Signed the relevant document with money transfer service providers.
A joint statement of service providers was signed the other day in Brussels from the transfer of funds to Ukraine initiated by the European Commission. This should reduce the cost of transferring funds to Ukraine, which, among other things, will expand opportunities for supporting Ukrainians and Ukraine. This was reported by the press service of the National Bank of Ukraine.
What changes are foreseen:
- further support for the provision of funds transfer services and reduction of fees to the target of 3%;
- reduction of the total fees for transferring funds at least for the duration of Russia's aggression against Ukraine, both unilaterally and bilaterally;
- disclosure of the total fees for transferring funds, including fees applied to euro exchange rates or hryvnias set by the ECB and the National Bank of Ukraine;
- directing efforts to maintain the availability of money transfer services through a network of agents and their further digitalization.
How the payment infrastructure of Ukraine works
How does the payment infrastructure of Ukraine work
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The Deputy Chairman of the National Bank of Ukraine, Oleksiy Shaban, said that despite the war, the payment infrastructure in Ukraine continues to work stably. That is, you can receive transfers in Ukraine using all the available methods that were available in peacetime.
He noted that at the beginning of the war, most international money transfer systems completely canceled the fee for transfers to Ukraine. A significant number of them even now, seven months after the war, offer their clients free transfers to accounts in Ukraine and special conditions for sending transfers from the main donor countries.
Figures from money transfers
According to NBU estimates, 7.6 billion dollars were transferred to Ukraine in January-July 2022. USA (through official channels — banks, international money transfer systems, post offices, and through unofficial ones). This is only 5.7% less than in the same period last year.
The war in Ukraine led to a decrease of transfers through official channels by approximately 12%. At the same time, the flow through informal channels increased by almost 3%.
Of all funds transferred to Ukraine from abroad in January-July 2022, approximately a quarter (24%) came through international transfer systems ).
Read also: How many workers from Poland transfer money to Ukraine – survey
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