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HayPost, the national postal operator of the Republic of Armenia, and Ria Money Transfer (“Ria”), the third largest money transfer company in the world, have announced a partnership to provide inbound and outbound money transfer services throughout Armenia, the press service of HayPost said.

The new agreement will allow HayPost customers to receive cash remittances in euro (EUR) and US dollars (USD) at any of HayPost’s 600+ onlinepost offices in Armenia. In addition to providing a secure and economical service, Ria’s rapid transfer system enables HayPost customers to receive transfers from family and friends abroad within minutes. HayPost customers can also send money through Ria’s global network which spans 147 countries and 287,000 locations.

HayPost has made strategic moves in the United States recently, where on July 21, 2015 the company opened its first international branch in Glendale, California. As well as providing courier and shipping services, HayPost recently launched “ShopInAmerica” which grants Armenian residents open and easy access to goods from the US market.

The new location, which serves as a bridge between Armenia and the USA, now also offers HayPost’s US-based customers the ability to send cash to their loved ones in Armenia using Ria Money Transfer. Customers can also send money online at www.riamoneytransfer.com with payout at any authorised HayPost post office in Armenia.

General Director of “HayPost Trust Management” BV Juan Pablo Gechidjian said, “The cooperation between HayPost and Ria Money Transfer is a great opportunity, enabling customers to send and receive cash remittances to and from different parts of the world. One of our missions is to provide quality, fast and affordable services to our customers. We are confident that our partnership with Ria Money Transfer fits within this mission and are hopeful our work together will yield tangible results in the near future.”

Ria’s President and CEO, Juan Bianchi added, “The launch of our new money transfer service with HayPost is especially timely given their recent expansion to the United States and we’re delighted to partner with Armenia’s National Postal Operator. Part of Ria’s global vision is to provide greater access to affordable remittances worldwide and post offices are an excellent channel to facilitate these flows. HayPost also has many strategically located branches in remote locations and we’re looking forward to better serving Armenians living abroad by giving them a secure and affordable alternative for sending money home to their families.”

In 2014, the World Bank estimated that Armenia received $2.2 billion in remittances and that remittances accounted for 21% of the country’s GDP in 2013. This data places Armenia in the top 10 countries most dependent on remittances globally.