Actual problems of the money transfer market. Russian money transfer market - a space of new opportunities
Suren Ayriyan, President of the international money transfer system "Unistream"
The technical innovations accumulating on the market have transformed into clear-cut technological breakthroughs, which have given the segment new channels for sending money, made it already an integral part of the field of electronic payments. The point of "no return" was passed when it was possible to draw a clear line between them and money transfers. In this regard, speaking about the current state of the money transfer market, we should note not so much an increase in the volume and number of clients, which is the case, but a new understanding of the market itself and fresh directions, primarily such as terminals, mobile transfers, transfers via the Internet. , new information carriers in the form of maps and much more. Integration with the field of electronic payments and other high-tech areas has become the main driver of the money transfer market last year. This sector began to actively seek and conquer more and more new areas, including retail chains. Money transfer is becoming part of one common information technology cluster, where various related business areas are intertwined.
One of the planes reflecting this new reality was the movement of the market towards the "virtualization" of services, towards the departure from the classical method of sending funds ("operator - client")
If we talk about retail chains, they have become attractive to operators primarily due to their mass character, their growing popularity, convenient location, and the fact that the technical base of retailers is ripe for integration with companies that carry out financial transactions, which, in particular, are money transfers. The average check for sending here is from 10 to 12 thousand rubles.
This sector of the market at one time made a tangible contribution to the development of another product segment: terminals. They, in turn, gave the green light to a contactless method of sending money.
Going to the terminal, the client finds the desired option on the screen, enters the data necessary for sending funds, inserts cash into the bill acceptor and that's it: the procedure is complete. The absence of a human factor, queues and unnecessary formalities, absolute superiority in number and density - all this has made the terminals one of the most popular dispatch channels.
If we speak in terms of turnovers, with the growth of "classics" at a rate of 20-30% per annum, and retail - at 60%, the volume of transfers through terminals demonstrates an increase of hundreds of percent.
The multiple growth of volumes embodied all the advantages that the terminals provided: from speed to convenience.
The terminals, having proven their efficiency and won the trust of customers, instantly went beyond the boundaries of simple shopping centers. Underground passages, railway and air terminals, large shopping centers, cinemas, etc. - all of them almost immediately became sites for placing terminals. They were followed by money transfers, giving a new aspect of quality "24 by 7".
Don't forget about profitability. Terminals can operate even in the smallest communities, including infrastructure such as remote railway stations.
All these obvious and seemingly obvious advantages are held back by only one drawback: terminals can only work for sending. This gave a powerful impetus to the development of a new sector, where money transfer operators were looking. The use of ATMs and bank cards, to which funds are transferred, is becoming a completely logical way out and a promising direction of activity.
Integration with large banks with extensive ATM networks turns, as a result, into a very attractive area for players who can apply for cooperation with powerful financial institutions.
The average check for terminals and ATM is only 5-6 thousand rubles, which is much lower than the “classic” one (20-30 thousand rubles per transfer). However, this does not in the least affect the attractiveness of this sector, because mass character and unprecedented territorial coverage are coming forward.
The top of the ladder “from classic to virtuality” is now firmly occupied by the so-called mobile transfers (transfer from a mobile account via SMS) and transfers via the Internet. Every mobile phone and every computer can serve the purpose of sending money (the "sending point" of a money transfer). Lightness, simplicity, complete contactlessness and extraordinary prospects. At the same time, the coverage network is unprecedented in scale and the minimum labor intensity of the entire process.
Here, the volumes were not so great, but the rates of their growth are impressive to experts: hundreds of times in a relatively short period of time.
At this level of market evolution, UNISTREAM has stepped forward, starting work with the giants of the mobile market (Beeline, Megafon) and preparing the basis for other important projects.
All the above-mentioned market development trends, of course, can be characterized as the opening of innovative sales channels and, already in the customer coordinate system, interesting options that give people new and new opportunities to send money, and for players - promising polygons for defending their interests and influence. In an environment of exceptional growth in competition and intensifying competition for the customer, new technology-intensive sending channels provide an extraordinary impetus to increase profitability and reduce costs, increase efficiency and convenience.
In parallel, such irreplaceable tools as unified customer cards are entering the market. They provide opportunities for instant identification, new applications and nudge players to create their own processing centers.
It is important to note that new product ideas, including retail and terminals, are not only promising and novelty. They have become part of a sector where clients send money in relatively small amounts, but on a regular basis, and thus become involved in civilized services. These channels do not seriously compete with classical channels (bank offices), but rather attract new customers to the civilized market who preferred to use the services of the gray market.
While talking about food cuts, there are certainly other aspects to consider.
The struggle for the client ends by means of a banal reduction of tariffs in many directions. Instead, new and new tools appear: options related to cards, terminals, specialized centers - a lot of interesting things that can be offered to the client and what is more relevant for him than a simple tariff reduction.
The struggle for the client went out into other planes. For example, translation speed. Instant translation has become a self-evident category.
Much attention is paid to the development and implementation of comprehensive loyalty programs. An example of this is UNISTREAM's unified customer cards, which set the tone for the entire forward movement on the card field in the money transfer segment. They were the key to completely minimizing the transfer time, launching new level bonus programs and many other applications.
A period of intensive development of addressless transfers has begun, when the sender indicates only the name of the addressee and his country of residence, and the recipient is given money at any point of the operator.
In the context of the movement from the transfer of contact to virtual translation, it is the recognition of the brands of systems, their "promotion" both in B2C and B2B spheres, that has become more and more important.
There is also a clearly growing "internationality" of operators, their desire and ambitions to enter more and more new ones.
If we talk about quantitative characteristics, the market is growing at an average rate of 30-35 percent per year.
The last year and a half have opened a completely new page in the history of the money transfer market, identified a stable and irrevocable scenario for its development towards further integration into the electronic payments segment. The intensive development of technologies has given the market completely different opportunities and new layers of the client audience. If earlier we talked about new products, today we are talking about whole opening directions that this integration gives us in combination with the promotion of IT systems. We expect the rapid development of these trends in 2011 and 2012.
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Introduction
international money transfer
This thesis is devoted to the review of modern money transfer systems of individuals acting in large numbers on the world stage, and which have become quite familiar in our country recently.
The relevance of this topic is quite obvious, since more and more often in our life we \u200b\u200bencounter these tools, and they become more and more developed and diverse in our market. In addition, over the past five to six years, the Internet has burst into our lives with rapid speed, together with its principles of communication, business, and, naturally, with its fundamentally new tools of money circulation and, in particular, money transfer systems. The velocity of money supply has increased significantly, information technology is developing rapidly, life itself has become more dynamic. This all necessitates the spread of quick and convenient money transfer mechanisms, in particular for individuals, as well as providing a legislative, organizational and legal framework for their effective and safe use in Russia.
The purpose of this work is to identify the main trends in the development of international money transfer systems, which takes place in the context of increased competition in recent years in this market and a sharp increase in the volume of money transfer flows of international labor migrants
To achieve this goal, the following tasks are set in the work, which determine the internal structure of the work:
1. Follow the history of the formation of money transfer systems.
2. To consider the impact of remittances on labor migrants on the development of international money transfer systems at the global level.
Explore the current state of the Russian market of money transfer systems.
Determine the position of each system in the money transfer market and their relationship with the growth of the migration process.
Using the example of Almazergienbank JSCB, to analyze the activity of international money transfer systems.
To conduct a comparative analysis of banks in Yakutsk offering money transfer services through international money transfer systems.
The scientific novelty of this work lies in the fact that the market for international money transfer systems in the Republic of Sakha (Yakutia) has been little studied and is an attempt to study it.
The practical significance lies in the fact that the results of the analysis carried out during the thesis research can be used as supporting, analytical material by bank specialists in Yakutsk. The work can be used as educational material.
The Object of the thesis is AKB Almazergienbank OJSC. The subject of the study is the analysis of international money transfer systems.
Thesis consists of three chapters. The first chapter is called “The concept and classification of remittances of individuals”. This chapter reveals the concept of remittances, considers the types of remittance systems, and special attention is paid to global remittance systems as a result of an increase in the number of international labor migrants.
The second chapter is called
MOSCOW BANK INSTITUTE
BANKING
COURSE WORK
on subject
"Bank operations"
on the topic of:
“Money transfers of individuals”
Students of group 2-BD-5
Fayzieva Alina Raisovna
Leader:
Gallyamova Anna Zakharovna
Moscow 2009
Introduction …………………………………………………………… 3
1.1. Basic concepts and definitions ……………………… ..4
1.2. General provisions ……………………………………… 6
1.3. The main conditions for the transfer of funds ........ 14
2.1. The current state of the money transfer market ....... 24
2.2. . Errors in the implementation of money transfers by individuals and possible ways to eliminate them ……………………… ..30
Prospects for the development of the money transfer market ........... ... 36
Conclusion ………………………………………………………… ..39
List of used literature …………………………… 40
Introduction
Money is a source of energy
J.M. Keynes
Money transfers of individuals are regulated in Russia by the Federal Law No. 222-P of April 1, 2003 “On the Procedure for Non-Cash Payments by Individuals in the Russian Federation”.
