Payment systems for transfers from abroad: preferential conditions for Ukrainians
On the initiative of the European Commission, on September 27, 2022, in Brussels (Belgium), the Joint Statement of Service Providers on the Transfer of Funds to Ukraine was signed. The main goal of this document is to expand opportunities for making accessible and transparent transfers of funds to support Ukrainians and Ukraine.
What has changed for Ukrainians abroad?
The subject of the statement was the agreement to reduce the fee for transferring funds to 3%, as well as to reduce the total fees for the time of martial law in Ukraine. It is also planned to make transparent the commissions regarding the euro or hryvnia exchange rates set by the ECB and the National Bank of Ukraine.
Firstly, the innovations apply to the following international payment systems and their participants:
Visa, Mastercard, Wise, Ria Money Transfer, Extrabanca, Small World, TransferGo, PrivatBank, Oschadbank, Ukrgasbank, Raiffeisen Bank, PUMB Bank, A-BANK, NovaPay LLC, Ukrposhta PJSC, UFG "PJSC ".
Such benefits contribute to the use of official channels for money transfers to Ukraine, because according to the data of the regulator, this indicator decreased by 12%, and the flow of money through unofficial channels increased by 3%.
We will remind you that earlier we wrote about which international money transfer systems supported Ukrainians at the beginning of a full-scale war, canceled or reduced fees for transfers to Ukraine. Details at the link.
Term of validity of preferential conditions
The simplified conditions will be valid for 9 months from the date of signing the application, namely until June 29, 2023. After the deadline, the conditions will be reviewed according to the situation at that time and in view of the achievement of the humanitarian goal.
They are considering options such as an extension for an identical term, as well as a return to pre-military conditions, or the introduction of even greater benefits.
It should be noted that international systems are currently one of the tools for providing humanitarian aid and social payments to Ukrainians from international organizations such as UNICEF and the International Committee of the Red Cross.
Read about how to apply for help from international organizations in our article at the link.
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