Direct Transfers to Cards – Now in Russian Roubles
17-Nov-2016 / Products & Services Rietumu Bank has expanded the range of currencies for direct transfers to VISA and MasterCard cards issued by any bank worldwide.
The list of currencies for such transfers now also includes Russian roubles.
Up to now, a payment to a card could be made from an account at Rietumu Bank in EUR, USD or GBP, with such payment amount automatically converted into the currency of the recipient’s card.
Now Russian roubles have been added to the list of currencies. The client can make payments from their account in this currency, and if the recipient’s card is also in Russian roubles, the transfer will take place without the conversion. This allows one to avoid the accompanying costs and determine the precise amount of a payment for both parties in advance.
Rietumu Bank introduced direct transfers to VISA and MasterCard cards at the end of last year, being one of the first in the EU and still the only bank in the Baltic Region to offer such a service to its international clients.
"This service became popular at once. It provides opportunities not found in traditional banking remittances, allowing one to make small payments very quickly and beneficially. To make this service even more convenient for our clients, we took a decision to expand the range of currencies by including Russian roubles. We are introducing other improvements as well and will inform you about them soon,” said Mark Andreev, Head of the Rietumu Bank Payment Cards Department.
The service of transfers to cards is used both by individuals, including for private transfers and payments for services, and by legal entities, which often use this service to pay salaries, make current settlements with partners, etc.
Unlike traditional money transfers, in the event of transfers to a card, neither the beneficiary’s account number is required, nor any other related information. Just the card number and the name and surname of the recipient provided on it are needed. Funds are credited on the recipient’s card within a period from several minutes up to several days, depending on the card issuing bank.
The limit of one payment is EUR 2000, the commission fee for such payment is 2% of the amount (min EUR 3), which in most cases is significantly cheaper than the standard bank transfer fee.
This service has been introduced and operates on the basis of technological solutions for the new Latvian DECTA processing centre, as well as in cooperation with the companies VISA and MasterCard.
Mass Media and Public Relations