Under individuals Citizens are understood whose non-cash payments are not related to entrepreneurial activity.
Non-cash payments are carried out by individuals through credit organizations (branches) licensed by the Bank of Russia, providing for the opening and maintenance of bank accounts of individuals and / or the transfer of funds on behalf of individuals without opening bank accounts (except for postal transfers).
In this course work, I tried to analyze the basic principles of money transfers both with opening an account, and without opening an account.
Chapter 1 will deal with the general terms and conditions of the transfer of individuals.
Chapter 2 presents the current state of the money transfer market, about which money transfer systems currently exist, what are their advantages and disadvantages, and what mistakes are made and possible solutions.
Chapter 3 describes the most important trends and prospects for the development of the money transfer market.
Chapter 1
1.1. Basic concepts and definitions
For the purposes of this course, the following concepts, definitions and abbreviations are used:
Remittance - the amount of cash intended for payment to the recipient specified in the order of the sender.
Contract - an agreement concluded between the Organization and the Bank, on the basis of which the Bank makes Transfers on behalf of Payers on account of payment for the goods (services) of the Organization with subsequent crediting (transfer) to the bank account of this Organization.
Contract - an agreement, as well as additional agreements to it, concluded between the Organization and the Bank, according to which the Bank, on behalf of the Organization, carries out operations of receiving and issuing cash from customers through various money transfer systems.
Cashier - cashier of the operating cash desk of the Authorized Division of the Bank.
Customer - an individual (resident or non-resident) making or receiving cash in the Bank’s Authorized Bank Transfer Department.
Clearing bank - a bank performing mutual settlements between the bank of the sender and the bank of the recipient.
Controller - an employee of the Authorized division of the Bank, authorized to draw up and take into account documents on ongoing operations. In the Authorized Unit - the cash desk outside the cash register, the functions of the Controller may be performed by the Cashier.
Non-resident ( non-resident ) - an individual with a permanent residence abroad and temporarily located in Russia.
Operator - an employee of the Authorized division of the Bank, whose duties include the execution of money transfers.
Operation day - time that is part of the working day during which money transfer operations are performed in the Authorized Unit.
Operating cash desk - the cash desk of the Authorized Unit, in which the payer receives funds for the subsequent Transfer.
Sender - an individual who instructs the sender's bank to send a money transfer.
Recipient - an individual or legal entity that is the recipient of a money transfer.
Resident ( resident ) - an individual with a permanent residence in Russia, as well as temporarily located outside it.
Authorized Units - structural divisions of the Bank (additional offices, operating cash desks outside the Bank's cash center, branches) that provide services to customers with money transfers.
1.2. General Provisions
When transferring funds outside the Russian Federation, an individual who is resident Of the Russian Federation, has the right within one business day to transfer foreign currency or the currency of the Russian Federation in an amount not exceeding the equivalent of 5,000 US dollars.
For an individual - non-resident The amount of foreign currency transfer from the Russian Federation is not limited.
Foreign currency in favor of an individual can be transferred to the Russian Federation without limiting the amount.
Funds in rubles of the Russian Federation between individuals - residents and between individuals - non-residents on the territory of the Russian Federation can be transferred (received) without limiting the amount.
Transfers in the Russian Federation in foreign currency can be made between non-resident individuals.
a resident in the territory of the Russian Federation cannot send to a non-resident individual, but he is entitled to receive funds from a non-resident individual.
Cash in Russian rubles an individual -
a non-resident in the territory of the Russian Federation is entitled to send to an individual resident to an account with an authorized bank.
The residency of an individual is determined by the documents submitted by the individual and available information about the recipient or
payer. In order to determine the currency residence of an individual who is a foreign citizen or a stateless person, when transferring funds, in addition to an identification document, an individual must provide the Bank with a document confirming the right to stay in the Russian Federation.
Transfers worth more than US $ 7,500 require the separate approval of the Organization’s Service Center.
Residents must carry out all transfers on foreign exchange transactions from accounts with authorized banks, with the exception of certain transactions related, in particular, to donation, inheritance. Non-residents on the territory of Russia are entitled to open bank accounts in foreign currency and the currency of the Russian Federation only with authorized banks and carry out transactions with them in the manner established by the Central Bank.
Withdrawal of funds from the current account of an individual is carried out by the bank by order of the account holder or without its order in cases stipulated by law, on the basis of settlement documents within the limits of available funds on the account.
Passport or other document, in accordance with the legislation of the Russian Federation, an identity document (hereinafter referred to as an identity document);
- “Card with samples of signatures and seal imprint” of form 0401026 of the All-Russian classifier of management documentation OK 011-93 (hereinafter referred to as card f.0401026), drawn up in accordance with the procedure established by the Bank of Russia.
Other documents required by law and / or bank account agreement.
Settlement documents are filled out by individuals using office equipment, computers, or by hand with a pen or paste in black, blue or purple. When filling out settlement documents using office equipment or by hand, the second and subsequent copies of settlement documents can be made using carbon paper in black, blue or purple. It is allowed to use the second and subsequent copies of settlement documents obtained using the reproduction technique, provided that copying is carried out without distortion.
When transferring funds by an individual from his current account to a bank account of a legal entity or to a current account of an individual, as well as to other accounts (deposit account, account for settlements using bank cards), including the accounts of the payer in the settlement document in field "Payer", if an individual is a payer, in the field "Recipient", if an individual is a recipient, the surname, name, patronymic should be indicated in full (unless otherwise provided by law or national custom) (hereinafter - full name ) of an individual from whose account (s) money is transferred. When transferring funds by an individual, the payer’s tax identification number (TIN) of the individual (if any) is also indicated in the payer’s field in the payer’s document or in the Payer field after the full name in parentheses is the address of the place of residence (registration) or place of stay or the date and place of birth (hereinafter - other information about the payer established by law). When indicating the address of the place of residence (registration) or place of stay or place of birth, it is allowed to use abbreviations that allow you to definitely establish this information about the payer, when specifying the date it is allowed to use the DD.MM.YYYY format.
The procedure and conditions for conducting money transfer operations on behalf of individuals without opening a bank account are brought to the attention of individuals in a form that is accessible for review, including by posting information at customer service points, including internal structural units of the bank, and are considered accepted by an individual when he signs a document for transferring funds.
Banks carry out money transfer operations on behalf of an individual without opening a bank account on the basis of a document submitted by an individual. The form of the document intended for presentation / filling by individuals when transferring funds without opening a bank account is established by banks or the respective recipients of the funds to which payments are sent, provided that all necessary for the funds are provided in the document or in the contract of the bank with the recipient money transfer details, as well as the taxpayer identification number (TIN) of an individual (if any) or other information about the payer, established by law, on the basis of which banks fill out a payment order.
When transferring funds received from individuals to one recipient, a payment order can be filled out by the sending bank for the total amount, followed by transferring documents filled out by individuals in accordance with the terms of the agreement stipulating the obligation of the sending bank to send the documents to the payee , as well as the responsibility of the sender bank for default. A payment order is filled out and executed by the bank by the sender of the payment in accordance with the requirements for filling out settlement documents established by Bank of Russia Regulation No. 2-P.
For the provision of services to individuals of Transfers without opening an account, the Bank enters into an agreement with the corresponding Money Transfer System. Through a money transfer system on behalf of individuals without opening bank accounts, a Russian bank can:
Sending money transfers of individuals in rubles of the Russian Federation without opening a bank account on the territory of the Russian Federation in favor of individuals and legal entities;
Sending money transfers of individuals in rubles and foreign currency without opening a bank account outside the Russian Federation in favor of individuals;
Payment to individuals of money transfers received without opening a bank account from individuals on the territory of the Russian Federation in rubles;
Payment to individuals of money transfers received without opening a bank account from individuals from abroad of the Russian Federation in rubles and foreign currency.
In accordance with the currency legislation of the Russian Federation, banks make money transfers that do not require a special bank account and are private money transfers (in favor of individuals) or payments for goods and services (in favor of legal entities), as well as are not related to operations capital movements. The Bank carries out operations in the following order:
Sending and payment of money transfers by individuals and legal entities between residents, as well as between residents and non-residents in rubles on the territory of the Russian Federation, - without restrictions;
Sending money transfers of resident individuals from the Russian Federation in rubles and foreign currency - for an amount that within one business day cannot exceed the amount equivalent to $ 5000 (Five thousand), determined using official foreign exchange rates to the ruble established by the Central Bank of the Russian Federation on the date of execution of the application for a money transfer;
Sending money transfers of non-resident individuals from the Russian Federation in rubles and foreign currency - without restrictions;
Payment to individuals - residents and non-residents of money transfers received in the Russian Federation in rubles and foreign currency - without restrictions.
