money transfers from Russia to Kyrgyzstan

Mir payment system enters the market of cross-border transfers to the CIS countries — transfers to the banks of Uzbekistan and Kyrgyzstan will be available for its cardholders. Kommersant reports.

Transfer of money service is available since yesterday. The first to start offering the new service is Post-Bank and Russian Standard Bank. Transfers can be made from Mir card to the cards of any banks participating in the Elcard (Kyrgyzstan) and Uzcard (Uzbekistan) payment systems.

The National Payment Card System (NPCS, Mir payment system operator) claims that with this method of transfers, clients will be able to save on fees from 1 to 3 percent.

According to the head of the NPCS Vladimir Komlev, banks are offered the same conditions for cross-border transfers as for domestic ones. Moreover, the service involves conversion from rubles to national currency at a rate close to the rate of the Central Bank of Russia.

The head of Interbank Processing Center, operator of Elcard system, Ulan Aiylchiev noted that money transfers will become more accessible, convenient and quick.

According to the Central Bank of the Russian Federation, in the first quarter, the volume of cross-border transfers from Russia to Kyrgyzstan amounted to $ 359 million. It is noted that remittances to the republic decreased by 22 percent.