Tendencies of the Individuals Money Transfer Market in 2007

By Dmitriy Reznikov, Head of the Retail Banking of the Client Policy Department of the Ukrgasbank OJSB

In 2007, Ukraine will remain one of the leaders in terms of the amount of international money transfers among the CIS group. Therefore, new transfer systems will enter the Ukrainian money transfer market, mainly from Russia, as well as the existing systems on this market will extend their presence. The wide world known brands of the money transfer market have the most powerful potential for their development.

Now almost all Ukrainian banks offer their individual clients 6-7 money transfer methods and cooperate with several international transfer systems at once. All Ukrainian and international transfer systems, which could allow themselves to reduce the tariffs for money transfers, decreased them to 1-1.5%.

Taking into account the above no significant decrease of the tariffs for this service on the market in 2007 is expected and the Ukrainian banks will compete for the clients not in making unique offers and charging lesser tariffs, but offering high quality and quick service. Besides, 2007 to a greater extent than 2006 will be the year of great quantity of advertisements for the clients.

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