Deutsche Bank today announced that it is extending its remittance services to Chinese migrant workers in Russia.
In doing so, it has teamed up with several partners in China including the Postal Savings Bank of China to provide reach to family members in the world's second largest remittance receiving nation.
According to the World Bank, China received an estimated 34.5 billion USD in remittance payments from overseas workers in 2008, making it the second largest remittance receiving country after India (45 billion USD in 2008).
To accommodate the large Chinese population earning their living in Russia, Deutsche Bank offers an expedient and cost effective remittance corridor solution with a well known remittance service provider in Russia.
"Our partner enjoys a 30% market share of remittances into Russia, and provides reach at approximately 11,000 outlets throughout Russia and the CIS countries," said Harold Young, Global Head of Payments, Global Transaction Banking, at Deutsche Bank. He adds, "They were looking for a solution into China to meet the demands of their Chinese clientele, transferring remittance payments to family and friends throughout China expediently and efficiently at a transparent price."
Paul Camp, Head of Cash Management Financial Institutions adds, "In addition to providing the remittance corridor into China, Deutsche Bank offers solutions designed to expedite transparent remittance support payments into India, Vietnam, Russia and Brazil. Supporting a combination of account credit and cash out payments, Deutsche Bank is aiming to reach both the banked and unbanked populations."
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