Money Transfers Within Kazakhstan Reach $44.76 Million in First Five Months

NUR-SULTAN – The money transfer volume within Kazakhstan reached 18.5 billion tenge (US$44.76 million) in the first five months of 2020, which is 18.7 percent more than in the same period of 2019, as reported by ranking.kz.

Photo credit: tengrinews.kz.

The number of transactions over the period increased 3.1 times, to 219,800, which in turn more than halved the average check per transfer to 84,200 tenge (US$203.8).

Although the transaction numbers through Russia-based Zolotaya Korona money transfer service have had a 22.4 percent decrease, the company still led with a total transaction volume of 5.3 billion tenge (US$12.83 million). The number of transfers with Zolotaya Korona was halved to 8,900, which increased the average check per transfer from 326,800 tenge (US$790.8) to 601,100 tenge (US$1,454.6).

Western Union had the second biggest transactions of 840.9 million tenge (US$2.03 million), which is an increase of 37.4 percent. The transaction number doubled and reached 6,300, which reduced the average check of transfer from 218,600 (US$529) to 133,500 tenge (US$323).

The Russian Contact money transfer system had the largest average check per transfer. The average check was 1.04 million tenge (US$2,516.6), 3.5 times more compared January-May 2019.

The number of transactions in May doubled to 47,900. The money transfer volume reached 4.4 billion tenge (US$10.65). This is 24.9 percent more money transferred than in April and 1.7 percent more than in May 2019. The average volume of the transaction bill was 91,100 tenge (US$220.5), 16.3 percent more than in April, but twice as less as compared to the average bill in May 2019.

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