Paypal will now allow peer-to-peer payments to and from Ukraine. Company announced today it has significantly expanded its services in Ukraine after the Russian invasion. Before that, Ukraine’s Paypal customers could only use the payment platform to send money outside the country. Earlier this month, the company announced that leave Russiaciting the country’s “violent aggression” against Ukraine.
Paypal users in Ukraine will now be able to send and receive money from abroad as well as within the country. This is a move that will likely make life easier for Ukrainians who receive financial support from family and loved ones living abroad. Ukrainians will also be able to deposit money directly into their bank account by linking their Visa or Mastercard debit or credit card.
Perhaps most significantly, Paypal is waiving its own fees (until June 30) for both sending and receiving money in Ukraine. Traditionally, payment platforms charge fees for international transactions starting at 5% and increasing depending on your payment method and the region where your recipient resides.
A new payment option could have a significant impact in Ukraine, where only one few options exists to send or receive money abroad. Sending money to individuals in Ukraine (or virtually anywhere abroad) can be expensive. Every payment platform serving the global customer base in Ukraine (including WesterUnion, MoneyGram, Remitly) charges international transaction fees or commissions, and exchange rates can often be unfavorable. Hopefully, this temporary extension from Paypal will have a significant impact on those looking to send money to loved ones in Ukraine.
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