Deutsche Bank is extending its remittance services to Chinese migrant workers in Russia. It has teamed up with several partners in China including the Postal Savings Bank of China to provide reach to family members in China.

According to the World Bank, China received an estimated 34.5 billion USD in remittance payments from overseas workers in 2008, making it the second largest remittance receiving country after India.

To accommodate the large Chinese population earning their living in Russia, Deutsche Bank offers an expedient and cost effective remittance corridor solution with a well known remittance service provider in Russia.

“Our partner enjoys a 30% market share of remittances into Russia, and provides reach at approximately 11,000 outlets throughout Russia and the CIS countries,” said Harold Young, Global Head of Payments, Global Transaction Banking, at Deutsche Bank.

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