Remittances (Russian market)

2024: China steps up restrictions on payments from Russia

Between January and June 2024, the turnover trade RUSSIAN FEDERATION PEOPLE'S REPUBLIC OF CHINA between and amounted to about 116.9 billion, of dollars USA which imports account for just over 51 billion US. dollars But even Russia's friendly relations with China do not greatly save the situation with payments during a period of severe restrictions. Chinese fear banks secondary, sanctions which is why they are constantly tightening the requirements for accepting transfers from. The RUSSIAN FEDERATION latest news on sending money to the PRC is in this material. Read more here. [1]

2023

Remittances to Kyrgyzstan from Russia for the year decreased by 14%

At the end of 2023, Russian citizens transferred approximately $2.53 billion to Kyrgyzstan. This is about 14% less than the result for the previous year, when the volume of transactions was estimated at $2.94 billion. Such indicators in mid-February 2024 are disclosed by the National Bank of the Kyrgyz Republic. Read more here.

The volume of cross-border currency transfers of individuals halved to $27.8 billion

The volume of cross-border net currency transfers of Russian individuals in 2023 amounted to $27.8 billion, which is almost half (by 48.8%) less than a year earlier. This is evidenced by the data of the Central Bank of the Russian Federation, published in February 2024.

The volume of ruble cross-border net transfers of individuals in 2023 reached 1.2 trillion rubles, which is 25.8% higher than a year ago. The share of friendly countries in the structure of foreign exchange transfers has remained generally stable since the third quarter of 2022 in the range of 60-68%, according to the materials of the Central Bank.

In general, ruble transfers of individuals are associated mainly with the import and payment of foreign purchases by Russians. However, some of the funds transferred can be directed to foreign investments, including financial instruments. In the case of placement of funds abroad, it is necessary to take into account the risks associated with this, - indicated in the regulator's report.

The main goals of transfers from Russians in 2023 were transfers of own funds and transfers between close relatives (89.1%), settlements for goods (3.7%) and loans provided (attracted) and loans attracted (3.1%).

Kommersant draws attention to the "fairly high level" of ruble transfers to unfriendly countries - more than 466 billion rubles in 2023. Vice President of the Association of Banks of Russia Alexei Voilukov noted that the volume of ruble transfers to unfriendly countries grew steadily from the first quarter of 2022 to the first quarter of 2023 and even exceeded the volume of transfers to friendly countries. In subsequent periods, they significantly decreased, while transfers to friendly countries in rubles had a steady trend towards an increase, he added in a conversation with the newspaper.

FINANCIAL MARKET RISK OVERVIEW

Remittances from Russia to neighboring countries decreased by 12% to $7.7 billion

Remittances from Russia to neighboring countries - Kazakhstan, Georgia, Armenia and Kyrgyzstan - by the end of 2023 decreased by 12% compared to 2022 and amounted to $7.7 billion. This is evidenced by the data of the local Central Bank, published in January 2024.

Armenia became the leader among four neighboring countries in terms of remittances. In 2023, Russians sent $3.6 billion to this country (+ 15% to the level of 2022). Kyrgyzstan was in second place ($2.3 billion), and Georgia closed the top 3 ($1.5 billion). In 2023, $0.23 billion was sent to Kazakhstan from Russia.

As it clarifies, RBC these data take into account money transfers from Russia to these countries through the banking infrastructure and/or through money transfer systems "," "and The Golden CrownUnistream. Contact These data are most accessible compared to the statistics of central banks of other countries popular with Russians.

Kira Vinokurova, partner of the Pen & Paper Bar Association, calls technical difficulties one of the reasons for the reduction in money transfers from the Russian Federation to neighboring countries. So, as the expert noted, since May 2023, it has become more difficult to open a bank account in Kazakhstan, and in the summer for the first time US sanctions were imposed against the money transfer system - the Unistream company, which was actively used to carry out cross-border transactions, fell under restrictions. Immediately after that, foreign banks began to stop working with the system, for example, the Georgian Bank of Georgia and TBC.

According to Vinokurova, the general policy of Western jurisdictions to tighten control over the circumvention of sanctions and their implementation could also affect the reduction of money transfers from Russia. Formally, none of the listed countries is obliged to comply with the regimes of Western sanctions, but they can follow the restrictions of Western jurisdictions, for example, the United States, due to the close relationship of financial structures with American banks and the risks of imposing sanctions against themselves, she added.^[1]

Remittances from Russia to Kazakhstan tripled over the year

Remittances from Russia to Kazakhstan through the system of international remittances in 2023 amounted to 108 billion tenge (about 21.52 billion rubles at the exchange rate at the time of publication of the news - January 31, 2024), which is three times less than a year ago (357.1 billion tenge). Read more here.

Remittances from Russia to Georgia decreased by 27.5%

Remittances from Russia to Georgia in 2023 decreased by 27.5% compared to 2022 and amounted to $1.5 billion. This is evidenced by the data that the National Bank of Georgia released in mid-January 2024. Read more here.

A new service registered by the Central Bank for transferring money abroad has been launched in Russia. They can be received in cash

In November 2023, the Russian money transfer service abroad KwikPay launched a mobile application that is available on Google Play and the App Store. This happened almost three months after the company was registered in the register of the Bank of Russia. Read more here.

Transfers of individuals abroad amounted to 2.76 trillion rubles for 9 months

The Bank of Russia has published a detailed breakdown of cross-border transfers of individuals from Russia.

From January to September 2023, total cross-border transfers of individuals (ruble and foreign exchange) through Russian banks amounted to 2.76 trillion rubles, through payment systems - 0.3 trillion rubles, and using electronic funds only 0.03 trillion rubles.

The total quarterly volume of transfers decreased to 850 billion rubles compared to 1 trillion rubles in Q2 2023, 1.45 trillion rubles in 1Q23 and an average of about 2 trillion rubles in Q3-4 2022. Both Russian residents of an individual and non-residents of an individual (migrants and individuals on a business trip) participate in this statistics.

