Financial Services, Internet, Latvia, Technology

The range of currencies for such transfers has also been expanded by adding Russian roubles. 

Rietumu Bank introduced direct transfers to VISA and MasterCard cards at the end of last year, being one of the first in the EU and still the only bank in the Baltic Region to offer such a service to its international clients. There is one more convenience to those who often transfer payments to friends or acquaintances, as well as regular payments: if you had once made payment to the specific receiver, then in subsequent to make such payment, you don't need to re-enter the data. 

"This service became popular at once. It gives opportunities not found in traditional banking remittances, allowing one to make small payments very quickly and conveniently. Besides, this may be done regardless of the currency of the recipient’s card and the card issuing bank,” said Mark Andreev, Head of the Rietumu Bank Payment Cards Department. “And as nowadays payments are made increasingly more from mobile devices, we took a decision to primarily release an application for iOS, which is particularly popular with our customers. A version for Android will also appear soon.” 

The service of transfers to cards is used both by individuals, including for private transfers and payments for services, and by legal entities, which often use this service to pay salaries, make current settlements with partners, etc. 

Up to now, a payment to a card could be made from an account at Rietumu Bank in EUR, USD or GBP, with such payment amount automatically converted into the currency of the recipient’s card. 

Now Russian roubles have been added to the list of currencies. The client can make payments from their account in this currency, and if the recipient’s card is also in Russian roubles, the transfer will take place without the conversion. This allows one to avoid the accompanying costs and determine the precise amount of a payment for both parties in advance. 

Unlike traditional money transfers, in the event of transfers to a card, neither the beneficiary’s account number is required, nor any other related information. Just the card number and the name and surname of the recipient provided on it are needed. Funds are credited on the recipient’s card within a period from several minutes up to several days, depending on the card issuing bank. 

The limit of one payment is EUR 2000, the commission fee for such payment is 2% of the amount (min EUR 3), which in most cases is significantly cheaper than the standard bank transfer fee. 

This service has been introduced and operates on the basis of technological solutions for the new Latvian DECTA processing centre, as well as in cooperation with the companies VISA and MasterCard. 

Rietumu Bank application for transfers to cards for iPhone and iPad can be downloaded from App Store .