Ukraine Witnesses Changes in Money Transfers or Ukraine Experiences a Transformation in Cross-Border Payment Methods
In the midst of the ongoing conflict, the National Bank of Ukraine published a regulation on 24 February 2022, suspending all operations in Ukraine's Foreign Exchange (FX) market. This decision has significantly impacted the ability of Ukrainian citizens to send money abroad.
At present, no providers offer services in the corridor from Ukraine to Russia. Similarly, there has been a lesser but substantial suspension of some services from providers in Germany. International providers such as Western Union and Paysend have withdrawn from Ukraine at the onset of the conflict.
The only available method to send money abroad from Ukraine currently is through card-to-card payments. PrivatBank, a Ukrainian bank, is the only institution offering a functioning procedure for this service. Sending money out of Ukraine has become almost impossible due to the conflict, and transfer speeds may also be slower.
Recipients in Ukraine may not be able to pick up cash in Ukraine as agents might be closed. However, the recipient's payout can be made through their credit/debit card. Transfers can be initiated using online banking, and the payment method for this transfer is a credit/debit card.
The biggest remittance corridors to Ukraine are from Russia, the US, Germany, Spain, Canada, and Latvia. The National Bank of Ukraine's regulation still suspends all operations in Ukraine's FX market, including the ability for Ukrainian citizens to send money abroad. The service availability to and from Ukraine is being closely monitored, and updates on further developments will be provided.
This disruption in remittance services is a significant concern, particularly for those who rely on these funds for their livelihoods. The ongoing conflict continues to impact various aspects of life in Ukraine, and this is just one more challenge that the country and its people are facing.
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