Remittance

There is a large number of payment systems through which money transfer. They differ in the method of translation, speed and, accordingly, the tariffication for services. In recent years, money transfers made using bank cards, namely, transfer from card to card, have become more and more common. They are also called p2p translations or card to card.

Remittances can be made within one state - such a transfer is considered internal. If money is sent abroad (for example, in the USA), such a money transfer is considered external or cross-border. Accordingly, remittances in the second and other cases of transfers abroad can be made in foreign currency, or, after receipt, rubles (euro, dollars, etc.) are exchanged for local currency. For some developing countries, cross-border remittances are a significant and sometimes main source of income. International money transfers, as a rule, are allocated in a separate financial and economic class and are called remittances .

A money transfer can be transferred for any product, job or service. The sender and recipient independently determine the purpose of the money transfer. If necessary, the sender provides the payment system operator with documents confirming the basis for the transfer of funds, as well as documents confirming the origin of the funds themselves.

• The intermediary in the implementation of a money transfer is the operator of the payment system . They can be: the central bank of a country, a commercial bank, an international money transfer system, a national money transfer system, a non-banking organization that has the right to provide a money transfer service, mail.
• The sender of a money transfer can be any natural or legal person.
• The recipient of a money transfer can be any physical or legal person.

Remittance operators state a rapid increase in the volume of the market in Russia, with the exception of foreign destinations. In Russia, there are both national operators (“ Contact ”, “LEADER” , “ Unistream ”, “ Anelik ”) and international (“ Western Union ”).

Commissions and procedure

The average transfer fee is 2-6% of the transfer amount, although a transfer of $ 2 may require $ 10 as the minimum commission. To send a transfer, it is often necessary to present an identity document at the service point and call the recipient's full name and the city of destination of the transfer. Depending on the system requirements may vary.

Commission

Fees for money transfer are charged as a fixed rate or as a percentage of the amount transferred. The amount of the service fee is usually determined by the participants of the money transfer independently on the contractual relationship. Competition in the market of money transfer service operators has a significant impact on the size of the commission.

• Hawala is an informal financial and accounting system used primarily in the Middle East, Africa and Asia.
• Remitse

• Money Transfers and Acceptance of Payments, 2009, Center for Research of Payment Systems and Settlements, ISBN 978-5-94416-067-6 , 512 pages.
• Remote Banking, 2010, Center for Research of Payment Systems and Settlements, ISBN 978-5-406-00350-3 , 328 pp.
• Methodology of development of banking retail business, 2010, Center for Research of Payment Systems and Settlements, ISBN 5-902148-15-4 , ISBN 978-5-902148-15-9 , 288 pages.
• Methodology and accounting of bank retail payments: cards, transfers, checks, 2008, Center for Research of Payment Systems and Settlements ISBN 5-902148-14-6 , 130 pages.

• Federal Law of the Russian Federation of June 27, 2011 N 161-FZ "On the National Payment System" ^[1]
• The Law of Ukraine of 05.04.2001, No. 2346-III “On Payment Systems and Transfer of Funds in Ukraine” ^[2]
• Register of payment system operators on the website of the Bank of Russia ^[3]