A significant turnover is realized by resident individuals through banks - an average of 82% of the total net transfers.

Net currency transfers decreased more than 4 times over the year - $4.8 billion in 3Q23 compared to $20.2 billion in Q3 2022. From January to September 2023, $23.5 billion was withdrawn vs $33.7 billion for the same period of time in 2022.

In 2022, on average, 93% of transfers went in dollars, euros and yen, and in 2023 - 83%, and in the direction - 68% to friendly countries (the share is relatively stable over the past 12 months).

The volume of ruble transfers is 267 billion rubles in 3q23 against 378 billion rubles a year earlier, and from January to September 2023 - 885 billion against 580 billion in 2022. Almost the entire volume of transfers (84%) goes to friendly countries.

It can be noted that in 1Q22 the volume of ruble transfers was about zero (13 billion rubles), and the volume of foreign currency transfers - $5.2 billion. The trend is generally downward. Pressure on the ruble began in 3Q23, so cross-border transfers of individuals according to official statistics cannot be the justification for the fall of the ruble.

According to the Central Bank of the Russian Federation: "In general, ruble transfers of individuals are associated mainly with the import and payment of foreign purchases by Russians. However, some of the funds transferred may be directed to foreign investments, including financial instruments. "

Transfers between their accounts up to 30 million rubles a month will be free

On July 25, 2023, the State Duma adopted a bill that will allow Russians to make money transfers to themselves without a commission in the amount of up to 30 million rubles a month. The measure is directed against "salary slavery," as well as for the barrier-free transfer of large funds from real estate sales.

It will be possible to transfer money without commission within 30 million rubles a month by account number through mobile applications or personal account on the bank's website to your account in another bank or by your phone number through the Fast Payment System (FPS).

As specified in the Central Bank of the Russian Federation, the new rules will not apply to transfers that a person makes directly in branches, since this is a more costly operation for banks, as well as transfers by card number, since in this case it is not always possible to determine the recipient of funds.

The changes will not only allow citizens to transfer their funds between banks without unnecessary expenses, but will also contribute to the development of competition and improve the quality of banking products. They will also reduce the operational risks of people who withdrew money from the account in cash when it was necessary to transfer them to another bank without commission.

In addition, banks will now be obliged to inform the client for free that his deposit ends no later than 5 days before the expiration date. This will help a person to more competently manage their funds. For example, re-issue the deposit in time so that the money does not "freeze" on demand terms if he forgot about the end of the deposit.

The provisions of the law on free online transfers will come into force nine months after its official publication, and banks will be required to inform customers about the imminent end of the deposit period in six months, the Central Bank added on July 25, 2023.^[2]

Transfers from Russia to Georgia in January-February increased 10 times to $454 million

In the first month of 2023, $267.6 million was transferred to Georgia from Russia, which is 12 times higher than in January 2022.

The volume of remittances from Russia to Georgia in the first two months of 2023 amounted to $454.9 million, which is more than 10 times higher than the same figure for 2022, the National Bank of Georgia said.

The volume of transfers to Georgia soared by 127% year on year in March 2023. They accounted for almost half of the total - $223 million out of $438 million. Over the past year, Russians opened almost 110 thousand accounts in Georgia.

2022

Record withdrawal of money by Russian freelancers

At the end of 2022, Russian freelancers brought abroad 6.8 times more money than in 2021. This is evidenced by the data of the service for settlements with freelance employees Solar Staff, which were released in mid-February 2023. Read more here.

Record transfers from Russia to Uzbekistan, Armenia, Kyrgyzstan, Georgia and Kazakhstan amid conflict in Ukraine

In 2022, individuals sent record volumes of remittances from Russia to neighboring countries - about $23 billion. This became known at the end of January 2023.

Statistics are provided by RBC with reference to the data of central banks and money transfer systems "Golden Crown," "Unistream" and Contact. 357 billion tenge, or about $775.4 million, was sent from Russia to Kazakhstan in 2022. This is a record for the period when statistics are available. The figure in dollars is 6.8 times higher than the volume of transfers in 2021.

About $2 billion was sent to Georgia - a record volume for the period of available statistics on the website of the Central Bank of Georgia. The indicator of 2022 exceeded the previous five times.

The volume of remittances from Russia to Uzbekistan in 2022 amounted to $14.5 billion - over the year it increased 2.6 times.

Following the results of 11 months of 2022, the Central Bank of Armenia reported that the volume of transfers quadrupled compared to 2021 - to $3.1 billion. This is a record indicator of available statistics.

In December 2022, $422.9 million was transferred from Russia to Armenia, which is five times more than in the same period of the previous year, according to statistics from the Central Bank of Armenia. In just a year, a little less than $3.6 billion was received in this direction. For comparison, in 2021, only $865.6 million was received from Russia to the republic.

The flow of money transfers from Russia to Kazakhstan has grown 7 times - from 8.9 billion rubles in 2021 to 60.2 billion rubles in 2022, the National Bank of Kazakhstan reported.

The publication notes that Russians regularly travel for bank cards of neighboring states in order to be able to pay for sanctioned goods and use Internet services that do not accept Russian cards.^[3]

One of the main reasons for the growth of transfers is the movement of citizens: peak periods - spring and autumn 2022 (the beginning of a special operation in Ukraine and the announcement of partial mobilization), says Ekaterina Semerikova, a leading researcher at the blockchain and fintech laboratory of the Skolkovo School of Management. She believes that the statistics could also be influenced by the popular service for the purchase of certain goods abroad, which were unavailable in Russia due to sanctions. In this case, transfers can be used to send funds as payment for goods to intermediary cards, the expert explained.

Russians transferred abroad almost 1.5 trillion rubles per quarter against the background of the announcement of mobilization

In the third quarter of 2022, Russians transferred almost 1.5 trillion rubles abroad, which is the maximum value for the entire time of the publication of these data by the Bank of Russia. The surge occurred against the background of partial mobilization during the conflict in Ukraine.

