Russian Post offers Western Union money transfer services
24 January 2006 | 2572 views | 0
Source: Western Union
Western Union, a worldwide leader in money transfer services, announced that its subsidiary Western Union MT East has entered into an agreement with Russian national postal operator Federal State Unitary Enterprise, known as "Russian Post," to provide international money transfer services.
Russian Post has one of the largest branch networks in Russia comprising more than 40,000 outlets. Through this agreement, Western Union Money Transfer Services will be available in up to 2,500 post office outlets across Russia serving both rural and urban populations.
"The addition of the Russian Postal network attests to Western Union's commitment to offer fast, reliable services where our customers work, shop and live. With more than 250,000 Agent locations worldwide, Western Union is dedicated to expanding its international reach to enable consumers to stay connected with their loved ones," said Christina Gold, president, Western Union Financial Services Inc.
The agreement offers Western Union's Russian customers a substantial benefit and convenient access to Western Union's Money Transfer services, while Russian Post will increase its geography of international money transfers from CIS and Baltic countries to the entire Western Union worldwide network.
Russian Post is the national postal operator and leader in the Russian intra money transfer market. It has one of the largest branch networks in Russia, comprised of 85 branches with more than 40,000 outlets. With its origins dating more than 500 years, Russian Post is one of the oldest postal organisations in Europe. Russian Post was established in its current form in 2003. This new cooperation will help increase Western Union's brand recognition across this vast country though an institution familiar to all Russian residents.
"We are pleased to add 2,500 Russian Post locations to the Western Union MT East network bringing us to a total of more than 30,000 locations across Eastern Europe and CIS countries, providing the migrant workers in this region with a convenient means to support their loved ones left at home," said Kurt Marx, President Western Union MT East and Regional Vice President, Western Union, Eastern Europe.
In recent years, Russia has become more actively involved in international migration. As increasing numbers of Russians move abroad for education and jobs, the territory of Russia has, at the same time, become economically attractive for migrants from countries of the Commonwealth of Independent States (CIS), as well as Asia and Africa. This increased emigration into Russia has resulted in a gradual transition of the Russian remittance market from a predominantly inbound country to one that is now predominately outbound. Based on figures published by the IMF in 2003, US$3.6 Billion was sent abroad from Russia by migrant workers, with US$1.7 Billion being sent home by Russians working overseas.