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Wise and Remitly suspend money transfer operations in Russia

Wednesday 2 March 2022 14:12 CET | News

Cross-border payments company Wise and remittance processor Remitly have halted their money transfer services in Russia, following new economic sanctions aimed towards to country.

Wise, previously known as TransferWise, holds balances in countries on currency routes to sidestep high fees traditionally associated with international money transfers. At the end of February 2022, the company limited daily transfers to Russia to GBP 200. It has also capped transfers to Ukraine, citing increasing difficulties operating its service in the country.

On 28 February 2022, the US and its allies announced they would take action against Russia's central bank and bar some of the its banks from the SWIFT international payments system, in a move that experts saw as a significant escalation of the West's sanctions against Moscow.

Remitly company officials stated that the institution confirmed it had also stopped supporting money transfers to Russia due to the new sanctions. Wise has also capped transfers to Ukraine, citing increasing difficulties operating its service in the country. It added that it plans to remove that cap as soon as it can, and said it had waived fees on more than GBP 500,000 of personal transfers to Ukraine.


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Keywords: cross-border payments, money transfer, Russia Ukraine War, central bank
Categories: Payments & Commerce
Companies: Remitly, Wise
Countries: World
This article is part of category

Payments & Commerce

Remitly

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Wise

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