Take-off of transfers to Armenia

Remittances to Armenia from January to September 2022 increased by 155% compared to last year to $1.7 billion, Prime reports, citing Armen Nurbekyan, director of the macroeconomic department of the Central Bank of the republic.

The "very large figure" is the result of an increase in remittances from Russia, he stated. And he noted that such an influx is "almost entirely due to the increase" in the number of transfers from Russians. Nurbekyan also pointed out that this indicator directly affects the formed exchange rate.

Surge in transfers from Russia to the CIS countries

The central banks of most CIS countries note a surge in remittances from Russia in April - May 2022. So, in Armenia in May an absolute record was set in the entire history of observations - $266 million was received from Russia, while in March the figure was at the level of $115 million.

A historical record has been set in Georgia - the amount of transfers from the Russian Federation increased from $27 million (14% of all transfers) in March to $313 million in May (62%). In June, the flow slightly decreased - to $231 million (54%), but remained at a level several times higher than last year's figures.

In Kazakhstan, transfers from Russia in March accounted for 17.8% and only $9.5 million, but in May the flow increased to 66% of the total, $94.6 million.

Transfers to Kyrgyzstan increased from $139.6 million (91%) in March to $245.6 million (95.5%) in May.

Receipts from Russia to Uzbekistan in rubles for the first half of the year amounted to 3.1% of all transfers, or about $200 million in equivalent.

80% of all transfers from individuals to Azerbaijan came from Russia. In the first half of 2022, out of $1.6 billion, Russians transferred $1.2 billion, which is five times more than in the same period last year. The growth occurred against the background of Russia's military special operation in Ukraine and a strong depreciation of the dollar against the Russian ruble.

Enhanced protection measures against fraudsters can greatly slow down online transfers in Russian banks

On July 21, 2022, information appeared that in Russia in the near future the security standards for bank transfers will change, due to which the receipt of money to the account may take several days. This is being done as part of the fight against fraud.

The updated rules allowing a multi-day delay in the transfer of funds are spelled out in the bill for the authorship of the State Duma Committee on the Financial Market. This is a set of amendments to the current law "On the National Payment System," aimed at minimizing the risk for a bank client to be deceived by a fraudster.

The brief essence of the project is as follows: if the client nevertheless transferred the money to the attacker, then the sending bank will have to reimburse it to him. In order to avoid additional expenses from the bank, an additional security system will be implemented that directly affects the delivery time of funds during the transfer.

In order not to lose money, banks will have to make sure that he has no signs of a fraudulent operation before confirming the transfer. In particular, banks will be forced to compare information about the sender with data on fraud cases that accumulate in the Central Bank database.

Such a check will take some time. If a match of information is revealed, the sending bank will be obliged to notify the client about this and report the risk of losing money. After that, the client must either refuse or give a second confirmation of the transfer.

Thus, the bank disclaims responsibility, since the client provided him with repeated confirmation. However, at the same time, it retains the ability to block the transaction for another two days, which should provide additional protection for customer funds.

The bank will receive the right to an additional two days of blocking the transaction, because the client does not immediately realize that he transfers money to fraudsters with his own hand. To achieve this effect, they "process" their victims using social engineering methods.

"As a rule, the client realizes in two days that the money is transferred to the fraudster," the explanatory note to the bill says.

After the sending bank has blocked the transaction, the receiving bank will also be connected to the verification of the transfer for fraud. He will transfer the results to the sender - on their basis and a decision will be made on the further fate of the transaction. This measure is also spelled out in the bill.

Customers of Russian banks really lose gigantic amounts of money as a result of falling under the influence of intruders. In the first quarter of 2022 alone, 258,000 bank transactions were carried out in Russia, which bank customers did not give their consent to (Bank of Russia statistics).

The final amount of damage caused to Russians reached 3.29 billion rubles. The vast majority of bank customers parted with their money forever - only 6.2% of this amount was returned^[4]

The Central Bank banned transfers from Russia abroad to non-residents from 43 countries

In early March 2022, the Central Bank of the Russian Federation banned transfers from Russia abroad to non-residents from 43 countries. For the rest - a limit of $5 thousand per month or the equivalent of this amount without opening bank accounts. The Bank of Russia explained that this restriction does not apply to Russian citizens, as well as the vast majority of foreign citizens from the CIS states. Measures have been taken to prevent the withdrawal of funds from the Russian financial market and to maintain financial stability.

As they write Sheets"" with reference to a letter with a stamp for official use (chipboard), which the regulator sent to credit institutions, they were ordered from March 1 to March 31 to suspend all transfers from the accounts of non-residents of legal entities and individuals from countries (among them -, and Britain Germany), USA which introduced restrictive measures, to accounts abroad.

Conditional janitors do not usually have such amounts. But the logic of the state in the current situation is clear: the amount from $5,000 is already significant, and the currency should remain within the country now, "Alma Obaeva, chairman of the board of the National Payments Council non-profit partnership, explained to the newspaper, commenting on the clause on restrictions for citizens from countries that did not impose sanctions.

The press service of the Golden Crown, one of the money transfer systems, told RBC that its services are mainly used by labor migrants, and their share of transfers above the indicated limits to these countries is very small.

Earlier, President Vladimir Putin has already signed a decree according to which residents will not be able to credit foreign currency to their accounts and deposits in foreign banks and brokers. It will affect transfers not only to your account, but also withdrawal of money without opening an account if foreign service providers are used for it. In addition, it is prohibited to export more than $10 thousand from the country in cash.^[5]

2021

The Central Bank of the Russian Federation will begin to control all money transfers between individuals

Central Bank of Russia will ask banks information about all remittances citizens, including personal data senders and recipients of funds. This became known on December 27, 2021.

The measure is required in order to provide data banks and obtain up-to-date information about payment services.

