Money transfer services rolled out to more than 800 Armenian post offices

Haypost CJSC, Armenia’s national postal operator, and Russian Post, have launched a new, modernised money transfer service in the two countries.

The transfer system uses standards adopted by the Universal Postal Union (UPU).

“A number of designated operators have adopted the PosTransfer trademark since it was launched in 2015, but the first real PosTransfer branded corridor was launched today (1 July 2020). We look forward to strengthening cooperation by having more countries launch PosTransfer corridors in the near future,” said UPU Financial Services and Financial Inclusion Coordinator Sergey Dukelskiy.

Using the common brand PosTransfer, the transfer system will be available in more than 800 Armenian post offices and at 30,000 service points across the Russian Federation. The transfer system will offer financial services to individuals living in the remotest areas of Armenia and Russia.

The agreed reduction is in line with the 2030 Agenda for Sustainable Development. Goal 10 of the 2030 Agenda calls for a reduction “… to less than 3% the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 % by 2030.”

On 16 June, the International Day of Family Remittances, the UN Secretary-General António Guterres said:  “I call on all stakeholders to take steps to reduce remittance transfer costs, provide financial services for migrants and their families – particularly in rural areas – and promote financial inclusion for a more secure and stable future.”

Money transferred using the new system will be available for receipt in online mode in any connected post office. This is in accordance with the standards, unique for all the member countries and adopted by the UPU.