International money transfers indicate 19% loss in first six months of 2024

According to Kazakhstan’s National Bank, international money transfer volume via the International Money Transfer System (IMTS) during the first six months of 2024 was $1 billion, which was 19% less than a year prior. Moreover, the previous-year indicator also showed a loss compared to 2022, but the loss was 26%. 

Transactions between individuals constitute most of the international transfers — 94%. The regulation authority explains that it’s convenient for private entities as another special account is not required.

The vast majority of the transfers (98%) are cross-border transfers, whereas three-fourths of those ($805 million) were sent abroad. The average amount of an international transfer is $692.40.

The most popular transfer destination is Russia, accounting for almost a third of all cross-border transfers. Uzbekistan constitutes a fourth of all remittances, followed by Turkey at 21%. The least popular countries are Georgia (7.7%) and Kyrgyzstan (3.6%).

For comparison, in 2023, Uzbekistan was a leader in terms of remittances from Kazakhstan, making 27.5%. Russia constituted slightly less, at 25.1%. A total volume of $2.7 billion was transferred through the IMTS last year.

Approximately 87% of transfers in the first six months of 2024 were executed through the Zolotaya Korona system. Western Union took 7%, MoneyGram 2% and other systems scored 4%.