International payment systems will reduce the commission for transfers to Ukraine

Visa, Mastercard and other companies that provide money transfer services will limit fees to 3% of the transfer amount.

International payment systems were able to agree on a reduction in fees for money transfers in Ukraine. The decision was taken at the initiative of the European Commission. This was announced by the National Bank of Ukraine.

Companies providing money transfer services are committed to helping with affordable and transparent transfer of funds to support Ukrainians and Ukraine. In particular, payment systems will limit the commission for money transfers to Ukraine to 3% of the transfer amount.

The agreement was signed by Visa, Mastercard, Wise, Extrabanca, Ria Money Transfer, Small World, TransferGo and representatives of the largest Ukrainian banks and payment systems.

The reduced tariffs will be valid for nine months from the date of signing the agreement. Later they will be revised according to the current situation.

Since the beginning of the full-scale invasion of the Russian Federation, most international money transfer systems have completely removed fees for transfers to Ukraine, the National Bank added.

In January-July 2022, 7.6 billion dollars were transferred to Ukraine. This is 5.7% less than the same period before the war. 24% of the funds were received through international transfer systems, says the NBU.

Athletistic previously wrote that almost $6.5 billion was transferred to Ukraine in the first six months. This is 6.2% lower than the first half of last year.

At the same time, in May, the volume of private money transfers to Ukraine from abroad reached $1,162 million.

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