NBU publishes rating of popular money transfer services in Ukraine

Money remittances in Ukraine grew by 33.5% in H1 Photo from UNIAN The National Bank of Ukraine (NBU) has published a rating of popular money transfer services in Ukraine in the first half of 2019. The Forpost service run by Nova Poshta, a local courier delivery service, and the transfer of funds by post provided by Ukrposhta, the national postal operator, accounted for almost 68.2% of all domestic remittances, the NBU said. Read alsoNBU sets new requirements for banks with problem assets The volume of transfers within Ukraine through money transfer systems in the first half of the year increased by 33.5% compared to the same period of the previous year, to UAH 93.280 billion, which is equivalent to US$3.465 billion. In terms of cross-border remittances, such systems created by U.S. residents as Western Union, MoneyGram, RIA hold the lead. They accounted for 92% of transfers to Ukraine and 97% from Ukraine in the first half of 2019. Since the beginning of the year, most of incoming transfers have originated from the United States and Italy, accounting for 15% and 14%, respectively, the NBU said. Poland was third with 11%, Russia ranked fourth with 9%, and Israel came fifth with 8%. However, Russia accounted for 36% of money remittances from Ukraine, which made it rank first. It was followed by Georgia (9%), Azerbaijan (8%), while China and Uzbekistan shared the fourth place with 4% each. Other 181 countries accounted for 39%. As of July 1, 2019, there were 37 money remittance systems operating in Ukraine. Thirty of them were created by residents, while seven were foreign ones. Some UAH 93.28 billion, or US$3.465 billion in the equivalent, which is 73.23% of the total sum of money remittances, was wired inside Ukraine, while US$1.099 billion in the equivalent (23.23% of total remittances) arrived in Ukraine and US$168 million in the equivalent (3.54%) left Ukraine.

NBU publishes rating of popular money transfer services in Ukraine

Please Subscribe For Full Access

UNIAN Web subscription