Users can now send UAH to all Ukrainian accounts
TransferWise announced that its customers can now send UAH to any Ukrainian card fast and with transparent fees. Previously, only those sending money to Privatbank cards have had such an opportunity.
Most Ukrainian banks don’t charge any fees for receiving UAH. But in general, it’s the smaller banks that are more likely to charge for receiving money from another bank. Some of the banks that could charge for incoming UAH transfers include: Universal Bank OJSC, Piraeus Bank ISB, Credit Agricole, and Bank Pivdennyi. But prices depend on the type of account a user has with them — and tend to be between 0.6% and 1%. It’s also worth noting that there could be a flat fee on top, like in some packages with Bank Vostok, where they charge 0.7% +2.50UAH to some of their customers.
Bigger banks, such as UkrSibbank, Raiffeisen Aval, Monobank, PUMB, Kredobank, OTP bank, or Alfa Bank, usually don’t charge anything for receiving UAH on their cards via TransferWise.
To make a successful UAH transfer, only the recipient’s name and their full card number are needed. The recipient won’t see the reference note customer entered, or their name on their bank account statement. They’ll see an incoming payment from Privatbank — TransferWise’s partner bank, with no further description. If a user wants their recipient to receive a reference note, and make sure they know who the money is coming from, they should enter their email address when they set up the transfer.
SEE ALSO: International money transfer services guide: TransferWise