Sending euros or dollars to Ukraine with a bank can be painful
TransferWise facilitates sending euros and dollars to Ukraine. Source: shutterstock.com
TransferWise announced a new initiative in Ukraine. The platform is enabling fast EUR or USD transfers to personal PrivatBank accounts. TransferWise says paying out euros or dollars to PrivatBank recipients will only take a few minutes and will be available 24/7.
For customers, it means that 87% of all EUR and USD transfers to personal PrivatBank accounts will happen on the same day (mostly within minutes).
We’ve put an end to unexpected fees when you send EUR or USD to Ukraine — which means more savings for our customers. Let’s say you’re sending €1000 to PrivatBank in Ukraine. If you’re sending via a SWIFT transfer, your bank might charge you €15. A bank handling the transfer in the middle might take another €12 more. So, now there’s €973 left. And then PrivatBank might take another 1% (€9.73) for receiving the transfer. What comes out on the other side is €963.27. That’s effectively €36.73 lost in fees. But, sending €1000 to a personal PrivatBank account with TransferWise comes with a low, transparent and upfront fee ranging from €0.63 to €4.12 — depending on the method you choose to pay in. So that’s around €30 extra for you — time and money saved
Here’s how to use the service:
- To send EUR or USD to personal Privatbank accounts with TransferWise, select EUR or USD in the lower field — this is the currency you want to receive. You can send from whichever currency you wish.
- Enter the recipient’s Ukrainian EUR or USD IBAN. If the IBAN belongs to a personal Privatbank account in euros or dollars, there will be no unexpected charges and the recipient will receive the money quickly.
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