Migrants will be able to send remittances from Russia to their homeland on credit

Labor migrants will be able to send money transfers from Russia on credit – this opportunity will be provided to them by the payment service system “Golden Crown” starting October 11. Nikolai Smirnov, the chairman of the board of directors of the company, informed “Vedomosti” about this.

Photo: Internet

At the initial stage, migrants will be able to send small amounts ranging from 5,000 to 15,000 rubles, he reported. No interest will be charged for 21 days, after which the rate will be 1% per day. Currently, credit transfers will be available at all “Megafon” outlets, but plans are in place to make the service available throughout the “Golden Crown” infrastructure. Loans will be provided by the microcredit company “Strana Express.”

The income of the “Golden Crown” payment system will come from transfer fees. The base rate will be 1% of the transfer amount, but no more than 1,000 rubles, 20 dollars, or 15 euros.

It is worth noting that in June, 720 million dollars were sent through money transfer systems to CIS countries. This is the best indicator in the last three years. The number of labor migrants, the main clients of payment systems, decreased in 2020-2021, however, their incomes have significantly increased.