Kazakhstan’s money transfer market has welcomed a new player: Profee.com. According to the National Bank of Kazakhstan, the total volume of money transfers via payment systems in the country reached 305 billion tenge in 2023. In the first six months of this year alone, private money transfers to Kazakhstan amounted to 120 billion tenge, with an average transfer amount from abroad standing at 282 thousand tenge. Leading the market currently are «Golden Crown,» Western Union, and MoneyGram. However, Profee, an online money transfer system, is poised to capture a significant market share, with the company confident that Kazakhstani users will quickly appreciate the benefits of their service.

Profee offers several advantages. Unlike the established companies with extensive branch networks, Profee operates without physical offices, providing a more favorable exchange rate for European currencies, visible at the time of the transaction. The first transfer is commission-free, and subsequent transfers carry a fixed fee of just 1 euro, promising some of the lowest transfer costs in Kazakhstan. The service also prides itself on transparent operations, without hidden fees or additional charges.

Profee’s user-friendly process requires only a smartphone with internet access and a European bank card (Visa, Mastercard) or account. Transfers to any Kazakhstani Visa or Mastercard are almost instantaneous, and the service seamlessly integrates with mobile payment systems like Apple Pay and Google Pay. This eliminates the need to manually enter bank card details, enhancing convenience.

Security is a cornerstone of Profee’s service. The company has a banking license for electronic money issuance and employs PCI DSS and 3DS technologies to protect user payment data. Transfers are authorized using a verification code sent via SMS from the sender’s bank, and all transfers are immediate, with no funds held by Profee.

Operating since 2017, Profee facilitates money transfers from over 45 European countries, including the UK, and is already successful in Uzbekistan, Azerbaijan, Georgia, and Moldova. Hundreds of thousands of users have praised Profee’s cost-effectiveness, simplicity, and convenience. Now, Kazakhstani users can also benefit from Profee’s efficient service, avoiding costly, opaque tariffs, and lengthy waits for fund availability.

Profee’s entry into Kazakhstan is expected to impact the cost and ease of sending money from Europe, potentially increasing the financial capacity of many Kazakhstani families and enhancing their quality of life. Although Profee currently only supports transfers from Europe to Kazakhstan, the company is considering launching a service for transfers from Kazakhstan in the future to meet high demand.