Money transfers between non-residents in rubles on the territory of the Russian Federation are not made.
When sending / paying money transfers, the commission from the sender / receiver is charged in accordance with the bank's current tariffs. Distribution of the commission between the bank and the clearing bank and (or) the transfer system is carried out in accordance with the terms of the agreement. Personal accounts to reflect the sent / received money transfers on the bank balance are opened at the time of receiving / sending the transfer.
When making transfers, the Client has the right:
Send money transfer;
Receive a money transfer;
Change the data of the sent money transfer (financial and non-financial changes, while financial changes are possible only on the day of departure within ± 10% of the original transfer amount);
Cancel the sent money transfer and receive it (if the transfer has not been paid to the Recipient), including the amount of the commission paid (by decision of the Organization).
Changes to the sent transfer or its cancellation are made in the Authorized unit in which the transfer was accepted.
The Bank's liability to customers has the following restrictions:
Upon receipt of funds - continues until receipt of information on the acceptance of the transfer by the corresponding System;
When issuing funds - arises from the moment of receipt of information about the availability of the required transfer in the System.
1.3. Basic conditions for money transfers
Deposit transfers
Commercial banks carry out instructions of depositors on the transfer of deposits in rubles and foreign currency (of the entire deposit or part - for those types for which the possibility of paying part of the deposit is provided for by the terms of the contract). For the execution of transfers of deposits, a fee is charged in cases and amounts determined by bank tariffs.
Banks make transfers only in the name of a specific individual. A deposit in foreign currency is transferred only in the name of the depositor or heir.
The basis for the transfer is a written application of the established form, which is drawn up and signed by the depositor, his representative, heir.
To transfer several deposits from one bank, the depositor may draw up one general application with the indication of account numbers and amounts for each deposit.
An application for transferring a deposit of a minor depositor is signed by the person who manages this deposit. When transferring a contribution made by the minor himself from the age of 14 to 18 years, the depositor signs the application. Such a contribution can only be transferred to his name.
Together with the application for transferring part or all of the deposit amount, a passbook must be submitted, and if the entire deposit is transferred and the account is closed, a bank deposit agreement must also be submitted.
A transfer of a deposit opened by transfer, for which a passbook was not issued, and a sample of the depositor’s signature was not received, upon request by the bank to which the deposit is transferred, can only be made in full together with the interest due.
The depositor is given the right to give the bank, where the deposit is stored, a long-term order to transfer the amounts from this deposit. Such transfers from deposits in rubles may be made both in the name of the depositor and in the name of other persons indicated by the depositor in the order; transfers from deposits in foreign currency are made only in the name of the depositor.
A person who has filed an application for transferring a deposit may give a written order to cancel it. The order is given to the bank that maintains the personal account of the depositor or who has accepted cash for the transfer, or to the bank where the transferred amount is sent. The instruction shall indicate to which account on the deposit the refundable amount should be credited.
If the transferred amount has been credited to the deposit account, it will be refunded based on the application of the depositor in whose name this account is opened.
Acceptance and issue of funds without opening an account
The procedure and conditions for the execution of money transfer operations from and to the Russian Federation on behalf of individuals from an account and without opening a bank account, as well as the obligations of UB to pay the transfer received in the Russian Federation, are established by UB in accordance with the requirements of the legislation of the Russian Federation and Bank regulations Of Russia. In addition, information on the procedure and conditions for conducting UB money transfer operations from the Russian Federation and vice versa on behalf of individuals without opening a bank account should be placed on the stand and considered to be brought to the attention and accepted by an individual upon signing a document for transferring funds.
Any type of money transfer, and there are a lot of them in the world, allows you to send funds only within the same system. This means that you can send money only to that country and to that city where there are agents or representatives of the system. In Russia, money is sent only between banks that have entered into an agreement with a particular system and act as its agents. In other countries, the functions of an agent can be performed not only by banks, but also by other organizations, up to stores. Some Russian banks provide their customers with several money transfer systems at once.
Funds in money transfer systems are accepted and issued only in cash, and are "transported" in electronic (non-cash) form via modern data transmission channels. This ensures a high translation speed - from a few minutes to a day. Most systems transfer funds without opening an account only between individuals, although some transfer systems allow you to transfer money from individuals to legal entities and vice versa.
When accepting cash Customer Bank employee:
1) inform the client who wishes to make the transfer:
About tariffs for transfers;
About the currency in which the transfer will be paid in the country of destination;
About the current exchange rate;
On additional services for notifying the recipient of a transfer: delivery of a check to the address, notification by phone, security questions, additional messages;
On restrictions existing in a given country regarding money transfers;
About the availability of the Money Transfer System item in the city indicated by the sender and the address of this item.
2) Clarifies with the client the country, city of destination, currency, transfer amount, the need for additional services, informs the Client the amount of the commission charged for the transaction, and the total amount that the client must pay to the Bank's cash desk;
3) Asks the client to fill out the client part of the letterhead to send money;
4) Accepts an Identity Document from the client and determines its status (resident, non-resident) regarding existing restrictions on the amount and possibility of making a transfer. If there are restrictions, offers the client to change the terms of the transfer.
In accordance with the legislation of the Russian Federation, documents proving the identity of an individual upon presentation of which the bank makes a money transfer are:
for residents
:
citizens of the Russian Federation :
Passport of a citizen of the Russian Federation;
National passport;
Passport of a sailor;
Diplomatic passport;
Identification card of the serviceman (in addition to the certificate, a certificate of registration at the place of residence of the serviceman is presented);
Military ID (valid only during military service);
Temporary identity card of a citizen of the Russian Federation issued by the internal affairs body before issuing a passport;
foreign citizens :
stateless persons :
Residence permit in the Russian Federation;
for non-residents :
citizens of the Russian Federation :
A passport with a mark of permanent residence abroad of the Russian Federation;
foreign citizens :
Passport of a foreign citizen (in addition to the passport, a migration card and (or) entry visa and a certificate of temporary registration at the place of stay in the Russian Federation or a permit for temporary residence in the Russian Federation are presented);
stateless persons :
Temporary residence permit in the Russian Federation;
refugees:
Refugee certificate;
Certificate of consideration of the application for recognition of a person as a refugee, issued by the diplomatic or consular office of the Russian Federation or by the immigration control post or the territorial federal executive authority for the migration service.
Money transfer depending on the requirements of the sending / receiving bank can be made upon presentation of a driver’s license.
Also, a money transfer can be made on the basis of a power of attorney drawn up in the proper manner:
The power of attorney must be notarized;
A power of attorney to dispose of property is not accepted if it does not stipulate the right to receive / send money from bank accounts;
The power of attorney may be certified by the embassy (consulate) of a foreign state in the Russian Federation or by the embassy (consulate) of the Russian Federation abroad;
A power of attorney in a foreign language is provided to the bank along with a certified translation into Russian;
The original (if only the right to make a money transfer is determined by power of attorney) or a copy of the power of attorney certified by a bank employee is placed in the documents of the day along with the application for money transfer.
5) Checks the correctness and completeness of the information required when filling out the company letterhead, then sends the client to the operating cash desk.
7) Informs the client about the need to personally notify the recipient of the transfer amount and control number if the notification service was not ordered by the sender.
Since August 2001, Federal Law N 115-ФЗ "On Combating the Legalization (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism" came into force, the requirement of which is the mandatory control of any operation on the accounts of individuals in case there is an amount for which it is executed, equal to or exceeds 600,000 rubles, or equal to the amount in foreign currency equivalent to 600,000 rubles, or exceeds it, and by its nature this operation refers to one of the following types of operations:
Crediting or transferring funds to the account if at least one of the parties is a natural person who is registered in the state and does not participate in international cooperation in the field of combating money laundering and the financing of terrorism;
Crediting or transferring funds to the account if at least one of the parties is a person who owns an account with a bank registered in the specified state;
Operations on bank accounts of individuals with execution of bearer documents;
Transferring funds abroad to an account opened to an anonymous owner, and receipt of funds from abroad from an account opened to an anonymous owner.
In the case of non-residents making money transfers in excess of the amount equivalent to $ 5000 (Five thousand), determined using official exchange rates of foreign currencies to the ruble set by the Central Bank of the Russian Federation on the date of application for money transfer, a bank employee must make copies of documents confirming the status of an individual as a non-resident of the Russian Federation, assure them with your signature. When an individual (resident and non-resident) makes a money transfer / money transfer for a total amount equal to or higher than the equivalent of 600,000.00 (Six hundred thousand) rubles, determined using official foreign exchange rates to the ruble set by the Central Bank of the Russian Federation on the date of the application for money transfer transfer, the responsible employee must, based on the documents of the sender, fill out a client questionnaire in accordance with the form approved by the bank. The questionnaire is compiled:
In relation to an individual performing an operation;
In relation to an individual on behalf and on behalf of whom the operation is performed;
In relation to the representative of an individual making a transaction with money.