According to a representative of the Central Bank, new reporting forms will be introduced. They will be used to analyze the market as a whole in the country and in the regions, as well as to form statistical indicators. According to the source, monitoring of money transfers will be carried out from January 2022.

Full control of transfers is necessary for the Central Bank to combat illegal online casinos, organizers of financial pyramids, forex dealers and cryptocurrency exchangers, as well as businesses that do not pay taxes.

They will be determined by a large number of counterparties, by a large number of transactions carried out with individuals, by the volume of transactions, for example, more than 100 thousand rubles per day or a million per month^[6].

Russian banks launched money transfers abroad by phone number

On October 26, 2021, it became known that Russian banks began to offer the possibility of sending money abroad by phone number. Thus, Tinkoff Bank now allows you to send funds to individual banks in Tajikistan, Uzbekistan and Kyrgyzstan. Read more here.

Central Bank demanded from banks data on transfers of money from card to card

On October 8, 2021, it became known that the Central Bank of the Russian Federation sent requests to participants in the payment market about the need to disclose data on their identification of dropper operations when transferring money from card to card. Dropers are individuals who participate in the transit or cashing in of stolen money.

As Kommersant writes with reference to the text of this regulator's request, he asks banks to indicate limits on such operations, their monitoring parameters, and the methods used to identify "droppers." In addition, the Central Bank requested a register of operations (including canceled and blocked), as well as information on the amount of commissions for such operations.

As explained to the publication in the Bank of Russia, the regulator sends requests not in order to reduce the number of transfers from card to card, but to study the work of market participants in such transactions.

However, for some participants in the financial market, the request of the Central Bank became an occasion to abandon the service of transfers from card to card of citizens. For example, in the management of the Payment Center RNKO (it is the operator of the Zolotaya Korona PS), Kommersant was told that the company decided to stop providing such a service as transferring from card to card on all Internet pages.

There are no effective methods for controlling card-to-card operations when the service is provided to external customers. The bank objectively in this case is deprived of the opportunity to assess the legalization risks of a specific operation, "said Alexander Pogudin, member of the board of directors of the organization.

RTM Group manager Yevgeny Tsarev believes that fraudsters are actively using card-to-card transfers. According to him, it is easier for the Central Bank to control the movement of money through the Fast Payment System (FPS), since it has information about the client's phone number and device. In case of violation, the Central Bank will completely block the account in the SBP, and not one card, as banks do.^[7]

The Central Bank tightened the criteria for dubious transactions between individuals when paying for a card

In September 2021, the Central Bank of Russia tightened the criteria for dubious operations between individuals when paying for a card. The regulator does not like the following operations:

• a large number of counterparties - individuals, for example, more than 10 per day, more than 50 per month.

• a large number of non-cash transactions carried out with individuals more than 30 operations per day.

• significant volumes of transactions for writing off and crediting non-cash money between individuals, for example, more than 100,000 rubles a day, more than 1 million rubles a month.

• short period of time (one minute or less) between crediting and debiting

• within 12 hours (or more) of one day, operations for crediting and debiting funds are carried out

• during the week, the average balance of funds in the bank account at the end of the operating day does not exceed 10% of the average daily volume of bank account transactions during the specified period

• cash write-off operations are characterized by a lack of payments to legal entities to ensure life (for example, payment for utilities, communication services, other services, goods, works)

• matching identification information about the device (for example, MAC address, digital fingerprint of the device, etc.) used by different individual clients for remote access to money transfer bank services.

2020

The total volume of remittances of individuals from Russia fell to $40.1 billion

The total volume of remittances of individuals from Russia fell to a four-year minimum and amounted to $40.1 billion at the end of 2020. This is 3.8% less than the result of 2019.

Volumes fell for the second year in a row after their record growth of $4 billion in 2018 (to $47.9 billion).

Decrease in the volume of money transfers by individuals from the Russian Federation through payment systems by 2%, to $7.4 billion

The volume of cross-border transfers from Russia made by individuals through payment systems in 2020 turned out to be the minimum in 4 years and amounted to $7.4 billion against $7.5 billion in 2019. Thus, there was a decrease of almost 2%. This is evidenced by the data of the Central Bank of the Russian Federation.

According to TASS, the Russian Information Agency, citing materials from the regulator, most of the transfers from Russia in 2020 were sent to the CIS countries ($6.2 billion). The smallest volume of transfers was made in April - $306 million. The largest amount was reached in December - $765 million.

It is noted that the minimum indicator in April was recorded due to closed borders, the suspension of the work of trade and service enterprises, as well as the weakening of the ruble - in March, due to the pandemic and the collapse of the OPEC + deal, the dollar rose to almost 75 rubles from 64 rubles in February.

Russia In 2020, $3.1 billion was received from the CIS countries and non-CIS countries. In 2019, this figure was $3.3 billion. A larger amount of funds - $1.7 billion - was transferred from non-CIS countries.

Experts attribute the decrease in the volume of cross-border transfers to the deferred demand, which against the background of the COVID-19 coronavirus pandemic was observed mainly from labor migrants from the CIS countries. According to the Ministry of Internal Affairs, at the end of 2020, there were 6.3 million foreign migrants in Russia.

To compile analytics of the Central Bank of the Russian Federation, the reporting of banks, data from payment systems "Golden Crown," Western Union, CONTACT, "Unistream," as well as "Russian Post" is used.

Through these systems, according to the regulator, an average of $273 was sent, which turned out to be almost 1.5 times lower than the level of 2019 ($407). At the same time, the average amount of one transfer of individuals sent from abroad to Russia, on the contrary, increased slightly - it added 14.7% and amounted to $273.^[8]

Ban on the transfer of money transfers abroad

On July 4, 2020, amendments to the law "On the National Payment System" came into force, which, among other things, prohibit the transfer abroad of data on money transfers within Russia. The rule applies to operators of the turnover of electronic funds and organizations attracted by them.

The exception is cases when the electronic means of the inhabitants of Russia were used without their consent. Also, the ban does not apply to international transfers.

