The global financial service PayPal has added the option to receive money transfers to bank cards of the state-owned PrivatBank (Kyiv), the bank’s press service reported on Friday.
According to the report, such a service will work for Ukrainians in Ukraine and abroad.
In addition, during the period of hostilities, the company is temporarily waiving its commission for customers who send funds to or receive funds in Ukrainian PayPal accounts.
“Clients of PrivatBank will be able to transfer funds from a PayPal wallet to Visa and MasterCard credit or debit cards without additional fees,” the bank’s press service said.
According to the statistics of the National Bank of Ukraine, as of January 1, 2022, in terms of total assets, PrivatBank ranked first (UAH 582.851 billion), and Oschadbank ranked second (UAH 249.938 billion) among 71 banks operating in the country.
The Ministry of Digital Transformation of Ukraine intends to resolve the issue of launching the U.S. payment system PayPal in Ukraine.
“We have been communicating with PayPal for a year now. A meeting with our team was held in Davos. We are holding Zoom meetings. There are certain questions. Ukraine, in principle, was not present on the PayPal expansion business map. I don’t want to make spoilers, but we are working on it. We ask the CEO of PayPal questions even in social networks in comments,” Deputy Prime Minister of Ukraine, Minister of Digital Transformation Mykhailo Fedorov said in the format of an Internet reception desk live on YouTube on Tuesday.
He said that PayPal shall enter Ukraine, and the Ministry of Digital Industry plans to definitely resolve this issue.
Xoom, a subsidiary structure of the PayPal payment service, has launched a service of money transfer from the United States to Ukraine, the initiator of the group on the introduction of PayPal in Ukraine, Ilia Kenigshtein, has said.
“Xoom is a money transfer system that PayPal bought in November 2015. Earlier Xoom was able to send money to 44 countries, Ukraine was not on this list. Starting from today, Xoom allows sending money from the U.S. to 130 countries, which include Ukraine,” he wrote on his Facebook page.
According to Kenigshtein, currently only one of the system services, Cash Pickup, which allows recipients in Ukraine to take remittance in one of the banks listed on the Xoom website.
Among the partner banks are Oschadbank, PrivatBank, Pravex-Bank, Ukrgasbank, Universal Bank, VS Bank, Accordbank, Industrialbank, Kredobank, Pivdenny Bank, Credit Dnipro, Vostok, Globus, IBOX Bank, as well as Ukrainian Financial Group.
“As for the limits: you can send up to $2,999 per day, but not more than $6,000 during 30 days, or expand the limits through the form on the website, providing additional documents,” the expert said.
The group’s initiator expects that in time PayPal, the parent company, will also provide services in Ukraine.
“In fact, this is a historical moment, confirming that sooner or later PayPal will come to Ukraine,” he noted.
As reported, the volume of private money transfers to Ukraine in January-May 2018 increased by 30% compared to the same period in 2017, to $4.5 billion.