If a bank employee reveals the fact of fragmentation of sent money transfers (from the same sender in favor of one recipient), the client’s questionnaire should be filled in if the amount of transfers becomes equal to or exceeds the equivalent of 600,000.00 (Six hundred thousand) rubles, determined using official rates foreign currencies to ruble established by the Central Bank of the Russian Federation on the date of filing an application for money transfer, for one operational day. Upon the fact of the execution of the money transfer / money transfer, the bank employee must send the information on the sender and the operation / operations to the bank employee responsible for the preparation of the report in accordance with the requirements of Federal Law of 07.08.2001 N 115-ФЗ, in the manner established in the bank. If the sender’s name is on the list of persons involved in terrorist activities, the responsible officer, regardless of the amount of transfer, takes actions determined by the bank’s internal procedures.
An example is the following set of actions:
If according to the presented document, it turns out that the sender is not the person who is on the list, the bank employee takes a copy of the document as confirmation of this fact. A copy of the document is placed with the money transfer application;
Otherwise, he takes a copy of the document, addresses the sender with a request to fill out a client questionnaire and suspends the operation. Information on the fact of identifying a person involved in terrorist activities is immediately communicated internally to the security service, internal control service and the bank employee appointed by order of the bank responsible for the development and implementation of internal control rules in order to counter the legalization (laundering) of proceeds from crime , and the financing of terrorism, and programs for their implementation.
Based on the information received from the sender and specified in the application for sending a money transfer, a bank employee enters data into the software package. In the software package, the money transfer is automatically assigned an identifier that is reported to the sender.
Features of sending money transfers in favor of legal entities
Individuals make money transfers in favor of legal entities whose activities are related to the sale of goods to the population, the provision of work and services. The list of organizations to which money transfers are made is determined and provided by the money transfer system. The method of sending money transfers in favor of legal entities is similar to sending money transfers in favor of individuals. When a client applies to a bank institution for a money transfer in favor of a legal entity, the responsible employee answers questions that have arisen, informs the client about the conditions for making a money transfer, the commission charged when sending a money transfer.
Money transfers in favor of certain legal entities for certain amounts can be made by individuals (residents and non-residents) without presenting an identity document, unless required by current legislation of the Russian Federation.
When issuing cash Bank employee to customers:
1) Find out from the client who wants to receive the money, information about the transfer: sender, place of departure, unique control number, transfer amount, answer to the security question (if any), while knowing the control number is not necessary, but knowing only the control number is not sufficient to issue the transfer;
2) Checks the availability of this translation;
4) Invites the client to fill in the client part of the letterhead to receive money;
5) Checks the correctness and completeness of the information required when filling out a letterhead to receive money.
The transfer amount or part of the transfer may be issued in a currency different from the transfer amount, including, if necessary, the issuance of a fractional part of a unit of foreign currency to the Client. In this case, it is necessary for the client to fill out an Application for receiving funds (transfers to the Russian Federation, on the territory of the Russian Federation).
The ability to make changes to the sent transfer is provided for the purpose of promptly changing the conditions of the transfer, eliminating errors and inaccuracies made by the client and / or Bank employees.
The following non-financial changes may be made to the sent, but not yet paid, transfer at the initiative of the client:
Change in destination country and city;
Change the name of the recipient and / or sender;
Adding a security question.
Change in the transfer amount and transfer fee at the initiative of the Client
it is possible for a transfer not yet paid only on the day of departure within ± 10% of the original transfer amount.
In case of erroneous sending of the transfer without actual payment by the Client of funds, the transfer is immediately canceled at the initiative of the Bank.
A money transfer can be returned to the sender if it has not yet been received by the recipient.
Chapter 2
2.1.Modern state of the money transfer market
As it often happens, that thousands of kilometers from us, a loved one urgently needs our help ... Financial. The mail transfer of money used by our fathers and mothers, grandparents, has long failed to meet the requirements of the fast pace of our lives - sometimes, and quite often, a person simply can’t wait a week until the money reaches him. And if he is generally in another country? Until recently, the concept of “money transfer” included not so many possibilities: mail transfer, wire transfer, or bank “cash for a passbook” or “from a passbook to a passbook”. All of them were slow and rather uncomfortable. Therefore, in this Chapter, I would like to analyze the development prospects of money transfers specifically without opening an account.
A money transfer should be as quick as possible, because there are all kinds of situations in life, and sometimes a person’s health and life depend on the speed of money delivery.
That is why money transfer systems with almost instant delivery, based on computer and network technologies, began to be created all over the world. The following requirements are imposed on such a translation system: reliability, speed, convenience .
Each money transfer is protected by a modern security system.
Television commercials of express money transfer systems are standard: a strong miner (a young stewardess, a respectable businessman, etc.) enters the bank branch, addresses the girl at the counter, fills out the form and gives the bills. Next shot: happy parents (bride, student son, etc.) withdraw cash from a bank on the other side of the earth. In the final, a life-affirming slogan is obligatory, like "we are transferring not just money." Such videos are not uncommon on TV, today many Russian systems want to express themselves with the help of television advertising, because recently they had to intensify the struggle for a very promising market.
Choosing the right money transfer option is not easy. Today in Russia there are about 20 systems. The leading positions in terms of service and real opportunities for transfers throughout the world are occupied by international systems - Money Gram, Western Union and Travelax. They are the most technological, they have the widest geography of translations. These are quite large systems of this kind in the world. Moreover, they are well known and promoted not only in the banking sector, but also among the population. But, in my opinion, given the realities of the Russian market, these systems have a very significant drawback: they are, as it were, designed for people from economically developed countries who have fairly high earnings, who have a certain mentality. More specifically, the same Americans and Europeans are accustomed to the fact that for banking services you have to pay and pay dearly, because these services provide security, reliability.
The patriarch in our market is Western Union, operating in Russia since 1991. According to the research firm Aite Group, Western Union accounts for 20% of the global money transfer market. In 2007, this payment system made over 375 million transfers worldwide from more than 200 countries. Now in the CIS countries over 20 thousand customer service points are connected to the Western Union system, and in Russia - more than 5 thousand. Whereas, in the early nineties, the company began operating in Russia, Russia was the recipient country: the number of money transfers from abroad was higher than from the country. Those who left the USSR sent the earned money to their homeland to support their near and dear ones. For several years, Russia has been a country sending remittances, as it receives many labor migrants from the CIS countries. The growth of population migration has stimulated the demand for money transfer services. In turn, the high demand for this service contributed to the expansion of the number of market participants and a gradual decrease in average market tariffs.
The international giant Western Union entered into an agreement in 2006 with Russian Post, the largest Russian player in the transfer market. Thanks to this, he gained access to many of its branches in the regions. The operators, as they say, divided the clearing: with Western Union from the hinterland you can make a transfer only abroad, and money within the country, as before, is sent by regular postal order or using the CyberMoney express system.
At present, we have an indisputable fact that our money transfer systems work quite effectively and competitively in the domestic market and the CIS market, which have already squeezed the recognized market leaders: Anelik (“originally” from Armenia), PrivatMoney (Ukraine), Unistream (Russia), Migom (Russia) and others. This fact has its own natural explanation and reasons. Under Russian law, money transfers of individuals without opening an account exclude entrepreneurial transfers. That is, we are dealing with translations that can be described as help.
According to the Central Bank, last year migrants working in Russia sent remittances to their ethnic homeland for a total of 4.5 billion rubles, a million more than a year earlier. The main volume falls on Ukraine, Moldova, Tajikistan and Uzbekistan. The average transfer amount is $ 470 per month. According to experts, the illegal export of funds from Russia to neighboring countries is 10-12 billion dollars.
Judging by recent events, the Russian money transfer market has become more specialized and has lined up on a Western model. The activity of Russian financial organizations, which have taken up the development of transfer systems, contributes to the growth of migration to the country from neighboring states. Indeed, the traditional clients of "translators", contrary to television commercials, are by no means flight attendants and businessmen, but guest workers. The bulk of transfers from Russia are to Ukraine, Uzbekistan, Tajikistan, Armenia, Azerbaijan, Georgia and Moldova. According to experts, despite the fact that no more than 50% of transfers in the country go through legalized companies today, the tendency to increase demand for licensed “translators” is very high.
If we talk about the security of domestic systems, then in general they are not inferior to Western counterparts. In terms of information technology, we have fairly highly qualified specialists who, in my opinion, are as good as their Western colleagues in professionalism. What is it that domestic money transfer systems are inferior to the same Money Gram and Western Union, because of the urgency of transfers. So, for example, using Western Union services, you can receive a transfer in any country in the world within half an hour, or even less. But once again I note that, unlike domestic systems, Western Union has been operating in this market for about a century. Therefore, the successes of our systems are really great and will also make themselves felt. But the speed of translation is extremely important for the "captains" of large business. For citizens of small and medium incomes, who transfer money to their families to ensure their living, in the vast majority of cases, the difference of half an hour or an hour does not really matter much.
