Electronic money transfer systems

Electronic money transfer systems are specially created structures that receive / transfer money between the receiving and sending parties using software and electronics. All electronic money transfer systems have their own service network, which includes a support service, a settlement center and other departments. Below we will look at the systems that are in the greatest demand today. 

Western Union

Western Union is considered one of the most extensive and large electronic money transfer systems. The organization has been operating since the middle of the 19th century, and the network of offices consists of almost half a million service centers. The latter function in more than two hundred states. In the Russian Federation, the system has been since the collapse of the USSR - since 1991.

A feature of Western Union is making transfers without the need to create an account with a financial institution or deposit money. Also, transactions can be carried out via the Internet. Funds are issued in the national currency of Russia (for post-Soviet countries), US currency or rubles (for transactions from / to countries of the Far Abroad).

To conduct a transaction, you should have an account in the system, know the contact details of the recipient party and information about the credit (debit) card. Commission payments - from 4 to 25%. Moreover, the larger the amount sent, the lower the percentage. In this way, the company attracts large clients.

The main drawback of the system is the daily limits for receiving and sending funds during the day. On average, this amount is 2-3 thousand dollars. Advantages - reliability, no need to open an account with a banking institution.

MoneyGram

A US company called MoneyGram has gained widespread worldwide popularity due to its reliability and ease of use for customers. The main office of the organization is located in the American city of Minneapolis. The first funds were transferred back in 1940, and today this network is formed of almost 250,000 agents and points located in almost 200 states. In addition, the electronic money transfer system boasts more than 26 thousand public service centers. The main partners of the company are the Royal Post offices of such countries as Britain and Norway, Financebank, Kocbank and others.

 

The company has been in the Russian Federation since 1996. The main partners are Rosbank, Zelenii Bank and others. As in the previous system, there is no need to go to the bank and open an account there. When making a transaction, a commission is charged, the amount of which may vary depending on the recipient country and the volume of the transfer. As for the restrictions, they are available:

- When making a transaction abroad, the limit is up to $ 5000;

- For people who are not citizens of the Russian Federation, the limit is $ 1000 per day

Advantages - reliability, comfort, efficiency, low commission. The disadvantage of an electronic money transfer system is the presence of restrictions that you have to put up with.
 

iKobo

One of the well-known electronic money transfer systems operating in the network is iKobo. Its advantage lies in the simplicity of translations, which are carried out right next to the computer. It is enough to register on the organizations resource and carry out a transaction from the card. If the receiving party is not yet a customer, then on the first transaction it is presented with a confidential card for subsequent actions. With each transfer made, the system is charged three dollars.

The disadvantage is that special ATMs are not available everywhere. Also, users are forced to pay large commissions - from 4 to 20%. The system also has a number of limits for withdrawing and transferring money. The advantages of the payment system are the convenience of making a transaction (you dont need to go anywhere to make a payment - you just need to have a credit (debit) card on hand and register).
 

CyberMoney

Russian Post has always occupied a leading position in the system of monetary transactions. One of the "branches" is CyberMoney - a system that allows you to make transfers within the Russian Federation, as well as to the Baltic countries.

A feature of the system is work in almost all cities of the Russian Federation, as well as stable promotion to neighboring states. Today the CyberMoney system works in all countries of the post-Soviet space.

Payment of money is made within three days. There are limits on the upper limit of transfers: when sending money abroad, the limit is 100 thousand rubles, and within the country - 500 thousand. Payment of commissions is the task of the sender, and their value depends on the volume of the transaction and the region of the sender. In some regions, personal rates work. The main disadvantage of CyberMoney is the high cost of the services provided.

The electronic money transfer system has an important advantage that distinguishes it from its competitors - transactions between organizations and ordinary people.
 

Yandex money

Yandex.Money is a system thanks to which it is possible not only to buy goods and pay for services, but also to make transfers to other network users.The system appeared in 2002. For 14 years of work Yandex.Money has become a leader in the field of online payments and transfers. Replenishment of the system wallet is possible through ATMs of various banks, through plastic cards, with the help of wallets of other users or through terminals.

The transfers that are carried out in the system are reliably protected from unauthorized persons. In the electronic money transfer system, SMS informing and protection using the https protocol works. Money can be transferred to a bank card, to the users wallet, or provided in cash. The average transaction fee is around 3%.
Contact

One of the most famous systems in the Russian Federation that allows making transactions in the Russian Federation and the countries of the post-Soviet space is Contact. The company was founded in 1999. To date, it has united under its "wing" more than eight hundred representative offices in the CIS, Russia and other states. For the convenience of customers, about a hundred thousand centers have been equipped in more than a hundred countries.

The systems capabilities open the way for transfers not only between individuals, but also between companies. But thats not all. Clients of the electronic money transfer system can pay for various services, book rooms, transfer funds to electronic wallets, and so on.

Thousands of companies, commercial banks, telecom operators and other structures act as partners. To complete the transfer, you must appear at any of the points, present the minimum package of papers and the recipients data.

Delivery speed may vary. It depends on the difference between the time zones of receipt and departure, as well as the operating mode of the banking institution. Tariffs change taking into account the direction of transfer, as well as the volume of the transaction. If the transfer is made within the country, then the costs are about 1.5%, and abroad - 2%.

Money transfer systems have long been a part of our life. With their help, you can transfer money to any part of the world without worrying that the other side will receive the transfer on time.