OREANDA-NEWS. December 25, 2007. Russia and France started exchange electronic money orders. FSUE Russian Post and Postal Bank of France (La Poste Department) signed the corresponding Agreement on November,16 2007. The event was held within the framework of 12th Session of Bilateral Commission on Cooperation between Russia and France at the Cabinet Ministers level, reported the press-centre of Russian Post.

Individuals only can exchange money orders. Money orders in Russia are received and paid in Russian rubles. The service is granted in post offices situated in cities, district, regional and republican centers. Maximal order sum can be sent is 1, 500 euro. The number of orders received in Russia and addressed to one addressee is unlimited.

Tariff rates for the services amounts from 2% to 5% depending of the sum of order that corresponds the existing tariff rates for international money orders.

Money exchange is performed via the International Finance System of the Universal Postal Union. Moreover, post in Russia uses international money order exchange technology of the Unified System of Money Orders. Currently, Russian Post uses the same technology to exchаnge electronic money orders with Azerbaidjan, Armenia, Belarus, Kazakhstan, Ukraine, Estonia and China.

Presently Russian Post is the most serious player in money order market within Russia. Annually it delivers 190 mln postal orders to any parts of the country at the highest level. France is the second far-abroad country and the first European one Russian Post grants the service of money orders. This summer the enterprise has already signed the agreement with China on granting the same services. Enlargement of geography of the service on money orders is to increase Russian Post’s share in the market of international money orders and improve technological development of post.