Jul. 27 – Russia’s state-run national post operator Pochta Rossii has entered the immediate money transfer market with a new service named Forcage, which will allow funds transfer within an hour, according to the company’s press release.
Before establishing this service, the delivery of funds took anywhere between four hours to three days. Now, delivery terms were remarkably reduced to one hour or less.
At the initial stage, Forcage will be accessible in more than 12 thousand post offices located in the largest settlements, towns and cities of the Russian Federation. The geography of outlets granting this service will be extended in the near future as small and medium post offices will be equipped with protected communication channels.
Pochta Rossii has 85 branches and 42,000 post offices all over the country.
The commission for immediate money transfers for sums under 7,500 rubles will be at the rate of 300 rubles, irrespective of the transferring sum. Commission for sums starting from 7,500 rubles and above will stand at 1.7 percent. Under this policy, transfers of 7,000 rubles will cost customers 300 rubles, but for 8,000 – only 136 rubles.
“This tariff scheme will stimulate customers to send greater sums,” a Pochta Rossii press-service official explained to Russian Information agency RIA Novosti.
Western Union and Russia’s Savings Bank are the main competitors of Pochta Rossii in the country’s money transfer market.
The Savings Bank charges 1.75 percent of the transferring sum for the same service, but commission should not be less than 150 rubles and no more than 3,000 rubles. Western Union’s commission amount fluctuates from 150 rubles for transferring sums of 2,500 rubles and less to 2,350 rubles for sums from 75,000 to 90,000 rubles.
Even before entering the new service, the company was taking up a leading position in the country’s money transfer service market. Since 2009, Pochta Rossii has occupied 45 percent of the market.
When the Forcage service becomes accessible in every post office of the country, the company will start to enter the international immediate money transfer service. According to preliminary plans, this service will be offered to customers starting January 2011.
