Russia-based money transfer solutions still dominate the Ukrainian market

Tuesday 24 June 2014 13:01 CET | News

Russia-based money-transfer services Zolotaya Korona and Western Union are the main options for sending money to Ukraine, online media outlet East-West Digital News reports.

According to Elena Makhaeva, who heads the department tasked with overseeing money-transfer services for the National Bank of Ukraine (NBU), Zolotaya Korona and Western Union together own more than half of the Ukrainian money-transfer market, with the Russian service completing 29.4% of transactions in 2013 and Western Union completing 28%.

Other competitors include Russian bank Unistream, with 9.6% market share, Russian Contact, which holds a 9% share, and Texas-based money-transfer service MoneyGram, which maintains an 8% share.

NBU also mentioned that Russia represented the leading money-transfer partner for Ukraine in 2013. Ukrainians were the recipients of USD 4.9 billion in transfers for 2013, with 60% of the money coming from Russia, 7.7% coming from the US, and 5.2% from Italy.

Of all money flowing from Ukraine during the same time-period, Russians were the recipients of 44%, people in China received 4.4%, and the US and Uzbekistan were 3rd with less than 3%.

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Keywords: Russia, Ukraine, money transfer, payments general
Categories: Payments & Commerce
Countries: World
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