In the nine months of last year, systems transferred more than $ 3.4 billion from Russia. “According to our estimates, the volume of the CIS remittance market is $ 12-13.5 billion,” says Suren Hayriyan, director of the Unistream money transfer department. Banks understand: as in any growing market, the situation is changing rapidly, and now there is the opportunity to grab your piece of the pie. Currently, there are 20 systems on the market, but increasing competition is contributing to the emergence of new projects. “Every bank that has relationships, apparently, considers its integral contribution to the development of the country's economy the creation of its own money transfer system,” laughs Sergey Kochergin, Deputy Director for Eastern Europe at Travelex Money Transfer. “Over the past year, the number of such systems in the region has doubled.”
Money transfers bring constant commission income, which does not depend on either the market conditions or the Central Bank rates. Transferred money - received a commission. This is the dream of any banker.
In addition, due to transfers, banks significantly expand their customer base, because a citizen who has taken advantage of the service can pay attention to other products of a credit institution.
CONTACT is now gaining more and more popularity - this is the first Russian system of international money transfers in US dollars, EURO currency, as well as in the currency of the Russian Federation both within Russia and abroad on behalf of individuals without opening a bank account. The system is based on a network of Russian and foreign correspondent banks and specialized companies licensed to provide services to private individuals. JSCB RUSSLAVBANK (CJSC) performs the functions of the Clearing Bank, which include: Organizational, Settlement and Clearing, Information and Technical, PR Support. The geography of the system is more than 27 thousand service points in 79 countries of the world. More than 11 thousand people use its services daily. In 2006, the volume of money transfers carried out through the system amounted to more than 900 million, and from March 2006 to March 2007 the volume of transactions exceeded $ 1 billion. The plus of the system is that in addition to money transfers, it provides customers with a whole range of services. In Russia, using CONTACT, you can repay consumer loans, replenish various accounts, pay for the services of mobile, satellite and TV operators, travel and insurance companies, as well as the Internet, IP-telephony, etc.
Currently, the Russian Post is actively competing with the bank transfer system with its Cyber-Money project. The project participants were about 45 thousand post offices throughout Russia. However, the delivery time of money to the addressee remains quite high.
The market also has another very serious competitor - Sberbank of the Russian Federation. He launched the Blitz express money transfer system based on the use of modern banking technologies and high-speed communication channels. According to the press service of Sberbank of Russia, Nezavisimaya Gazeta reports that more than 7 thousand structural divisions of the bank are already connected to work, and by the end of the current quarter their number will increase to 7.5 thousand. The main advantage of the Blitz system is the transfer speed, which is no more than one hour from the moment of departure. Thanks to the wide network of Sberbank, the service is becoming available to a wide range of citizens. It is important that the client deals with one bank, which is fully responsible for the service as a whole. This determines the absolute reliability of the translation. The advantages of urgent money transfers “Blitz” include the affordable fee for the transfer. The size of the commission is 1.75% of the amount, but not less than 100 rubles. and no more than 2000 rubles. The maximum transfer amount is 500,000 rubles.
There are other systems. The main thing is to correlate your needs with the geography of each system, the speed of money transfer and tariffs.
2.2. Errors in the implementation of money transfers by individuals and possible solutions
Money transfer is a service provided by many Russian banks. The volume of such operations is constantly increasing, however, the number of errors that occur during the implementation of translation operations is not reduced. But avoiding mistakes means reducing the cost of the process.
The volume of money transfers carried out by individuals through credit organizations has grown significantly in recent years. The frequency of individuals applying to banks for such operations has also increased.
This situation in the banking services market is primarily due to the great interest of banks in attracting individuals to service, expanding the offered retail products, as well as with increasing public confidence in the banking sector.
However, it is no secret to anyone that an increase in the volume of such operations entails an increase in the number of errors in their implementation. In this regard, there is a need to analyze the most common errors when transferring funds by individuals through credit organizations.
The following error groups can be distinguished that accompany money transfer operations:
Malfunctions in a computer system;
· Operational errors;
· Mistakes of the translator when filling out the payment order form.
Failures in the computer system
The share of this type of error when making non-cash payments by individuals through credit organizations is insignificant and usually, as practice shows, does not exceed 3%.
A technological failure caused by the load on the server and the network causes a delay in sending payments and receiving funds.
Failures in the operation of the ATM network can cause a delay in the receipt of funds in the accounts of individuals for the further repayment of loan debt.
Operational errors
About a quarter of all errors in the transfer of funds are made by the operator when processing payment orders. This percentage is due to the increased volume of operations and, as a consequence, an increase in the burden on the operator. Lack of qualification of the operator (which may be caused by staff turnover) is also the reason for this kind of error. This is the so-called human factor, which most often works when processing orders filled out by hand.
In addition, the uniformity of payments contributes to an increase in the number of errors (replenishment of one’s own accounts, transfer of funds to repay loan debt).
Translator Errors
The largest share is precisely this category of errors. According to the testimony of bank employees, the time spent on servicing one client has recently been compelled to decrease due to an increase in the number of transactions and an increase in the number of entities filling out money transfer documents.
So, filling out a payment order when applying for a car loan and making a payment in favor of a car dealership is often done by a car dealership employee. And the borrower, without going into the correctness of filling out, only affixes his signature to the payment order.
The reduction of such errors is possible with a detailed explanation by the bank employee to the translator of the scheme for filling in payment orders. It is necessary to provide consulting services to employees of car dealerships, and individuals to provide instructions on how to fill out a payment order form. In addition, when paying off a debt to a bank on a loan, the borrower can use the method of depositing funds through an ATM.
A significant reduction in the share of errors occurs if the client is freed from filling out a payment order form. This is an opportunity when concluding a general agreement with the bank to transfer the client’s own funds. Suppose a client provides the servicing bank with the right to manage his card account on his own behalf to further repay the loan debt. Such an order takes effect if there is no funds in the account to repay the loan and enables the bank to carry out the operation of transferring funds from one customer account to another. Carrying out this operation does not require the presence of the client and filling out the payment order form. At the same time, the borrower can be sure that the debt will be repaid on time.
This category of errors also includes insufficient funds for making payments on the account of the translator. When transferring a payment order to a bank employee, the latter must necessarily verify the sufficiency of funds in the client’s account for making this transfer. However, as mentioned above, the uniformity of operations and the increasing burden on the operators lead to the acceptance by the bank of a payment order with the impossibility of its implementation due to insufficient funds in the client's account.
The question arises: who is responsible for this error? In my opinion, a translator. Indeed, it is in his interests to transfer the amount to the recipient, and the responsibility for the adequacy of funds in the account lies with him. The task of the bank employee in this case is to familiarize the client with the bank's tariffs and, if this is the calculated value, explain how to determine the size of the transfer commission.
In accordance with Regulation No. 222-P, the application for transferring funds from the account of an individual must contain the following details:
· Name of the settlement document and form code;
· Number of the settlement document, day, month and year of its issuance:
· payment type;
· The amount of payment indicated in words and numbers;
· Name of payer, account number, tax identification number (TIN);
· Name and details of the payer's bank, bank identification code (BIC), number of the correspondent account or sub-account;
· The name of the recipient of funds, his account number, tax identification number (TIN);
· Name and details of the beneficiary's bank, bank identification code (BIC), number of the correspondent account or subaccount;
· purpose of payment;
· Type of operation in accordance with the Accounting Rules with the Bank of Russia and credit organizations located in the Russian Federation;
· Signatures of authorized persons.
When carrying out money transfer operations on behalf of individuals, the most common errors are in filling out the following fields:
· Name of the recipient
· Beneficiary's account number
· Tax identification number (TIN).
Recipient Name
This problem is relevant for translations received from non-residents and coming in their favor, and consists in the correct writing of data in Russian. Untimely notification of a change in the name of the recipient serves as a reason for clarifying the details of the transfer. In this situation, the client must provide the bank with a document confirming these changes.
Beneficiary Account Number
An error in indicating the beneficiary's account number is one of the most common. The discrepancy between the recipient's account number and its name is a reason for clarifying the details of the transfer.
It should be noted that all clarifications of the details of the recipient are carried out by the bank for a commission in accordance with the approved tariffs. The deadline for specifying the details of the recipient is set by the bank independently, but should not violate the requirements of the Bank of Russia. In accordance with the Regulation of the Bank of Russia dated 03.10.2002 No. 2-P “On non-cash payments in the Russian Federation”, the bank is given a term of 5 working days to clarify the details of the recipient. If after the specified period the problem is not resolved, the amount is returned to the payer by a payment order drawn up in accordance with the requirements of the Bank of Russia.
In addition, when making money transfers by individuals, you should pay attention to the purpose of the transfer. Until recently, such transfers were mostly non-profit.
However, the development of civilized market relations is beginning to affect the nature of remittances. The volume of commercial payments is increasing. An increasing amount is made by payments from individuals in payment for various services. At the same time, one should not only remember that it is necessary to avoid errors typical for such transfers, but also pay attention to the correct filling in the field “Payment Details”.
