Ukrainians living overseas can now send money instantly to their loved ones back home

As remittances to Ukraine soar, Azimo launches fastest-ever service with Ukraine’s leading bank

Azimo

Ukrainians living overseas can now send money instantly to their loved ones back home. Source: pexels.com

Azimo, Europe’s leading digital money transfer service, and Privatbank, the largest commercial bank in Ukraine have announced a partnership.

Ukraine received a record-breaking volume of global remittances in 2020, with $12 billion pouring into the country despite the global pandemic. Nonetheless, many banks still take three business days to deliver money to the country.

The last year has been particularly tough for migrant workers, many of whom fill crucial roles that power developed economies around the world. It is not acceptable for banks and high street providers to make vast profits at their expense, while investing nothing in improving remittance delivery times. Faster, affordable remittances put money back in the pocket of hard-working people and their families overseas. Azimo is on a mission to make instant transfers the industry standard for remittances. This ultra-fast service to Ukraine is another step on that journey
Richard Ambrose, Azimo CEO

More than one million Ukrainians live and work in Poland. They send $3.3 billion home in remittances every year – a third of Ukraine’s total inbound remittance volume

Ukrainians in the UK send a further $1 billion into the country annually. Azimo, which has headquarters in both London, UK and Kraków, Poland, is hoping to capitalise on its strong brand in both countries as it attracts Ukrainians customers to the new service.

Azimo customers UK, Europe, Canada and Australia can send money to any Privatbank account using only the recipient’s mobile number and the last four digits of their payment card. They can also send money to any bank account in Ukraine. Over 65% of Ukrainians have a Privatbank account.

It is estimated that over 20% of remittances to Ukraine are sent via informal channels, where price and safety cannot be guaranteed. Azimo’s digital service is a faster, cheaper and safer alternative.

Ukrainians living or working abroad now have another convenient and reliable way to send money home to their loved ones instantly. Thanks to innovative solutions and partnerships with leading players such as Azimo in the European market, we provide our citizens with high-tech service and an excellent and safe alternative to informal money transfer channels
Razvan Munteanu, Deputy Chairman of the Board of PrivatBank

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