Money transfer systems most common in Moldova

Money transfer systems most common in Moldova

 Following 2011 an amount of remittances sent to Moldova from abroad made up $1,45 bln.  The greatest amount of money was sent from Russia and Italy. About 42,7% were sent in American Dollars and about 16,1% in Russian Rubles. About 90% of the total amount of remittances, that is $1,27 bln., was transferred via international rapid money  transfer systems (IRMTS), with the rest being sent via bank transfers. In fact, IRMTS are strengthening their positions on the Moldova’s market and a number and an amount of remittances transferred via them is constantly growing.

Remittances from Abroad in Favor of Individuals (Residents and Non-residents) via Banks of Republic of Moldova

 

Year

Total Remittances,
$mln.

Including IRMTS*

IRMTS Share
in Total Amount
of Remittances, %

1999

89.62

52.21

58,2

2000

152.94

101.78

66,5

2001

211.99

140.08

66,0

2002

254.12

161.35

63,5

2003

317.29

175.59

55,3

2004

422.41

238.42

56,4

2005

683.25

514.51

75,3

2006

854.55

666.54

78,0

2007

1,218.23

986.68

81,0

2008

1,660.09

1,386.17

83,5

2009

1,182.02

982.23

83,1

2010

1,244.14

1,072.24

86,2

2011

1,453.79

1,276.61

87,8

Source: the National Bank of Moldova data

 Today a number of IRMTS has reached 30 inMoldova. Apart from frontline, money transfer, service, some of them offer additional extra charge services, such as messages accompanying the transfer, phone notifications, at-the receiver-door deliveries of cheques.

Conditions to transfer money are nearly the same in all the systems: the fee is paid by a sender; it takes 5 to 10 minutes to few days to receive funds. If money is not required within a certain period of time (30 to 180 days depending on a system) it is returned to the sending bank.  To receive money one has to prove his or her identity and to enter a security code.

Top 10 most often used international rapid money transfer systems banks of Moldova work with include Western Union, Unistream, Contact, Bystraya Pochta (Rapid Mail), Money Gram, Anelik, Leader, Zolotaya Korona (Gold Crown), Migom, Blizko. However nearly half of them are narrow-oriented: four systems transfer money within CIS only, whereas another 6 cover 80 to 200 states worldwide. 


 

System

Coverage

Currency

1

Western Union

Over 200 states

$, euro

2

Unistream

Over 90 states

$, euro, RUB

3

Contact

Over 80 states

$, euro, RUB

4

Bystraya Pochta

States of CIS

$, euro, RUB

5

Anelik

Over 90 states

$, euro, RUB

6

Leader

25 states

$, euro, RUB

7

Zolotaya Korona

Over 190 states

$, euro, RUB

8

MoneyGram

Over 190 states

$, euro

9

Migom

States of CIS

$, euro, RUB

10

Blizko

States of CIS

$, euro, RUB

 The data about what share each system occupies is not broadly available for the public. That is why the rating of the international rapid money transfer systems presented by InfoMarket is based on a number of banks partnering with the systems in Moldova. Western Union and Unistream are the most widely presented in Moldova, cooperating with all its banks. They also cover the largest territory worldwide. However, whereas the first one transfers funds only in US Dollars and Euro, another one is more advantageous since it also sends money in Russian Rubles. The rest systems are partnering with less than 12 Moldovan banks.

The Rating of IRMTS by a Number of Partner Banks

No

System

Number of

Partner Banks 

1

Western Union

14

Unistream

14

2

Contact

12

Bystraya Pochta

12

3

Anelik

9

Leader

9

Zolotaya Korona

9

4

MoneyGram

8

Migom

8

5

Blizko

5

Privat Money

5

RIA

5

Coinstar

5

6

Allur

3

Inter Expres

3

7

Get Money to family

2

8

Moldova-Expres

1

Avers

1

Strada Italia

1

Turkiye Express

1

Trabex

1

BestXpress

1

Grecia Transfer

1

I-transfert

1

Banco Popolare

1

Propay

1

Sberbank of Russia

1

Intel Express

1

Source: banks data

As for the banks, the greatest number of the systems is available in Moldindconbank, which concluded partner agreements with 16 systems of rapid money transfers. It is followed by Banca Sociala, Energbank and Victoriabank, which partner with 14 systems each, Eurocreditbank (13 systems), Eximbank , (10systems), Unibank, Comertbank and  Moldova Agroindbank (9 systems each),  Fincombank (8 systems), BCR (6 systems), Mobiasbanca (5), Banca de Economii and ProCredit Bank (4 systems each). 

