CONTACT network is a fast and safe way to transfer your money without opening an account.
If you need to send or receive money from your relatives for settlement of tuition fee, medical treatment or just simple friendly support correspondent network CONTACT is at your service.
Money transfer in CONTACT network is a money transfer between private persons, to be received and paid in cash by the banks-members of CONTACT network without opening an account.
Today CONTACT network operates in 65 countries, Lithuania, Latvia and Estonia included, and most of CIS countries.
To settle a money transfer, Remitter has to turn to Tallinn Business Bank, then fill in transfer form, pay in the transferred amount, settle commission fee and then inform the Beneficiary on the transferred amount, time and place for receipt.
Comission fee for the transfer is 2% from amount of the transfer and it includes all related costs. Comission fee is to be settled by Remitter.
To receive a transfer, Beneficiary has to turn to the bank named by Remitter, present a passport or any other identifying document accepted by the bank. Remitter is responsible for notifying the Beneficiary on transfer.
- Money transfers in system CONTACT are made in United State Dollars (USD) or in EUR. Minimum amount to be transferred is 10 USD or 10 EUR.
- Upon receipt of foreign currency in the Estonian Republic , it can be converted into EEK or any other currency Tallinn Business Bank accepts for currency exchange on the basis of current currency exchange rates.
- Remitters banks in other countries can set up their own limits for minimum and maximum amounts to be transferred.
How to make a money transfer ?
1. You can turn to any bank member of CONTACT network and choose a country, city and bank where Beneficiary will receive money transfer.
2. When making a money transfer you will be asked to present identifying document.
3. Banks employee will assist you in filling in necessary documents and tell you the unique number of the transfer, picked up for this transfer by the computer program.
4. 4.You pay in amount of transfer and comission fee for the settlement the transfer. Next day at latest Beneficiary will receive the transfer sent.
5. Beneficiary will receive the full amount of the money transfer without any deduction of comission fee.
Within 2 hours upon receipt of transfer the member of correspondent network informs clearing bank ( RUSSLAVBANK ), then RUSSLAVBANK within 2 hours informs Beneficiarys bank on the transfer arrival and makes necessary settlements between the banks.
What does Beneficiary need to know ?
Beneficiary has to request the following information from Remitter :
- address of the Bank where tranfer will be forwarded to his name
- number of transfer
- amount of transfer
To receive money Beneficiary will be asked to present an identifying document.
Tallinn Business Bank pays off transfers in all branches.
Today CONTACT network is operating in 65 countries, including Latvia, Lithuania and Estonia and most of CIS countries. Check the full list of countries, cities, addresses of CONTACT network partners
CONTACT network is steadily growing. If you do not find the name of wanted country - please call our reference phone and check the latest information.
MORE USEFUL INFORMATION
Can I receive money transfer against Power of Attorney ?
If due to any reasons money transfer will be received by the representative of Beneficiary, this person will be asked to
present Power of Attorney registered in a proper way :
- Power of Attorney is to be verified by notary public
- General Power of Attorney for assets management is not acceptable, if it does not specify right to receive money from bank accounts. For citizens of the Estonian Republic Power of Attorney can be legalised by Embassy of Estonian Republic ( consulate) in a foreign country.
- For citizens of other countries ( including Russia ) Power of Attorney can be legalised by Embassy ( consulate ) of Russian Federation in a foreign country.
- Power of Attorney in foreign language is to be presented to the bank along with legalised translation into Estonian or any other foreign language accepted by the bank.
- Original of Power of Attorney is to be kept along with cash documents and is not subject to return.
What is the maximum amount of transfer ?
Maximum amount of transfer does not exceed EEK 100 000 per day, or its equivalent in USD or EUR.
What documents will I need to receive money transfer ?
To receive a money transfer you will need to show identifying document acceptable for the bank paying out money transfer.
What information on Beneficiary has the Remitter to submit in the application for money transfer ?
In order to identify the Remitter its essential to submit the full name and last name. If you find it necessary, you can also submit Beneficiarys reference address and phone number.
Please note that banks employees are not obliged to get in touch with Beneficiary by phone.
How will Beneficiary get to know about money transfer ?
Remitter is obliged to inform Beneficiary on money transfer.
What information do Beneficiary need to know in order to receive money transfer ?
In order to receive money transfer Beneficiary will need to specify the amount of transfer, its number and full name of Remitter.