How to transfer funds from abroad to Ukraine? Payment systems that provided preferential terms to Ukrainians

Mon, 23 May / 21:10

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How to transfer funds from abroad to Ukraine? Payment systems that provided preferential terms to Ukrainians

How to transfer funds from abroad to Ukraine? Payment systems that provided preferential terms to Ukrainians

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The National Bank of Ukraine did not impose restrictions on most transfers from abroad. The ban applies only to transfers related to Russia and Belarus, as well as transfers in Russian and Belarusian rubles.


🔄 In general, you can make a transfer either through international money transfer systems, or from card to card, or through SWIFT by IBAN number. Choose the method depending on the capabilities of your servicing bank and the size of the commission.


ℹ️ Through which international funds transfer systems created by non-residents can funds be transferred to Ukraine?


Information on international funds transfer systems operating on the territory of Ukraine (and their participants) and entered in the NBU Register can be found on the NBU website: https://cutt.ly/TGRF2tn 


International money transfer systems support Ukrainians by abolishing and reducing fees for transfers to Ukraine:


🔹 WESTERN UNION - canceled fee for the service "cash on account" when sending a transfer to Ukraine from anywhere in the world and regular service with cash payment in banks TD, Scotia, BMO in Canada when sending transfers online (pre-April 30 inclusive).


Also, given how many Ukrainians have had to travel outside Ukraine and use financial services in other countries, the company has simplified the payment process by removing one of the restrictions - the link between the country of destination and the country of payment. From March 23, transfers sent to Ukraine can be received in neighboring countries (Poland, Romania, Slovakia, Moldova, Hungary) by default and without additional changes in the system.


🔹 MONEYGRAM - canceled fee for sending the transfer of funds to the recipient's bank accounts in Ukraine, opened in the network of system participants. Such transfers can be initiated at a service point of the system's participant anywhere in the world or by debit card through the online platform MoneyGram.


🔹 RIA - abolished fee not only for transfers to Ukraine, but also for transfers to Poland (because thousands of Ukrainians crossed the Polish border seeking protection in the EU) from countries where the system directly sets tariffs, using all available delivery methods and currencies, including from the main countries of sending transfers to Ukraine: Belgium, Great Britain, Spain, Italy, Canada, Germany, Poland, France, USA. Fees for transfers to Ukraine from Israel have been reduced to 1.5% (preliminary until May 31 inclusive). At the same time, RIA partners in Poland, Romania, Bulgaria, Kosovo, Northern Macedonia, and Montenegro supported the initiative and also abolished fees for transfers to Ukraine.


Through the global RIA network in more than 160 countries, donations are collected for the Ukrainian initiative Save the Children, as well as for humanitarian aid, coordinated by the Ministry of Social Policy of Ukraine.


🔹 INTELEXPRESS - canceled payment for transfers to Ukraine for an indefinite period from its own branches in Georgia, Great Britain, Greece, Italy, Cyprus and Turkey.


Also with the help of the international money transfer system INTELEXPRESS you can make instant and free transfers to a special fundraising account in support of the Ukrainian Army, opened by the NBU.


🔹 MEEST - for transfers to Ukraine from Canada and the states of Illinois, New Jersey, Ohio, Oregon and Washington in the USA, there are separate conditions and tariffs for customers, which can be found on the system's website. Currently, the system is working on reducing tariffs for transfers to Ukraine.


🔹 SIGUE MONEY TRANSFER - canceled fee when sending a transfer of funds to Ukraine both to a bank account and when paying out a cash transfer. The abolition of such fees for transfers from the United States to Ukraine will be valid until June 20, 2022, unless a new date is announced.


🟢 Do international funds transfer systems sending remittances to Ukraine work in Russia or Belarus?


🚫 No, international money transfer systems that send remittances to Ukraine do not work in Russia and Belarus.


❓ International notifications of termination of services in Russia and Belarus were sent by international money transfer systems INTELEXPRESS, MONEYGRAM, MEEST, RIA, SIGUE MONEY TRANSFER and WESTERN UNION.


❓ Where to find information on detailed conditions and current tariffs for sending transfers to Ukraine?


- on the official websites of international payment systems

- on their official pages on social networks

- by calling the customer support system


❓ What are the rules for receiving remittances from abroad?


Transfers made through funds transfer systems without opening accounts may be received without restrictions, but may be received subject to the capabilities of the bank or non-bank financial institution.


If the transfers are received on a bank account, an individual can withdraw the equivalent of UAH 100,000 daily.


💳 At the same time, the National Bank recommends the use of non-cash payments in order not to create an unnecessary burden on banks, not to endanger collectors and themselves.


ℹ️ Read more on the conditions of using financial services during martial law in Ukraine on a special portal of the NBU: https://promo.bank.gov.ua/fin-defense/ 


Earlier, Binance announced the provision of free cards for Ukrainians with the opportunity to receive 75 BUSD per month with a special cashback program. More details in the article.