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Central bank licenses six cash transfer firms

Article published from on 2008-10-08 11:00:00
Category: Finances in Sofia

The Bulgarian National Bank said it has issued permits to six companies allowing them to operate on the money transfer market. The list includes MoneyGram Payment Systems Bulgaria, Coinstar Money Transfer (Bulgaria), Master Envios Bulgaria, Bankservice, Change-Center Bulgaria and M Secured.

The cash transfer firms were to apply for a licence with the central bank under domestic payments legislation.

Three of the applicants did not match the licence criteria and were turned away - XPRESSMONEY Services Limited of the UAE, Spain`s Money Exchange SA, and Russia’s Unistream Commercial Bank.

Western Union has told the central bank it would operate on the market via agents of Western Union International Bank, which is watched by the Austrian financial regulator.

The companies are required to have a registered capital of BGN 50,000 and present the regulator with their annual earnings reports plus data about the volume of transfered and received cash.

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