SKB-Bank handles over 600,000 money orders in 2008

21 January 2009 (09:12)

SKB-Bank’s customers had over 600,000 money orders handled for them by the bank in 2008.

‘This is a record-setting figure, with more than 1,500 money order transactions performed in the bank’s offices daily,’ the spokesperson for SKB-Bank reports.

These data cover all the transactions performed through both money order systems and the standard banking money order procedures. As a matter of fact, the number of money orders processed in 2007 only reached about 200,000.

Experts believe the increase in the number of such transactions last year had to do with the population’s enhanced economic activity as well as an influx of migrant workers (who make up the lion’s share of money order senders and receivers).

As it happens, SKB-Bank cooperates with the top three money order systems, that is, Western Union, Contact, and Unistream.

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