According to Tehran Chamber of Commerce, Industries, Mines, and Agriculture, Iranian banks are able to transfer fund directly from the Italy’s Banca Popolare di Sondrio and vice versa.
TCCIMA has announced on its website that money transfer services between Banca Popolare di Sondrio and 20 Iranian banks has been established and as agreed transfer service fee will be 0.15%. This means for every €1,000 there is a fee of €1.5 which is a low rate comparing with high fees Iranian firms had to pay during the International sanctions against Iran.
Iranian businesses due to the sanctions had to choose unconventional methods to transfer money such as exchange houses with high cost, time-consuming and sometimes untrustworthy.
Transferring fund through banking channels is not just a reliable method but also is much easier and with lower cost. Also it would be in line with FATF regulations, The Financial Action Task Force which is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and financing of terrorism.
Foreign ministry has announced the list of 20 Iranian banks which have the possibility of direct transfer of money with Banca Popolare di Sondrio and it consist of Saman Bank, Parsian Bank, Bank Pasargad, Tejarat Bank, Bank Mellat, Bank Melli, Bank of Industry and Mine, Middle East Bank, Karafarin Bank, Bank Sepah, Keshavarzi Bank, Export Development Bank of Iran, Shahr Bank, Bank Hekmat Iraninan, Refah Kargaran Bank, Sarmayeh Bank, Day Bank, Tourism Bank, Sina Bank and Tose’e Ta’avon Bank.
The direct transfer service is not limited to the Iranian businesses, but Iranian students who are living in Italy can use it as well.
After lifting of sanctions and following the nuclear deal on 16 Jan 2016, the Banca Popolare di Sondrio had organized an “Iran Day”(Giornata Iran) on May 24, 2016, in Sondrio in order to present an overview of the Iranian market.
The Banca Popolare di Sondrio established in 1871 and is one of the first popular Italian banks that was inspired by the popular cooperative banking movement. The bank’s capital, which stands at around 1.360 million Euros, and is shared between over 185,000 Shareholders, most of whom are customers. Equity came at around 2,500 million Euros.
The bank employs approximately 2,600 employees and has over 330 branches.
Tehran has begun a dent in its financial isolation by forging banking channels via small establishments, which many of them do little or no business with the United States so feel less legally exposed when they involve with Iran. This is because even after lifting of international sanctions over Iran, the world large banks have continued to not engage with Iran to protect themselves from being penalized by remaining US sanctions.
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Source: Financial Tribune