PrivatBank Launches a New International Money Transfer Service: How It Works
18 June 07:46
PrivatBank, in partnership with the international payment system Paysera, has launched a new service for sending money to Ukraine via PrivatMoney. Now, Paysera users can send money to family and friends in Ukraine right from their smartphones. This was announced on the bank’s official website, according to "Komersant Ukrainian"
Transfers can be made from European countries in euros. Recipients in Ukraine can have the funds credited to accounts at PrivatBank or other Ukrainian banks, or receive a cash payout.
What PrivatBank Has Launched
PrivatBank announced the integration of PrivatMoney into the Paysera mobile app. Thanks to this, users of the payment system can quickly send international transfers to Ukraine.
The new service is primarily aimed at Ukrainians living in European countries who want to send money to relatives or loved ones in Ukraine.
The bank notes that the integration is intended to make international money transfers simpler, faster, and more accessible for customers.
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In which currency can funds be transferred?
Transfers via Paysera and PrivatMoney are made in euros.
The recipient in Ukraine can choose which currency to receive the funds in:
- in euros;
- in hryvnia.
Funds can be credited to both foreign currency and hryvnia accounts held by PrivatBank customers. Credits to accounts at other Ukrainian banks are also available.
How to send a transfer via Paysera
To use the new service, users need to open the Paysera mobile app and go to the transfers section.
Next, you need to:
- select PrivatMoney;
- enter the recipient’s details;
- enter the account’s IBAN or select the cash pickup option;
- confirm the transfer.
If the user selects an IBAN transfer, the funds are automatically credited to the recipient’s account.
For a cash transfer, the sender receives a reference number that the recipient can use to pick up the funds.
How to Receive a Transfer in Ukraine
There are several ways to receive a PrivatMoney transfer.
For PrivatBank customers, the following options are available:
- the Privat24 mobile app;
- the Privat24 web version;
- self-service terminals;
- ATMs;
- customer support;
- bank branches.
This allows the recipient to choose the most convenient way to receive the funds.
Is there a fee for the recipient?
PrivatBank notes that no fee is charged to recipients of such transfers.
This is important for Ukrainians who regularly receive financial assistance from relatives abroad, as the entire amount of the transfer is received by the recipient without any additional costs on their part.
Who will benefit from the new service
The new service will be useful for Ukrainians who live in or are temporarily staying in Europe and want to quickly transfer money to Ukraine.
First and foremost, this applies to:
- Ukrainians living abroad;
- families who receive financial support from loved ones;
- students;
- migrant workers;
- people who support relatives in Ukraine;
- customers who prefer to send money without visiting a bank branch.
You can make a transfer right from your smartphone, which greatly simplifies the process
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