Leading global digital payment provider STICPAY has announced the launch of a local bank wire withdrawal service in Russia. This will significantly lower the fees to be paid and increase the speed in which funds are available for holders of domestic Russian bank accounts in comparison with traditional international money transfers.

STICPAY’s local bank wire allows money transfers to made much more quickly and at vastly reduced costs. Traditional money transfers require the money coming from a bank in one country to be sent to an international bank, or series of banks, to find a secure relationship with the bank in the receiver’s country. The time required for funds to clear depends on the number of institutions involved in the chain and the fees are also dependent on the number of organisations involved.

STICPAY’s local bank wire service means money can be transferred directly from a STICPAY wallet to a local partner bank in the country of the recipient. In effect, it makes the money transfer the same as if the transfer was being done between two financial institutions in the same country.

James Bay, Customer Service Director at STICPAY, explained: “Our local bank wire services use blockchain technology rather than the traditional SWIFT code network. Blockchain is becoming more commonly used in financial institutions and this is allowing us to increase our network of countries in which we can offer local bank wire services.

“The financial institutions involved continue to adhere to and be regulated by the relevant authorities in their jurisdiction, so customers can be confident that using a local bank wire service is as safe and legal as any other domestic bank transaction. The difference is in the time the transfers take and the fees required to be paid. With STICPAY’s local bank wires, both are cut significantly, and this can make a huge impact when large sums of money are involved.”

Russia is the seventh country in which STICPAY has opened a local bank wire service. Services are also offered in Japan, Hong Kong, Indonesia, Malaysia, Singapore and China.

From today, STICPAY’s local bank wire withdrawal service will allow Russian domestic bank account holders receive up to a maximum of 200,000 RUB in just 1-2days. The fees are 3%+200 RUB.

For more information on STICPAY’s local bank wire services please visit this page.