Money transfers almost halved in Jan-Aug 2019 in Kazakhstan

In January-August 2019, Kazakhstan recorded the volume of transfers through money transfer systems at 27.7 billion tenge, 45.5% down compared to the same period of last year, when a record high of 50.9 billion tenge was seen. The number of transactions declined by 34.9%, to 136.9 thousand, while the average check of one such transfer fell from 242 thousand to 202.7 thousand tenge.

This year recorded the biggest volume of transfers in April and May (4.3 billion tenge in each month), the lowest volume was in January and February (2.3 billion tenge in each month). 4.1 billion tenge was transferred in August 2019, 5.1% up compared to July. However, the number of transactions fell by 7.2%, to 20.5 thousand.

The record volume of transfers was achieved through the launch of online transfers by the major money transfer systems operating within Kazakhstan, that have faced serious competition from the banks this year, with money transfer becoming easier using online banking, mobile banking, terminals and ATMs. On top of that, transfers from one bank’s card to another card require no commission, and less than 1% commission for transfers to other banks’ cards.

With 11.2 billion tenge, 33.4% down compared to last year, Golden Crown is confidently leading among the money transfer systems within the country. Kazakhstan’s share has grown from 32.9% to 40.2%. It is followed by Faster: 1.7 billion tenge, declining by 23.7% over the period from January to August of 2018, with Kazahstan’s share rising from 4.3% to 6%. Western Union tops off the list with the amount of 1 billion tenge, 44.6% less than in the previous year, Kazakhstan’s share has risen from 3.6% to 3.7%.

Golden Crown is also leading in the number of transactions: 31.1 thousand, 68.3% less compared to last year, with the average check of one such transfer raising from 170.5 thousand to 358.7 thousand tenge. Faster is the second in terms of number of transactions with 9.7 thousand, decreasing by 60.7% over the previous year. The average check of once money transfer through Faster has grown from 88.6 thousand to 172.1 thousand tenge. It is followed by Western Union with 3.8 thousand transactions, 26.9% down over January-August 2018 with the average check of such transfer declining from 354.8 thousand to 268.8 thousand tenge.