The head of the Association of Electronic Money and Money Transfer Market Participants Viktor Dostov, in a conversation with RIA Novosti, explained that the innovation is by no means a Russian feature, but a global trend. Regulators insist that domestic payments are processed within one country. This, in their opinion, reduces dependence on foreign players and protects against personal data leakage, Dostov said.

The new requirements will not have a significant impact on the market of electronic money systems. The largest players have previously processed all operations domestically. Therefore, consumers will not feel any changes. Nevertheless, the amendments may affect some foreign operators of electronic funds, he said.

Earlier, requirements to ban the transfer of information on money transfers to the Russian Federation abroad were introduced for card operations. In particular, the National Payment Card System was created for this.

In addition to the ban on data transfer, new amendments to the law "On the National Payment System" provide for some technical changes in the work of such companies. Thus, organizations that provide operating services to electronic funds operators will be prohibited from unilaterally suspending them.^[9]

Bank roaming canceled in Russia

In June 2020, a law came into force according to which Russian banks will not be able to take commissions for interregional money transfers within one credit institution.

Since the branches and structural divisions of the bank are part of the same structure, the transfer between them must be understood as internal transfers, it is noted in the explanation to the law. Accordingly, increased fees for such transfers can be regarded as discrimination against the consumer.

The law was signed by Vladimir Putin in December 2019. He was supported by the State Duma and the Central Bank of the Russian Federation. The document equalizes the rights of citizens. In addition, reducing consumer transfer costs is an important vector of financial market development.

35.8% reduction in transfers to other countries in March

The volume of transfers from Russia to other countries decreased by 35.8% - from $644 million in March 2019 to $413 million in March 2020. The last two goals of the year, this figure was about $690 million.

The volume of transfers from Russia to the CIS countries fell by 30.3% - from $481 million to $335 million. Transfers from Russia to distant foreign countries sank by more than half (52%) - from $163 million in March 2019 to $78 million in March 2020.

So, in March 2020, the volume of transfers from Russia at the Unistream payment system decreased by 35%, at the Golden Crown - by 30%.

2019

Digitalization rating of money transfer systems

The Skolkovo Foundation and the resident of the Information Technology Cluster of the VR Bank Foundation assessed the degree of digitalization of key participants in the personal money transfer market in Russia following the results of work for the third quarter of 2019.

The degree of digitalization allows us to assess the readiness of key market participants to compete with banks and technological services, experiment with other channels and instruments, and meet the growing influence of regulatory bodies.

The rating methodology has combined five different blocks that give an idea of ​ ​ the level of digitalization of key participants in the Russian money transfer market:

• The ratio of the number of physical branches and income from the transfer of funds by individuals (due to the specifics of reporting, income may include revenue from the sale of own banking products and other income);
• Volume of transfers from card to card online;
• Calculation of commission on the site (calculator);
• The number of installations of mobile applications for individuals in the AppStore and GooglePlay;
• Analysis of the quality and speed of processing calls on Facebook, VKontakte, Instagram.

The balance of key indicators - income from money transfers and the number of physical branches - is one of the objective indicators of the level of digitalization of the payment system. Sberbank of Russia|Hummingbirds (Blitz) and the Golden Crown have the most balanced proportion of online and offline presence with a noticeable margin from other participants in the rating. The best indicator for this criterion belongs to Sberbank of Russia, the second nominee in this category has the best average market value.

Transfer from card to card online is offered by Blizko, Contact, Western Union, Unistream, Sberbank of Russia|Hummingbird (Blitz). This segment of the market is going through hard times. The service has been successfully supplanted by traditional bank remittances offering better terms of service. This is also facilitated by the growing integration processes between banks of different countries.

The main strategic areas are Belarus,,. Tajikistan Uzbekistan The market is concentrated in countries with high levels of labor migration and their kinship links. Not all systems offer transfers to non-CIS countries. For example, if transfers to Uzbekistan can be made through seven out of eight systems, then USA in only three out of eight. A much larger choice of systems is possible when transferring funds to a large Germany number of our compatriots - five systems offer their services here.

The calculation of the commission on the site is part of the organization of the process of interaction with the client in real time and demonstrates the information transparency of companies. A simple and useful option is provided only on the websites of five payment systems: Blizko, BEST, Golden Crown, UNISTRIM, Sberbank of Russia|Hummingbird (Blitz).

The presence of a mobile application today is implied even at the basic level of digital business transformation. Clients of money transfer systems, as a rule, send transfers to the family every month, which means that we are talking about systematically recurring operations. All the more unexpected are the results obtained - only 3 out of 8 analyzed systems, have mobile applications - Western Union, Golden Crown, UNISTRIM (Sberbank of Russia has a single mobile application for all customers). The Golden Crown has the largest number of mobile application installations (1 million downloads as of the beginning of November 2019 against 100 thousand downloads from other nominees in this category).

The level of activity of money transfer systems on Facebook, VKontakte, Instagram is significantly inferior to what is observed in the banking sector (the corresponding analysis was carried out by the Skolkovo Foundation and VR_Bank as part of the digitalization rating of banks based on the results of work for the first half of 2019). Responses to social media users arrive within hours or even a day. It is possible that this is due to the specifics of consumer behavior of the target audience of money transfer systems, which is less used by social networks. The most active position in social networks is occupied by Contact, Western Union, Golden Crown, UNISTRIM. Western Union leads in this category by a huge margin in terms of subscribers and quite noticeable - in terms of the frequency of post updates.

TOP-8 of the rating by the degree of readiness for digitalization of money transfer systems (in descending order):

• Golden Crown
• UNISTREAM
• Western Union
• Contact
• Sberbank of Russia|Hummingbird (Blitz)
• Blizko
• BEST
• Asia Express

The first three nominees - the Golden Crown, UNISTRIM and Western Union - lead by a wide margin from other market participants. Obviously, it is these market leaders who will be directly involved in the final technological transformation of the Russian segment of remittances, which has already begun.

