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