IBA to launch Cash to Card service
BAKU – Customers of the International Bank of Azerbaijan (IBA), the country’s leading bank, will be able to receive money transfers from CIS countries to their bank cards from December, for the first time in the Eurasia region. The transfers will be carried out under the Cash to Card pilot project.
A relevant agreement was signed in Baku on Thursday by IBA Deputy Chairman Emil Mustafayev and US Coinstar Eurasia Ltd. Senior Vice President Igor Kluchnikov.
Cash to Card allows receiving money in the sender’s national currency and converting it into the manat, Azerbaijan’s currency. According to the Coinstar vice-president, the commission for such transfers will be less than 20-30 percent. Kluchnikov added that the new product will make things easier for people receiving money who will not have to go to the bank any longer.
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