Profee, a fast-growing cross-border money transfer scale-up, has launched instant transfers from European Economic Area countries to Kazakhstan. The first Profee transfer in this route was delivered to a resident of Almaty.
Now one can send money from 31 European countries to VISA and Mastercard bank cards issued by any bank in Kazakhstan. There is no fee for transfers to Kazakhstan. Thanks to the automated real-time currency exchange rate tracking engine, Profee customers are assured that they receive a fair and favourable exchange rate for converting euro and European national currencies into Kazakhstani tenge.
To send money transfers from Europe to Kazakhstan, download the Profee app for iOS or Android. Complete a straightforward sign-up procedure in the app or on the service website by confirming your phone number via SMS.
Proceed to enter the destination and amount of the transfer, the sender's and recipient's card details, confirm the details entered, and send the transfer. The money will be credited almost instantly.
Profee uses the PCI Data Security Standard (PCI DSS), an international industry standard for the security of payment card data. This ensures the highest level of money and customer data protection.
Kazakhstan has an effective rate of digitalisation, combined with a high level of bank card penetration. In the first nine months of 2022 alone, the remittance volume to Kazakhstan reached €750 million. Germany and France were the leaders among European countries with €17 million and €520,000 in remittances accordingly. At the same time, the market is far from saturated.
Sergey Romanov, CPO at Profee: "As a remittance destination, Kazakhstan has significant upside potential. We observe a high pent-up demand for instant money transfer services to Kazakhstan from Europe, which, combined with the technological gap of the players occupying the segment today, should ensure significant growth of Profee's business".
