Tuesday, October 17, 2017

UBRD to continue operation of Contact money transfer service

The Ural Bank for Reconstruction and Development (UBRD) announced last week that it will continue to operate its Contact money transfer system.

UBRD customers can use Contact to instantly transfer rubles, U.S. dollars and euros from across more than 160 countries.

Currently, customers are limited to a maximum domestic transfer amount of $13,000, or $9,400 to accounts located in CIS countries. Recipients can use Contact to withdraw cash from banks, or they may elect to transfer the money received onto a Visa or MasterCard bank card.

Additionally, UBRD customers can use the Contact system to make payments to more than 1,500 participating companies including retail banks, tour operators, booking services and insurance companies. Payments made through Contact, however, may only be made in Russian rubles. No banking fees are charged for transfers made as payments.