OREANDA-NEWS. May 12, 2010. Ukio bankas joined the worldwide money transfer system MoneyGram. The system allows instant sending and receipt of cash in Ukio bankas branches and units to and from 190 countries worldwide, reported the press-centre of Ukio Bankas.

MoneyGram is a global leader in worldwide money transfer services, working closely with specially chosen agents in 190,000 locations across 190 countries and territories. The money is transferred between countries in 10 minutes.

“Ukio bankas appreciates the possibility to represent MoneyGram – one of the biggest money transfer systems in the world. Demand for money transfer services in Lithuania is growing each year as more and more Lithuanian citizens leave to work abroad. The possibility to send money instantly is and added value to our clients,” said Ukio bankas Board chairman Gintaras Ugianskis.

According to G. Ugianskis, Lithuanians mainly send money to United Kingdom, Russia, Ukraine while the biggest flow of cash to Lithuania comes from UK, Ireland, Spain, Germany, Norway, Italy and US.

More than 72 percent of instant money transfer transactions to Lithuania are made from United Kingdom with over 400 000 Lithuanian emigrants there. Ireland comes second with slightly lower outbound cash flows to Lithuania. The figures of instant money transfer show that more money is received in Lithuania than sent. Outbound transfer rates also grow but several times slower compared to instant money transfer from foreign states.