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RAFMM participants
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Western UnionWestern Union is the oldest payment system; it exists for more than 150 years. The company on base of which Western Union was created appeared in Rochester (USA) in 1851 and was called The New York and Mississippi Valley Printing Telegraph Company. In 1856 the name was changed to The Western Union Telegraph Company. Originally the company dealt with telegraph communication and was representing the network of telegraph lines which connected Western and Eastern coasts of the USA.In 1871 company started to provide money transfer services to the clients, these services became the main direction of the companies work. At present moment Western Union has the most wide-spread agents’ network in the world. Western Union permits to transfer money as between natural persons, and between legal bodies, but at Russian territory transactions between legal bodies do not take place. In the Russian Federation money transfer to abroad and on the countries territory are carried out. Geography of money transfer The system works in 195 countries among them such exotic countries as the Kingdom of Cambodia, the Republic of Fiji, the Republic of Chad, the Republic of Ecuador, the Republic of Bolivia, the Republic of Guatemala and many others are presented. Western Union works in all former USSR republics. At present moment the number of service agencies for Western Union clients in CIS countries is more than 16 000. At Russian territory there are more than 3800 Western Union agencies. Limitations for money transfer Up to 5000 US dollars can be sent per 24 hours from Russia to abroad for Russian residents (for nonresidents the sum is limited). Terms of transactions The sent transfer becomes accessible to the payment immediately after data are inputted into the system. However it is necessary to consider the difference in the time zones and working hours of the Western Union agencies in different regions. Tariffs Tariffs for the money transfer are presented here. Transfer payments. The payment of the transfer is achieved by cash or cheque which then must be cashed in the bank. In Russia the payment always takes place in cash. The additional commission is not taken. The money payment will be achieved in the currency of the country in which you receive the payment. In some countries for example in CIS and Baltic countries payments are made only in the US dollars. If the payment is in the national currency the money will convert at the Western Union system’s current rate. During the day cross-rate changes for three times. For example for the 12th of January 2003 the Western Union cross-rate for 1000 US dollar was 6864 Danish krone, or 299 Kuwaiti dinar, or 1334 Swiss franc. For the comparison The Central Bank of The Russian Federation cross-rates for 1000 US dollar were 6865,54 Danish krone, or 300,67 Kuwaiti dinar, or 1350,62 Swiss franc. The sender should to inform by his/her self the receiver about transaction. For money obtaining it is necessary to present an identity paper. If the receiver does not have an identity paper he/she can get the small sum of money (up to 500 US dollars or in the national currency equivalent), answered correctly to the security question which was proposed by sender. For payments which are 500 US dollars or more (or in the national currency equivalent) additionally the description if the senders appearance is required if the security question is used instead of an identity paper. The payment of the transfer can be made only in countries where it is permitted by legislation. In Russia such thing is forbidden. |
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