Azernews.Az

The International Bank of Azerbaijan (IBA), the country’s leading bank, has been committed to providing topnotch services to its customers by applying new banking technologies. The primary goals of these services are comprehensiveness, vast versatility and catering to the needs of the clients to the greatest extent.
According to the IBA press-service, the bank’s cooperation with a slew of money transfer systems, including Blizko (Close), Contact, Xpress-Money, KartTransfer, Western Union, Coinstar, and IBA-Express, allows IBA customers to carry out real-time express money transfers in foreign currency. The main criteria of these transfers are urgency, reliability and convenience.
Money transfers using the IBA-Express system are carried out between IBA and IBA Moscow, its subsidiary bank, which has been operating in Russia for eight years. This system allows citizens to transfer money from Russia to Azerbaijan and vice versa.
Customers are offered very lucrative fees under such money transfers. Thus, during transactions in foreign currency (US dollars or euros), only 1% of the amount is withheld per $500 or 500 euros and more, with 0.5% each charged by the sending and receiving banks. For the amount ranging between $1 or 1 euro and 499 USD or 499 euros, 5 USD or 5 euros are withheld. Within fifteen to thirty minutes from the transaction, the person who receives the money may withdraw it from the bank.

Card-to-card transfers world over
Holders of IBA cards, taking advantage of the KartTransfer service, may conduct money transfers 24/7 from one account to another, i.e. card-to-card, using automatic teller machines (ATMs) and information kiosks, as well as Internet banking. Customers simply insert their bank cards into an ATM, select the KartTransfer section on the screen and wire the desired amount to any corner of the world. The customer is to know the identification number of the card held by the person receiving the money. The commission charged is 0.15%. The indicated amount is posted on the receiving person’s account within ten to twenty minutes.

E-Deposits
A service called Electronic Deposit allows IBA card holders to place deposits without having to cash the desired amount, by using ATMs, Internet banking and information kiosks. The term of the deposit has to range between three months and five years, and the minimum amount being deposited is 100 currency units (AZN, USD, GBP, and EUR). Interest is set during the conclusion of contracts on the basis of IBA’s current interest rates.
In order to join the Electronic Deposit service, the customer is to apply to the IBA subsidiary that issued his or her card, fill out the required form and sign a relevant contract. Afterwards, the customer has the benefit of carrying out all transactions that allow opening a deposit account, using ATMs, information kiosks or Internet banking.

Travel easier with e-banking
IBA also continues providing services to its clients as part of its electronic banking development strategy.
The bank has long been using a payment system that is unmatched in the domestic market, providing remote air ticket purchasing services using computers, ATMs, booths, and cellular phones. Thus, IBA and SilkWay Travel company’s customers may conveniently buy tickets without leaving their home or office.