Digital money transfer service WorldRemit has partnered with Russia’s CONTACT to offer money transfer services to Russia.
Recipients can pick up cash in euros or dollars at any Russian CONTACT office.
WorldRemit customers can send money from more than 50 countries to more than 125 locations.
In a release WorldRemit quoted World Bank data which pegged the annual Russian remittance receipt market at $6.87 billion.
CONTACT vice president Elena Gafarova said the company has been planning for this moment.
“CONTACT’s software was designed to be flexible in integration with advanced digital and mobile technologies like the WorldRemit app. Now our joint service will let everyone send remittances to Russia faster, easier and with lower costs.”