Dmitry Medvedev demanded to cancel "bank roaming"

On October 10, 2019, the Prime Minister, Russia Dmitry Medvedev speaking at a government meeting, demanded the abolition of "bank roaming" - a commission for transferring money between regions within one bank.

Interregional discrimination [in banking services] is unacceptable and must be eliminated... The changes should save citizens from the so-called bank roaming, - said the head of government.

According to him, banks often try to get increased remuneration for standard procedures that do not entail any load.

In one bank, a different commission for the transfer of funds between regions can be established. Our country is large, but from the point of view of such electronic transactions, this has absolutely no difference and does not affect costs in any way, - said Dmitry Medvedev, adding that "bank roaming" concerns almost every person in Russia.

For example, Sberbank has such a commission. If his client makes a transfer within one city, then the commission is not taken from this transaction. If he decided to transfer money to a Sberbank client in another city or region, then the bank takes 1.5% of the transfer through its branch (from 30 rubles to 1 thousand rubles) and 1% if the transfer was made through Sberbank Online (up to 1 thousand rubles).

The bill on the abolition of commissions for interregional transfers of individuals within one bank by October 10, 2019 is under consideration by the government.

The changes are planned to be enshrined in Article 29 of the Law "On Banks and Banking Activities." They want to make a note there, according to which the amount of the bank's commission cannot be due to the opening of accounts in different departments of a credit institution.

Earlier, A Just Russia proposed to prohibit banks from taking commissions for withdrawing money from a "foreign" ATM from debit cards and for transferring money from them to a card of another bank.^[10]

2018

Russia is the sixth in the world with the lowest commissions

Russia is among the largest senders, and the cost of transfers from Russia is the lowest in the world.

Which countries transfer money from Russia

Increase in the number of online transfers through Yandex.Money by 54%

On February 22, 2019, Yandex.Money reported that Russians began to more actively transfer money online, in smaller amounts and increasingly - from mobile devices to Android. Yandex.Money analysts came to such conclusions by studying how users send transfers using the 2018 service. Read more here.

A phone number will be enough to transfer money

Russians in 2019 will be able to transfer money to each other by phone number - without binding to bank cards. Such an opportunity will appear due to the fact that Russia will introduce and legislate the principles of the payment directive of the PSD-2 working in Europe. The issue of "import" of foreign rules is now being worked out by the Fintech association at the Central Bank, a source close to the Central Bank told Izvestia in February 2018. Information about this was confirmed by two bankers familiar with the discussion of this issue. The innovation will lead to an increase in non-cash turnover in the country, experts believe^[11].

Russia will be able to implement the principles of the PSD-2 payment directive in 2019. It obliges credit institutions to open their client bases and program interfaces (APIs) to third parties, including cellular companies. In this case, when transferring money from the "bank - payment system - client" chain, the second element disappears. Thanks to this, funds can be transferred without even knowing the recipient's card number. If you need to send money to another individual in the mobile application of your bank, it is enough to enter the amount and phone number of the person to whom the funds are transferred.

Such a system has been operating in the European Union since January 2018. The Russian analogue of transfers between citizens began to be developed in the Fintech association at the Central Bank, a source close to the Central Bank said.

2017: Ukraine blocks Russian systems, Russia restricts transfers through foreign

The most clearly visible dynamics of transfers is from the data for January 2016 and January 2017. So, according to the Central Bank of the Russian Federation, in January 2016, individuals transferred $310 million from Russia, and in January 2017 - $446 million.

Experts believe that the volume of transfers of individuals abroad will begin to decline sharply from April 2017, since the State Duma on March 22 adopted a law restricting international transfers of money through payment systems whose operators are registered outside Russia.

First of all, the restrictions will affect transfers to Ukraine. It was Ukraine that banned the work of Russian payment systems in the country. At the same time, about 4 million citizens of Ukraine work in Russia. According to the Ministry of Internal Affairs, a total of 11.2 million migrants work in Russia, the^[12] of^[12].

2016

Transfers of individuals: $7.3 billion from Russia and $2.2 - to Russia

In March 2017, the Bank of Russia published data on international transfers of money by individuals from Russia and to Russia for 2016.

In total, in 2016, individuals transferred $7.335 billion from Russia, including $1.739 billion to non-CIS countries, $5.596 billion to CIS countries. At the same time, transfers in favor of individuals in Russia amounted to $2.222 billion in 2016, including transfers from non-CIS countries - $844 million, transfers from CIS countries - $1.378 billion.

The average transfer size in 2016 amounted to $424, transfers to non-CIS countries - $1,047, to CIS countries - $357. The average transfer in favor of individuals in Russia amounted to $496 in 2016, transfers from non-CIS countries - $469, from CIS countries - $514.

Yandex.Money: the number of money transfers increased by 74%

Yandex.Money studied how Russians transfer funds to each other. Transfers for the first seven months of 2016 and for the same period in 2015 were compared. Transfers through the service website and mobile applications Yandex.Money and "Money Transfers" were taken into account.

It turned out that over the year the number of transfers increased by 74%, and senders - by 37%. The average transfer amount is 1754 rubles.

The number of transfers from card to card has almost doubled - as has the number of people who use them. Transfers from the card - including tied - to the wallet increased by 165%, the number of such senders approximately doubled. The number of transfers from wallet to card or other wallet increased by 58%.

The number of transfers using Western Union and other money transfer systems also doubled. There are also almost twice as many users who send money through them. The average transfer amounted to 11,200 rubles this year, which is 5% less than in the past. With the help of such systems, people transfer funds both across Russia and beyond. Most often, overseas transfers are sent to the CIS countries, China, Thailand, Germany and India, and least often to Zambia, Qatar, Mongolia, Madagascar and the states of Micronesia.

