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Paysera teams with Globus Bank to enable money transfers to Ukraine

Tuesday 21 June 2022 15:01 CET | News

Lithuania-based fintech Paysera has partnered with Globus Bank to enable Ukrainians to pick up transferred money in cash at the latter’s locations.

According to the World Bank, Ukrainians received transfers worth EUR 17 billion from abroad in 2021. In 2022, due to the humanitarian and economic crisis caused by the Russian invasion, the World Bank predicts that transfers to Ukraine will grow by a further 20% and reach new highs.

Paysera’s officials stated that transferring money to a bank account is not always convenient and sometimes impossible. For one thing, 4 out of 10 Ukrainians do not have an account. Secondly, a standard money transfer from the EU to a bank in Ukraine may take up to two business days, with correspondent banks charging an additional fee of 10 to 20 EUR. This sometimes makes cash pickup transfers the only option. Money reaches the recipient in minutes, and it’s cheaper than a standard transfer.

Currently, cash pickup transfers via Paysera to Ukraine can be made in EUR. When picking up the money at Globus Bank, the recipient may request to convert euros into hryvnia at the rate provided by the bank on that particular day.

Cash pickup transfers can be made via Paysera's online banking. This transfer method is expected to be activated in the app. Private individuals can send cash pickup transfers to Ukraine.

More than 60,000 Ukrainians have Paysera accounts. Most of them became its clients before the Russian invasion of Ukraine in 2022. In the first weeks of the war, Paysera received 400-600 applications per week from Ukrainians to open an account, as per the press release.


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Keywords: money transfer, online banking, remittance, product launch, cash
Categories: Banking & Fintech
Companies: Globus Bank, Paysera
Countries: Ukraine
This article is part of category

Banking & Fintech

Globus Bank

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Paysera

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