By Mohammed Waseem
Business in the Russian Federation requires frequent money transfers. They have their own money transfer services like Unistream and other international money transfer services such as Western Union and MoneyGram. They have another money transfer service of their own called Golden Crown.
Golden Crown Money transfer operates in Russia and the neighboring CIS countries and Georgia with over 40000 agents. They have partnered with over 450 banks and many major Russian retailers including Euroset, MTS-Retail and Svyaznoy. This ensures highly efficient operation and wide coverage throughout the region. They are also the most popular money transfer service in Russia according to the Birzhevoy Lider magazine.
According to the reports, Golden Crown is the fastest growing money transfer service and is among the least expensive services. They are also known for speedy service, which transfers money in seconds. When sending money, the sender just has to choose the country and the city, the receiver is asked to choose the most convenient location for collection. Their charges start at 0.5% of the transaction amount. Transfers can be tracked online and notifications are sent by SMS.
Golden Crown has a prepaid card for sending money, which they call “Sender Card”. This is meant for sending money without having to fill forms every time. Once the sender obtains the card, transfers can be made using the card.
In order to send money, the senders are expected to provide an identification document and the money, while specifying the receiver’s full name, the country and the city. Money can be transferred from any of the agent locations and retail chains across the region. Once the transaction is complete, the MTCN is generated and sent to the receiver as an SMS and the sender also receives an SMS confirming the success of the transaction. The receiver can then choose the most convenient location for collecting the money and provide the MTCN and an identification document. Status of the transaction can be checked at www.perevod-korona.com.
In Russia, money can also be received on the prepaid card from Master Card called Kukuruza Card, which can be obtained at any of the Euroset outlets. The receiver has 60 days to collect the money before it is locked. If this happens, the sender must unlock the amount at the location where the transfer was initiated.
It was also in the news that 13 Azerbaijani banks terminated Golden Crown money transfer system due to low profitability for them from the transactions, as they are very much inexpensive. They may find a work around to deal with this issue.
At present, Golden Crown operates in a limited region. The rate at which they are growing suggests that they will expand in the near future.