Demand transfers continue to gain popularity: over the year, their number increased by 60%. There are 55% more Russians who send money in this way. Among them there are both owners of wallets in Yandex.Money and users who are not registered on the service: you can send a demand transfer from any bank card - it is enough to specify the recipient's mobile number or email, and he will choose for himself how it will be more convenient for him to accept the amount.

Users have become more likely to send transfers from both computers and mobile devices. True, the number of transfers from computers doubled over the year, and from phones - only by a third. Depending on the mobile platform, people transfer different amounts: the average transfer of iOS fans is 36% more than owners of Android devices. Interestingly, over the year, the average translation of Android users increased by 15%, and iOS - by only 3%.

The popularity of money transfers through electronic wallets also depends on the region of Russia. Over the year, their number grew the most in the South of the country - by 60%, and the least in the North-West - by 30%. The largest average transfer in the Central District is 2052 rubles, and the lowest in the North Caucasus is 1259 rubles.

Electronic payments are equally popular with users of both sexes. But there are far more men than women among those sending remittances: 75% and 25%, respectively.

2015

Data Euroset

In March 2016, Euroset summed up the remittance market in 2015. The volume of remittances from the Russian Federation in all directions decreased by 5% in ruble equivalent and by 40% in dollars (according to the Central Bank of the Russian Federation, as well as on the basis of an expert assessment of the Golden Crown system and Euroset).

The market for remittances from the Russian Federation amounted to 761.4 billion rubles in 2015, or 12.4 billion dollars in monetary terms (38.6 million transactions), while in 2014 its volume in monetary terms corresponded to 805.1 billion rubles or 20.8 billion dollars (48.1 million transactions). The data combines indicators of such money transfer systems as: Anelik, Blizko payment system, Contact, InterExpress, Western Union, Golden Crown, Hummingbird, LEADER, Russian Post, Unistream.

In 2015, the volume of remittances from Russia in all directions in rubles showed a drop of 5% compared to 2014. Against the background of the depreciation of the ruble, transfers began to be made less often, for example, the number of remittances (transactions) decreased from the Russian Federation in all directions by 20% compared to 2014.

Due to the increase in the dollar exchange rate and a decrease in the share of transfers to small amounts, the average amount of transfers in rubles increased by 18% and amounted to 19700 rubles. in 2015 against 16800 rubles. in 2014. The reason for the decrease in the share of transfers to small amounts may be a commission, the percentage of which for large amounts is less. Therefore, senders prefer to save more money and only then carry out a transfer. In addition, we note the growing trend of "group transfers" where multiple senders make a general translation.

In the fourth quarter of 2015, the number of remittances from Russia in all areas decreased by 15% compared to the same period in 2014, the volume in rubles decreased by 3%.

In dollar terms, the picture looks different. For example, the volume of remittances in dollars decreased by 40% in 2015 compared to 2014, in the IV quarter of 2015. the volume of transfers decreased by 30% compared to the IV quarter of 2014. At the same time, the average amount of transfer in 2014 in dollars was $434, and in 2015 - $322.

The main reason for this difference in dynamics is the growth of the dollar against the ruble.

Structure of distribution of remittances from Russia:

The list of other countries includes: Moldova, Turkmenistan, Kazakhstan, Belarus, etc.

Russian cross-border remittances market: results of the 1st half of 2015

According to the statistics of the Bank of Russia, in the 1 half of 2015, the turnover of the Russian market for cross-border cash transfers of individuals through money ^[13]systems:,,,,,,,,,, ^[14]6.7 billion, which is dollars USA 42% less than in the same period last year. The main factor putting downward pressure on the development of the market is the change in value ruble in relation to the leading world currencies. Thus, the average exchange rate against the ruble for dollar the analyzed period increased by 55% (from 37 per dollar to rubles 58). In ruble terms, the market showed a not so significant drop - within 5%.

Contrary to the expectations of experts at the beginning of the year, the tightening of migration legislation and the reduction in the labor market did not lead to a significant outflow of labor migrants from Russia. According to the FMS, although there was a decrease in individual countries, in general, as of the end of 1 pg 2015, there were 11.1 million foreign citizens and stateless persons on the territory of the Russian Federation - only 2% less than the same period last year. At the same time, the number of foreigners who entered the country decreased by 5%.

As a result, remittances from Russia to the CIS countries, made primarily by labor migrants, remain the main component of the market - they account for 81% of the total volume of cash transfers, but their share is decreasing - in 1 pg 2014, this group of countries accounted for 85%. In general, the flow of transfers to these countries for 1 pg of the current year fell by more than 2 times - from $8.4 billion in 1 pg of 2014 to $4.0 billion in the current year.

The CIS countries remain the main direction of sending money transfers from Russia. The top three in this area are the countries supplying foreign labor in the Russian Federation: Uzbekistan, Tajikistan, Kyrgyzstan, the fall in the volume of transfers for which in 1 pg 2015 amounted to 55%, 58% and 40%, respectively. Other CIS countries show a similar level of decline in transfer volumes, ranging from 30% (to Kazakhstan) to 55% (to Ukraine and Moldova).

Of the non-CIS countries, the most noticeable reduction in 1 pg 2015 was shown by transfers from Russia to the UK (-66%) and Germany (-52%). Transfers to Turkey (-2%) and China (-15%) underwent the smallest reduction, while the volume of funds transferred to the Philippines increased by 2%.

The total volume of transfers to Russia from the CIS countries in 1 pg 2015 amounted to $1.35 billion - only 6% less than in the same period last year. Kazakhstan and Turkmenistan played a key role in such a slight fall, from where 61% and 39% more transfers were sent to Russia, respectively, than in 1 pg 2014. At the same time, Kazakhstan accounts for over a third of all transfers sent from the CIS countries to Russia.

Transfers from non-CIS countries to Russia - the only market segment that did not show negative development dynamics - amounted to $471 million in 1 pg 2015. The largest growth was recorded from Turkey (+ 23%), Israel (+ 29%), UAE (+ 23%), Latvia (+ 18 %), South Korea (+ 42%). The volume of transfers from China remained almost unchanged - $51 million (-2% compared to last year).

