NBS urges changes in transfer of remittances

The NBS says it supports banks aiming to enable simpler, faster and cheaper money transfer from abroad. This is the purpose of the new financial service introduced by Komercijalna Bank, which seeks to facilitate money transfers from Germany, as the bank management told the National Bank of Serbia (NBS) Governor Radovan Jelasic Friday. NBS urges changes in transfer of remittances Given the volume of remittances from abroad, which shot past USD 3bn in the last year, and their significance for the country’s economic stability, as well as the fact that the major part is still transferred through informal channels, while money transfers via the banking sector remain both slow and costly, the central bank expects the banking sector to increasingly engage in upgrade and development of this type of financial services. The NBS further pointed out that only transfers through official channels, such as banks, can entitle their beneficiaries to additional privileges, including loans, use of credit and debit cards, etc. on the basis of remittances. The central expects that other banks will become increasingly interested in taking active part in the development of financial services to make money transfer from abroad safer, faster and cheaper, especially as such type of financial services will result in notable income for banks as well, the NBS said.

NBS urges changes in transfer of remittances

Given the volume of remittances from abroad, which shot past USD 3bn in the last year, and their significance for the country’s economic stability, as well as the fact that the major part is still transferred through informal channels, while money transfers via the banking sector remain both slow and costly, the central bank expects the banking sector to increasingly engage in upgrade and development of this type of financial services.

The NBS further pointed out that only transfers through official channels, such as banks, can entitle their beneficiaries to additional privileges, including loans, use of credit and debit cards, etc. on the basis of remittances.

The central expects that other banks will become increasingly interested in taking active part in the development of financial services to make money transfer from abroad safer, faster and cheaper, especially as such type of financial services will result in notable income for banks as well, the NBS said.