The Rating of Banks by a Number of IRMTS Available

No

Bank

A number of Systems

1

Moldindconbank

16

 

Banca Sociala

14

2

Energbank

14

 

Victoriabank

14

3

Eurocreditbank

13

4

Eximbank

10

5

Unibank

9

Comertbank

9

Moldova Agroindbank

9

6

Fincombank

8

7

BCR Chisinau

6

8

Mobiasbanca

5

9

Banca de Economii

4

ProCredit Bank

4

Source: banks data

 The Full List of IRMTS Available in Banks of Moldova

No

System

BEM

BS

BCR

CB

Energ

ECB

Exim

FCB

MB

MICB

MAIB

PCB

UB

VB

Total

1

Western Union

1

1

1

1

1

1

1

1

1

1

1

1

1

1

14

2

Unistream

1

1

1

1

1

1

1

1

1

1

1

1

1

1

14

3

Contact

1

1

1

1

1

1

1

1

1

1

 

 

1

1

12

4

Bystraya Pochta

 

1

1

1

1

1

1

1

 

1

1

1

1

1

12

5

Anelik

 

1

 

1

1

1

1

1

 

1

1

 

1

 

9

6

Leader

 

1

 

1

1

1

1

1

 

1

 

 

1

1

9

7

Zolotaya Korona

 

1

 

1

1

1

1

1

 

1

 

 

1

1

9

8

MoneyGram

 

1

1

1

1

1

 

 

 

1

 

 

1

1

8

9

Migom

 

1

 

 

1

1

1

1

 

 

1

 

1

1

8

10

Blizko

 

1

 

 

1

1

 

 

 

1

 

 

 

1

5

11

Privat Money

 

1

 

 

1

 

1

 

 

 

1

 

 

1

5

12

RIA

 

 

 

1

1

1

 

 

 

1

 

 

 

1

5

13

Coinstar

 

1

1

 

 

1

 

 

 

 

1

 

 

1

5

14

Allur

 

1

 

 

1

1

 

 

 

 

 

 

 

 

3

15

Inter Expres

 

1

 

 

1

 

 

 

 

 

 

 

 

1

3

16

Get Money to family

 

 

 

 

 

 

1

 

 

 

1

 

 

 

2

17

Moldova-Expres

1

 

 

 

 

 

 

 

 

 

 

 

 

 

1

18

Avers

 

 

 

 

 

 

 

 

 

1

 

 

 

 

1

19

Strada Italia

 

 

 

 

 

 

 

 

 

1

 

 

 

 

1

20

Turkiye Express

 

 

 

 

 

 

 

 

 

1

 

 

 

 

1

21

Trabex

 

 

 

 

 

 

 

 

 

1

 

 

 

 

1

22

BestXpress

 

 

 

 

 

 

 

 

 

1

 

 

 

 

1

23

Grecia Transfer

 

 

 

 

 

 

 

 

 

1

 

 

 

 

1

24

I-transfert

 

 

 

 

 

 

 

 

1

 

 

 

 

 

1

25

Banco Popolare

 

 

 

 

 

 

 

 

1

 

 

 

 

 

1

26

Propay

 

 

 

 

 

 

 

 

 

 

 

1

 

 

1

27

Sberbank of Russia

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

28

Intel Express

 

 

 

 

 

 

 

 

 

 

 

 

 

1

1

 

Total

4

14

6

9

14

13

10

8

5

16

9

4

8

14

 

 

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