URSA Bank started offering the new money orders within the framework of the Zolotaya Korona system, so its customers can now have money transferred through terminals and cash-in ATMs in any of the bank’s offices in Siberia, the bank’s press officer reports.

The money orders are processed in rubles within Russia and in rubles and foreign currency (up to $5,000) outside Russia for residents; as far as non-residents are concerned, there are no limits as to the sum or legal constraints.

The exchange rate used is the one set by the Bank of Russia on the day of the transaction. The bank’s commission comes to 1.5% of the sum.

‘The money-order market is a fast-growing one, and now we are ready to offer our customers a new, more innovative and hi-tech system. This is sure to enlarge our audience through new regions and migrant workers from the CIS, who largely look for the best price and affordability of the service,’ URSA Bank CEO Dmitriy Akimkin says.

‘The payments are done online, so as soon as the sender clicks on the Send button, the money is automatically available to the receiver either in URSA Bank’s offices or in any bank using the Zolotaya Korona system. There is no commission for receiving the payment; besides, there is a number of free services like notifying the receiver via e-mail,’ the bank’s press officer explains.

URSA Bank, with its network of 785 ATMs and 2011 terminals, also handles money orders through Western Union, SWIFT, and Migom.

Zolotaya Korona is the Russian system for private individuals available at 15,000 outlets in Russia and eleven countries of the CIS.