Tax Identification Number (TIN)
Incorrectly indicated tax payer identification number is also one of the common mistakes. However, with the correct observance of the remaining details of the transfer, this is not a reason to suspend the transfer of funds.
Chapter 3
Prospects for the development of the money transfer market
The main trend of recent years is increasing competition. Today, there are about two dozen money transfer systems in this market, including international systems and local corridor operators. Consumers can also use regular bank transfers offered by banks or online transfers.
In the future, further growth in the volume of money transfers is expected, moreover, in Russia and in the CIS countries. Increased competition will inevitably lead to lower tariffs, improved quality, reliability and the expansion of the range of services provided.
Russian money transfer systems have already entered international markets, concluding partnership agreements with their foreign colleagues, and in the future there will be even more such agreements, as no Russian system can reach foreign markets with its own network: it is quite expensive and too late. In the summer of 2007, such agreements were signed by the Leader and Russian Post systems. One such partnership agreement allows both parties to gain quick access to other markets.
According to the latest World Bank data, remittances in the world have almost doubled between 2000-2005. By the end of 2008, it is projected to increase the volume of the global money transfer market to $ 300 billion.
In the future, tariffs for transfers will decrease until they drop to the “natural minimum”. This level is estimated by experts at around 1% on average for the entire line of translations.
Currently, the most promising direction is the development of high technologies in the banking sector and the integration of banking services in the world wide web - the Internet. Banks are trying to withdraw part of their operations and the procedure for interacting with a client on the Internet.
Internet banking is the management of client bank accounts via the Internet with the ability to perform all traditional banking operations, similar to those performed at the bank’s office using the client’s computer and standard software included in the standard user package. All customer transactions are subject to applicable banking law. For the initial identification and conclusion of an agreement on the provision of services, the presence of the client in the bank is necessary. Transactions are usually performed in all currencies with which the given credit institution works. In practice, the main operations carried out through Internet banking systems are:
· Transfer of funds of individuals to accounts in this or any third-party bank both to the account of the user of the system, and to the account of a third party;
· Receipt of statements of account movements and account status for a certain period;
· Payment for services of mobile operators, Internet providers and other services;
· Payment of utility services;
· Transfer of funds in favor of legal entities and individuals to pay for goods and services;
· Conversion of funds from one currency to another;
· Opening additional accounts, such as deposits, and transferring part of the funds from the client’s current account, etc.
Conclusion
Transfers without opening a bank account are not a new product for customers. For a long time, the main provider of this service was the post office and, to some extent, Sberbank through the network of its branches and outlets. This service was quite expensive and not very operational, and it was also limited by the territory of Russia and the presence of a post office or a branch of Sberbank at the right point for receiving a transfer. The situation has changed since the beginning of population migration. Large international translation systems have appeared and are actively working on the market.
Working with these systems allows you to transfer almost anywhere in the world in minutes. System services are not cheap, but in case of emergency, customers are willing to make significant expenses.
In addition to transfers without opening an account through money transfer systems, almost all banks offer services for transferring money from an account to an account of individuals' customers both within Russia and abroad. This is a classic banking service, the tariffs for which practically do not differ from bank to bank, and, given the lack of bank accounts in most of the population, it is incomparable with the volume of transfers without opening an account and accounts for a small part of total retail income.
In addition to transfers between individuals, bank payments are actively developing without opening an account and from an account of individuals in favor of legal entities. The main volume of such payments is utilities paid monthly by the population. More and more banks offer the opportunity to pay utility bills to their customers. Understanding the mass character of this market and low profitability in terms of one operation, commercial banks try to automate payment as much as possible by shifting the procedure to automated self-service systems.
Bibliography
Legislative and normative acts
1. Civil Code of the Russian Federation, parts 1 and 2;
2. Federal Law of the Russian Federation of December 2, No. 395-1 “On Banks and Banking Activities” (as amended);
3. Federal Law of December 10, 2003 “On Currency Regulation and Currency Control” No. 173-FZ;
4. Federal Law of 08/07/2001 No. 115-ФЗ “On combating the legalization (laundering) of proceeds from crime and the financing of terrorism”;
6. Federal Law of July 25, 2002 No. 115-ФЗ “On the legal status of foreign citizens in the Russian Federation”;
7. Federal Law of December 22, 2003 No. 177-ФЗ “On insurance of deposits of individuals with banks”;
8. The Bank of Russia Regulation “On the Procedure for Non-Cash Payments by Individuals in the Russian Federation” (as amended on 01/22/2008) of 04/01/2003;
9. The Bank of Russia Regulation “On Cashless Payments in the Russian Federation” dated October 3, 2002 No. 2-P;
10. The CBR Regulation of March 26, 2007 N 302-P “On accounting rules in credit organizations located in the Russian Federation” (as amended);
11. Instruction of the Bank of Russia “On the procedure for opening, closing, organizing the work of exchange offices and the procedure for authorized banks to carry out certain types of banking operations and other transactions in cash foreign currency and the currency of the Russian Federation, with checks (including traveler’s checks), the nominal value of which is indicated in foreign currency, with the participation of individuals ”dated April 28, 2004 No. 113-I.
Educational literature
1. Banking / ed. G.I. Beloglazova. - St. Petersburg: Peter, 2003;
2. Banking / ed. prof. O.I. Lavrushin. - M .: Finance and statistics, 2005;
As it often happens, that thousands of kilometers from us, a loved one urgently needs our help ... Financial. The mail transfer of money used by our fathers and mothers, grandparents, has long failed to meet the requirements of the fast pace of our lives - sometimes, and quite often, a person simply can’t wait a week until the money reaches him. And if he is generally in another country? Until recently, the concept of "money transfer" included not so many possibilities: mail order, wire transfer, or bank "cash for a passbook" or "from a passbook to a passbook". All of them were slow and rather uncomfortable. Therefore, in this Chapter, I would like to analyze the development prospects of money transfers specifically without opening an account.
A money transfer should be as quick as possible, because there are all kinds of situations in life, and sometimes a person’s health and life depend on the speed of money delivery.
That is why money transfer systems with almost instant delivery, based on computer and network technologies, began to be created all over the world. The following requirements are imposed on such a translation system: reliability, speed, convenience.
Each money transfer is protected by a modern security system.
Television commercials of express money transfer systems are standard: a client (husband, wife, brother) enters the bank office, addresses the girl at the counter, fills out the form and gives the bills. Next shot: a client (wife, husband, sister) takes cash in a bank on the other side of the earth. In the finale, a life-affirming slogan like "we are transferring not just money" is mandatory. Such videos are not uncommon on TV, today many Russian systems want to express themselves with the help of television advertising, because recently they had to intensify the struggle for a very promising market.
Bank transfers are money transfers of individuals through the banking system. Money transfers of individuals refer to non-cash payments of citizens that are not related to entrepreneurial activity and are carried out by banks and non-banking institutions only with a license from the Central Bank of Russia for this type of activity.
Non-cash settlements of individuals are carried out on the basis of the Regulation of the Central Bank of the Russian Federation of April 01, 2003 N 222-P (as amended by the Central Bank of the Russian Federation of January 22, 2008 N 1965-U) - "On the procedure for non-cash payments by individuals in the Russian Federation" .
In accordance with this Regulation of the Central Bank of the Russian Federation, bank transfers of money of individuals are divided into two types:
1. Transfers in the current account. In this case, a bank current account is opened to an individual, on the basis of a bank account agreement, to which all funds transferred from other accounts or transferred in cash are credited. It is possible to make money transfers from the current account using the forms of cashless payments established by law (by payment orders, letters of credit, checks, and for collection).
2. Transfers without opening a bank account. Money transfers are carried out on the basis of a document filled in by an individual. The form of the document is established by banks, or by the respective recipients of the funds to which transfers and payments are sent. In the document drawn up by the bank or in the bank’s agreement with the recipient of the funds, all the details required for the transfer of funds are provided, as well as the taxpayer identification number (TIN) of the individual (if any) or other information about the payer established by law. Based on this document, the bank fills in a payment order on the form f.0401060.
The Central Bank of Russia has established certain restrictions on the amount of transfer. So, the maximum allowable amount of a money transfer made outside the Russian Federation is established by the Decree of the Central Bank of the Russian Federation dated March 30, 2004 N 1412-U "On establishing the transfer amount by an individual resident from the Russian Federation without opening bank accounts". In it, the Bank of Russia establishes the following restrictions on international transfers:
when conducting foreign exchange transactions, a resident individual has the right to transfer from the Russian Federation without opening a bank account in an authorized bank a foreign currency or the currency of the Russian Federation in an amount not exceeding the equivalent of 5,000 US dollars determined using official foreign exchange rates to the ruble set by the Bank Russia on the date of the order to the authorized bank to make the specified transfer.
the total amount of transfers of an individual resident from the Russian Federation without opening a bank account made through the bank within one operational day should not exceed the equivalent of $ 5,000.
