Sberbank has announced the release of the enhanced version of its service for transferring money for withdrawal from ATMs, wherein customers are now allowed to transfer money in any region of the country.

Sberbank states that the transfer will require information of the recipient such as their full name/ number. The transferred money can be received at any Sberbank’s ATM featuring the cash withdrawal function. The new service allows customers to send up to RUB 150,000 or US$ 2271 approximately.

Igor Mamontov, Vice President and Director of the Payments and Transfers Division, said, “We aim to provide citizens a whole variety of possibilities to exchange money. We launched the service for transferring money for withdrawal from ATMs at the beginning of the summer, and about 100,000 people have already used it. The main advantage of this service is the fact that anyone can receive a transfer in a wide range of our offices and ATMs even without owning a card.”

According to the bank, the commission for using this service is lower than at banks. Sberbank will alert senders and recipients in regards to any changes in the transfer status.

Previously, only the users of Sberbank Online from 27 regions of Russia which are serviced by the Severo-Zapadny, Volgo-Vyatsky and Povolzhsky Banks of Sberbank were able to use the service.

Recently, Sberbank announced the implementation of a new feature on remote banking services on letters of credit in the bank’s Business Online system.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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