Increasing of the maximum size of money transfers from Ukraine, which does not require confirming documents, will make for reducing tariffs for this service, reports the Press Center of Aval Bank with reference to Deputy Head of the Marketing and Retail Banking Development Department of the JSPPB Aval Volodymyr CHORNY.

According to V. CHORNY, putting relevant alterations in the acting normative documents will make for an increase in volumes of money transfers, rising competition on the market and, as a result, a reduction of tariffs for money transfers.

Meanwhile, he noted, tariffs for money remittances to Ukraine are lower than those from Ukraine.

V. CHORNY also added that as regards international transfers, at present Ukraine is rather a payer than a remitter, and when receiving money transfers, clients (remittees) mainly do not pay for money remittance ( a commission is paid by the remitter).

In Mr. CHORNY’s opinion, for today, terms of money remittance delivery are rather short (e.g., around Ukraine via Western Union or Aval-Express payment systems they last from 15 minutes), and still there is no need to reduce them.

Besides, he added, a term of delivery of a money remittance is not always a dominant factor in choosing that or another payment system by a client. Cost of delivery and closeness of a Bank office is more important.

"In our country, clients more frequently choose not a money transfer system itself, but the closest office of the Bank, where they can receive their remittance", — V. CHORNY said.

As it was reported in "Aval-Digest" with reference to Ukrayinski Novyny, the National Bank of Ukraine intends to emend the text of the Instruction regulating rules of carrying out international money transfers and to increase the maximum sum of a money remittance without confirming documents from 300 to 600 US dollars.

Referring to NBU Chairman Serhiy Tihipko, the National Bank announced that increasing of the maximum sum of an international transfer will permit to reduce the number of remittances made by one and the same person and, thus, to low costs for carrying them out.

The NBU also intends to insist on tariff reduction by companies specialized in making money transfers, up to withdrawal their licenses.