Postal transfers
Postal transfers relate to non-cash payments of citizens with legal entities and individuals, carried out without opening an account in postal facilities. Normative documents regulating cashless payments of individuals through the Russian Post are:
The Federal Law on Postal Service (as amended by the Federal Law of 22.08.2004 N 122-FZ)
Decree of the Government of the Russian Federation of April 15, 2005 No. 221 "On approval of the Rules for the provision of postal services."
Money transfer services are financial postal services. Postal transfer is carried out on the basis of the Agreement on the provision of postal services concluded with individuals, which relates to public contracts. The maximum amount of a postal transfer in Russia is 500 tons, outside of Russia - 100 tons.
Choosing the right money transfer option is not easy. Today in Russia there are about 20 systems.
Consider two money transfer systems Contact and Golden Crown:
CONTACT is a system of international money transfers between individuals around the world (CIS, Russia, the Baltic states and non-CIS countries), without opening a bank account. The clearing center and organizer of the system is the system of JSCB RUSSLAVBANK, established in the 90s, which has a general license issued by the Russian Bank. In 2000, the CONTACT system of payments and money transfers started to work in Russia, and already in the two thousand and fifth year, it began to actively carry out money transfers to the CIS countries.
CONTACT, has more than thirty thousand points in eighty-four countries and three thousand service points in Russia. Money transfers can be made both in dollars, euros, and in Russian rubles.
Money system transfers allows you to carry out both the sending of transfers in cash from a card and bank account, and the receipt of transfers in non-cash form, by crediting money to a bank account, or by payment by check. Moreover, the commission for the transfer varies within zero point seven percent and up to five percent of the amount transferred.
In Russia, one and a half percent, and in neighboring countries up to two percent, but if the amount during the transfer is large, the commission will be only one percent. The highest transfer amount will amount to three hundred and fifty thousand rubles. A transfer in euros or dollars is set by ten thousand dollars or euros. Five thousand dollars for 1 business day will be considered abroad, limited by the transfer amount for a resident. The CONTACT system at the end of the two thousand and ninth year introduced worldwide SMS - informing customers. In Russia monetary system KONTAKT works with Vozrozhdenie Bank, with GLOBEX Bank, Omsk - with a bank.
In Russia, using CONTACT, you can repay consumer loans, replenish various accounts, pay for the services of mobile, satellite and TV operators, travel and insurance companies, as well as the Internet and IP-telephony.
Advantages of the system:
· Around the world - Russia, the CIS countries, the Baltic states and foreign countries.
· In Russian rubles, US dollars and euros.
· Addressless payment in a number of countries *
· Delivery speed: from 15 minutes.
* Abkhazia, Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Lithuania, Moldova, Russia, Tajikistan, Uzbekistan, Ukraine, Estonia, South Ossetia.
To send a money transfer you need:
· Provide the Bank employee with information about the transfer amount, indicate the country, city and bank in which the addressee will receive the money. (The bank must be included in the CONTACT system).
· Deposit the required amount of money and pay a commission in accordance with the current tariffs of the CONTACT system.
· Get \u200b\u200ba copy of the application with the money transfer number and tell the recipient information for receiving money (amount, transfer number and bank address where you can pick up the CONTACT transfer)
· Crediting funds in favor of legal entities (loan repayment, replenishment of accounts, payment for services) is carried out on the basis of an agreement concluded between the sender and the legal entity and can be from 1 hour to 2 days.
To receive a money transfer you need:
· Receive information from the sender:
o Network point address CONTACTwhere they will pay you a money transfer.
o Unique transfer number.
o Amount of transfer.
· Come to the network point CONTACT during the hours of his work.
· Get \u200b\u200bthe transfer amount. No commission is charged.
Basic rules for transferring money through the CONTACT system:
· You can send funds in the CONTACT system in Russia only in rubles. In the countries of near and far abroad, the sending and receiving of funds is carried out in dollars, euros and rubles.
· The amount of the amounts sent through the Contact system is regulated in accordance with the legislation of the Russian Federation. Citizens of the Russian Federation are allowed to transfer out of the country no more than five thousand American dollars in one day. For foreign citizens, limits on cash amounts in the CONTACT system do not apply.
The next monetary system "GOLDEN CROWN - MONEY TRANSFERS" is a unique, dynamically developing and very popular among customers - modern monetary system transfers based for individuals. It began to operate in the two thousand and third year and was developed by the CFT (Center for Financial Technologies), and already in the two thousand and seventh year, the system introduced a new technology into commercial operation to process the sending of transfers via cash registers. A money transfer card is issued once and stores (both about the sender and the recipient of the transfers), information about the owner.
The All-Russian Regional Development Bank provides the possibility of instant addressless money transfers in Russia and to neighboring countries - Abkhazia, Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Uzbekistan and Ukraine, as well as in Russia and abroad using the system Gold crown without opening a bank account.
The Golden Crown - Money Transfer system has been operating in the money transfer market without opening an account since 2003 and provides services throughout the post-Soviet space at more than 34,000 service points.
Benefits of Gold Crown Translations
· A wide network of sending and issuing transfers through partner banks
· Translation speed - it can be received immediately after sending
· Addresslessness - when making a transfer, only the country and city where the transfer is sent must be indicated. The recipient himself will be able to choose the point of delivery most convenient for him
· Low tariffs on transfers to the CIS and Russia - from 0.5%
· SMS notification of the recipient and sender about the status of the transfer
· The ability to monitor the status of the translation on-line on the system website
· The ability to send money transfers through the trading networks Svyaznoy, Euroset, MTS, TNK-BP.
Disadvantages of translations Zolotaya Korona
The cost of transfers from individual banks differs from standard rates for transfers
To send a transfer of the Golden Crown system to RRDB, you must:
· Come to any office of RRDB
· Present an identity document
· Present a sender card. (For those who first send the transfer of the Golden Crown system, the Card is issued free of charge).
· Provide information to the RRDB employee about the amount and recipient of the transfer, indicate the country and city in which the addressee will receive money
· Deposit the required amount of money and pay a commission in accordance with applicable tariffs
· After sending the transfer, the recipient will receive an SMS notification with the control number of the transfer
· After issuing money, the sender receives an SMS with a notification that his transfer has reached the addressee.
Sender Card
For the convenience of making transfers to RRDB, you can draw up the Golden Crown sender card. All necessary data about the sender and about possible recipients are entered into the database once. This reduces the risk of errors in writing data, eliminates the need for the sender to fill out special forms at the next calls, and significantly reduces the service time. The service time with the Sender Card is no more than 3 minutes. The card is issued free of charge.
To receive money sent through the Golden Crown system at RRDB, you must:
· After receiving an SMS notification with a transfer control number, come to any RRDB bank branch in the city
· Present an identity document
· Give the bank operator the transfer number
· You can receive a transfer without paying a commission almost immediately after sending the money. (It is necessary to take into account the schedule of the facilities and the time difference between time zones)
· A transfer can be received in all cities of Russia and the CIS where the partner banks of the System work.
Additional terms
· The Golden Crown money transfer can be sent in one of three currencies - rubles, US dollars and euros
· The maximum amount of one money transfer is 500,000 rubles or the ruble equivalent of 20,000 US dollars / 15,000 euros
· The amount of money sent through the Golden Crown system is regulated in accordance with the legislation of the Russian Federation. Citizens of the Russian Federation are allowed to transfer abroad no more than 5,000 US dollars or the equivalent amount in another currency within one banking day. The equivalent is calculated at the rate of the Bank of Russia on the date the Bank accepts the transfer. For foreign citizens, monetary restrictions do not apply.
· The receipt of funds outside the Russian Federation is carried out in accordance with the legislation of the country to which the transfer is made
· The Bank does not accept transfers from individuals related to their entrepreneurial activities, as well as investment activities or the acquisition of rights to real estate.
· The All-Russian Regional Development Bank carries out the following list of money transfer transactions without opening accounts by individuals using the Golden Crown - Money Transfer System:
o Payment to individuals of cash sent by individuals;
o Sending by individuals cash in favor of individuals;
The indicated banking operations are carried out in the following currencies:
o Russian rubles,
o US dollars
The Bank does not accept transfers from individuals related to their entrepreneurial activities, as well as investment activities or the acquisition of rights to real estate.
Receiving and issuing money when sending and paying transfers using the Golden Crown - Money Transfer System is carried out in cash without opening bank accounts.
For the implementation of transfers using the Golden Crown - Money Transfer System, the sender will be charged a commission according to the Tariffs established by the Operator of the Payment Center Center.
Transfer fees are charged in the transfer currency.