The amount of transfers in 1 pg 2015 also showed a reduction - from Russia the average transfer decreased to $332 against $425 a year earlier, to Russia - to $647. The drop in both indicators was within 23%.

2014: Russian remittances market in 2014 and forecast for 2015

In 2014, the turnover of the Russian market for cash transfers of individuals amounted to $44.5 billion, including cross-border transfers - $25.0 billion, domestic - $19.5 billion. There is a 7% reduction in market volume - a decline for the first time since 2009. The main reason for the decline, according to analysts, is the fall in the exchange rate value of the ruble against leading world currencies: in ruble terms, the market grew by 12%.

The number of transactions increased by 7% to 85 million, the average amount of money transfer decreased from $607 in 2013 to $526 in 2014.

Remittance market dynamics, $ billion, 2014

Source: CBR, TMT Consulting

In the market structure, domestic transfers approached the largest segment in terms of volume - transfers from Russia, due to outstripping dynamics. It is expected that in 2015 the volume of domestic transfers will exceed the volume of transfers abroad, the share of transfers to Russia will continue to grow - positive dynamics will continue in this segment.

Market Structure by Direction, 2014

Market Dynamics by Direction, 2014

Source: CBR, TMT Consulting

The volume of domestic remittances in 2014 in dollar terms decreased by 5%. More than half of transfers in Russia are made from Moscow, the Krasnodar Territory and the Moscow Region account for 5% of the volume of transactions. Moscow is also the largest region receiving money transfers: of the total volume of transfers in the country, Moscow recipients account for 59%.

In the structure of transfers from Russia, the main direction is the countries of the near abroad, their share is 88% of the turnover of cross-border cash transfers, or $18.3 billion. 51% of all transfers from Russia to the near abroad fell on two countries - Uzbekistan and Tajikistan. Important areas are Kyrgyzstan and Ukraine, but the volume of transfers to Ukraine has decreased by almost a third.

Kazakhstan is the only significant area for which a negative balance is characteristic - more transfers are made to Russia both in number and in volume than to the republic from Russia. Due to favorable economic conditions and a relatively high level of income of the Russian population, the labor market is less attractive for citizens of Kazakhstan than for citizens of most other CIS countries.

The number of transfers from other neighboring countries to Russia is an order of magnitude less than it comes to them from the Russian Federation.

Cash transfers - neighboring countries

Dynamics, 2014/2013

Volume by direction, $ billion

Source: Central Bank of the Russian Federation.

The decrease in the volume of transfers from Russia in 2014 affected most neighboring countries - only transfers to Kazakhstan showed weak positive dynamics.

The number of transactions to Russia from neighboring countries increased by 20-40% in all significant countries, but the change in the exchange rate value of the dollar offset most of this growth: the average amount of transactions to Russia from most countries decreased by 10-30%. This negative trend partially compensated for the increased activity in transfers at the end of the year in order to buy durable goods and real estate in Russia. However, this factor did not affect the overall trend: in 2014, $3.2 billion was transferred to Russia from neighboring countries - 12% less than a year earlier.

The share of cash transfers from Russia to non-CIS countries is small due to the prevailing use of non-cash transfers in this area, which in 2014 accounted for 95% of all funds sent. For comparison, only 4% of funds are transferred to the CIS countries by individuals by non-cash method. The volume of transfers from Russia to non-CIS countries in 2014 decreased by 9% and amounted to $2.6 billion. The largest direction is China - this country accounts for 32% of the segment. For Turkey - 7%.

Cash transfers - non-CIS countries

Dynamics, 2014/2013

Volume by direction, $ billion

Source: CBR

Transfers to Russia from non-CIS countries decreased by 2% - less than $1.0 billion in literal terms. The largest senders of cash transfers among non-CIS countries are China and the United States. In the total volume of transfers to Russia, these countries account for 11% each.

According to the forecast of TMT Consulting and the CONTACT Analytical Center, in 2015 the Russian money transfer market will decrease by 28%, its volume will be $31.9 billion.

Market Dynamics Forecast by Direction, 2015/2014

Source: TMT Consulting, CONTACT Payment System Analytical Center.

2010

• Remittances from Russia to CIS countries through remittance systems. Results of the 2010 - 1st quarter of 2011

This analytical review reflects the state of the market for money transfers made from Russia abroad through money transfer systems (Anelik, BLIZKO, Coinstar Money Transfer, Contact, InterExpress, Migom, MoneyGram, PrivatMoney, UNIStream, Western Union, AsiaExpress, ALLYUR, Blitz, Fast Mail, Zolotoy Korona).

Remittances are one of the most sought-after services in the financial market. Today, about 40% of the population living in Russia uses money transfer services, while according to the results of 2010, about 86% of all transfers are transfers to the CIS countries. This segment is the fastest growing.

In 2010, the volume of funds transferred through money transfer systems and Russian Post from Russia abroad, according to the Central Bank of the Russian Federation, amounted to 390 billion rubles. (growth by 2009 amounted to 23%). This indicates a gradual recovery of the domestic economy, the expansion of the labor market, an increase in cash flows from labor migrants from Russia to their homeland after a serious fall in the economy caused by the global financial crisis. The volume of funds transferred to non-CIS countries increased in 2010 by 19% compared to 2009 and amounted to 53 billion rubles, to the CIS countries - increased by 24% and amounted to 337 billion rubles.

According to the results of 2010, in the group of recipient countries of non-CIS countries, more than 63% of the amount of transferred funds falls on China and Georgia. China's leadership is explained by close trade relations between our countries and the presence of working Chinese citizens in the Russian Federation. The large volume of remittances to Georgia is explained by a significant increase in migrants and refugees from Georgia, as well as the fact that many citizens of Georgian nationality live among Russian citizens. It is also worth noting that Georgia has seceded from the CIS since August 2008, and therefore is considered as a non-CIS country.

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