Tariffs for transfers in the currency of the Russian Federation on the territory of the Russian Federation in favor of individuals
Tariffs for transfers in the currency of the Russian Federation *, in US dollars and in EURO to Kyrgyzstan, Moldova, Azerbaijan
Tariffs for transfers in the currency of the Russian Federation *, in US dollars and in EURO to Ukraine, Georgia, Abkhazia
Tariffs for transfers in the currency of the Russian Federation *, in US dollars and in EURO to Belarus
Tariffs for transfers in the currency of the Russian Federation *, in US dollars and in EURO to Kazakhstan
Tariffs for transfers in the currency of the Russian Federation *, in US dollars and in EURO to the Czech Republic, Mongolia
Tariffs for transfers in US dollars and in EURO to Turkey, Tajikistan
Tariffs for transfers in US dollars to China
Tariffs for transfers in the currency of the Russian Federation *, in US dollars and in EURO to other countries not specified above
* - Sending in the currency of the Russian Federation is possible if payment in the country of destination is made in the currency of the Russian Federation
Note:
The maximum amount of one money transfer is 500,000 (Five hundred thousand) rubles, or 20,000 (Twenty thousand) US dollars, or 15,000 (Fifteen thousand) Euros.
The maximum amount of one money transfer intended for receipt in the territory of the People's Republic of China is 20,000 (Twenty thousand) US dollars.
The maximum amount of money transfers sent by a resident of the Russian Federation abroad within one banking day is 5,000 (Five thousand) US dollars or the amount in another currency equivalent to 5,000 (Five thousand) US dollars. The equivalent is calculated at the rate of the Bank of Russia on the date the Bank accepts the transfer.
The maximum amount of money transfers intended for receipt on the territory of the Republic of Abkhazia within one day is 100,000 (one hundred thousand) rubles, or the amount equivalent to 100,000 (one hundred thousand) rubles. The calculation of the indicated amount is carried out at the rate established by the Payment Center Center.
The number and total amount of transfers are not limited, with the exception of the restriction on the amount of transfers in accordance with the current currency legislation.
If the amount of the Fee contains fractional values \u200b\u200bof kopecks / cents / euro cents, the amount of the Fee is automatically rounded to the integer values \u200b\u200bof kopecks / cents / euro cents. Rounding rules follow generally accepted mathematical rules for rounding numbers.
In my opinion, all systems are equally reliable, but each has its own nuances and peculiarities: the terms for "delivery" of money to the recipient, fees, available types of currencies, regions in which these systems operate, the number and location of offices in which you can arrange or get a transfer in your hands. For example, the Contact system is a convenient offer for those who use "electronic wallets" (Yandex. Money, WebMoney) - you can top up an electronic wallet at any bank office where these transfers are accepted.
According to the Golden Crown system, money can be sent using an identification card through ATMs with the function of receiving cash. It is possible to monitor the status of the transfer online on the website of the Zolotaya Korona payment system. The status of the transfer will inform the SMS-notification.
For convenience, customers are invited to issue an identification card for Zolotaya Korona money transfers once at any of Promsotsbank offices. After receiving it, you will no longer need to fill out an application for each new transfer, all information about the sender and recipients will be contained on the card. The card is valid upon presentation of an identity card.
Remittance - this is a transfer by one person of funds to another private person, usually through some special money transfer system and without opening an account with a bank.
Any money transfer system includes three components: a list of countries where you can send and where you can get money, tariffs and time of transfer. Basically, the rules for making transfers are identical for all systems, as these operations are clearly regulated at the legislative level.
The Civil Code of the Russian Federation provides for the possibility of making transfers without opening a bank account. The Bank has the right to establish the procedure and conditions for the transfer of funds of individuals without opening a bank account, including the procedure for payment of settlement services, as well as the obligations of the bank to transfer funds are established by the bank in accordance with the requirements of legislation and regulations of the Bank of Russia. This applies, inter alia, to money transfer operations for payment of settlement services. The implementation of operations to transfer funds of individuals without opening a bank account takes place in several stages.
Currently, the following money transfer systems operate in Russia: Western Union, Anelik, Coinstar, Soft, MoneyGram, Avers, Privat, Lider, Aval, Unistream, Vigo, Allure, Close, Migom, FastPost, Contact, INTEREXPRESS, QuickPay.
Each money transfer is protected by a modern security system.
Choosing the right money transfer option is not easy. Today in Russia there are about 20 systems. The leading positions in terms of service and real opportunities for transfers throughout the world are occupied by international systems - Money Gram, Western Union and Travelax. They are the most technological, they have the widest geography of translations. These are quite large systems of this kind in the world. Moreover, they are well known and promoted not only in the banking sector, but also among the population. But, taking into account the realities of the Russian market, these systems have a very significant drawback: they are, as it were, designed for people from economically developed countries who have fairly high earnings, who have a certain mentality. More specifically, the same Americans and Europeans are accustomed to the fact that for banking services you have to pay and pay dearly, because these services provide security, reliability.
The patriarch in our market is Western Union, operating in Russia since 1991. According to the research firm Aite Group, Western Union accounts for 20% of the global money transfer market. Now in the CIS countries over 20 thousand customer service points are connected to the Western Union system, and in Russia - more than 5 thousand. Whereas, in the early nineties, the company began operating in Russia, Russia was the recipient country: the number of money transfers from abroad was higher than from the country. For several years, Russia has been a country sending remittances, as it receives many labor migrants from the CIS countries. The growth of population migration has stimulated the demand for money transfer services. In turn, the high demand for this service contributed to the expansion of the number of market participants and a gradual decrease in average market tariffs.
The international giant Western Union entered into an agreement in 2006 with Russian Post, the largest Russian player in the transfer market. Thanks to this, he gained access to many of its branches in the regions. The operators, as they say, divided the clearing: with Western Union from the hinterland you can make a transfer only abroad, and money within the country, as before, is sent by regular postal order or using the CyberMoney express system.
At present, we have an indisputable fact that our money transfer systems work quite effectively and competitively in the domestic market and the CIS market, which have already squeezed the recognized market leaders: Anelik (“originally” from Armenia), PrivatMoney (Ukraine), Unistream (Russia), Migom (Russia) and others. This fact has its own natural explanation and reasons. Under Russian law, money transfers of individuals without opening an account exclude entrepreneurial transfers. That is, we are dealing with translations that can be described as help.
Judging by recent events, the Russian money transfer market has become more specialized and has lined up on a Western model. The activity of Russian financial organizations, which have taken up the development of transfer systems, contributes to the growth of migration to the country from neighboring states. Indeed, the traditional clients of "translators", contrary to television commercials, are by no means flight attendants and businessmen, but guest workers. The bulk of transfers from Russia are to Ukraine, Uzbekistan, Tajikistan, Armenia, Azerbaijan, Georgia and Moldova. According to experts, despite the fact that no more than 50% of transfers in the country go through legalized companies today, the tendency to increase demand for licensed “translators” is very high.
If we talk about the security of domestic systems, then in general they are not inferior to Western counterparts. In terms of information technology, we have fairly highly qualified specialists who in professionalism are in no way inferior to their Western colleagues. Banks understand: as in any growing market, the situation is changing rapidly, and now there is the opportunity to grab your piece of the pie. Currently, there are 20 systems on the market, but increasing competition is contributing to the emergence of new projects. Money transfers bring constant commission income, which does not depend on either the market conditions or the Central Bank rates. Transferred money - received a commission. This is the dream of any banker. In addition, due to transfers, banks significantly expand their customer base, because a citizen who has taken advantage of the service can pay attention to other products of a credit institution.
Currently, the Russian Post is actively competing with the bank transfer system with its Cyber-Money project. The project participants were about 45 thousand post offices throughout Russia. However, the delivery time of money to the addressee remains quite high.
The market also has another very serious competitor - Sberbank of the Russian Federation. He launched the Blitz express money transfer system based on the use of modern banking technologies and high-speed communication channels. The main advantage of the Blitz system is the transfer speed, which is no more than one hour from the moment of departure. Thanks to the wide network of Sberbank, the service is becoming available to a wide range of citizens. It is important that the client deals with one bank, which is fully responsible for the service as a whole. This determines the absolute reliability of the translation. The advantages of urgent money transfers “Blitz” include the affordable fee for the transfer. The size of the commission is 1.75% of the amount, but not less than 100 rubles. and no more than 2000 rubles. The maximum transfer amount is 500,000 rubles.
There are other systems. The main thing is to correlate your needs with the geography of each system, the speed of money transfer and tariffs.
Money Transfer Classification
Money transfers can be classified depending on:
- 1. Directions:
- -International;
- - domestic.
You can issue an international transfer within the framework of the international payment system. It operates on the territory of two or more states, between which it allows you to transfer money.
Of course, not all existing international systems work in Russia. However, there is no shortage of them. Moreover, Russian banks have created their own systems that allow you to easily transfer money to some countries near and far abroad. Moreover, the commission, which is withheld, is much lower.
- 2. The recipient:
- - individual;
- - business entity.
- 3. Transmission method:
- - with account opening;
- - without opening an account.
- 4. Transfers from card to card.