Paysera and the Ukrainian Globus Bank: cheaper way to send money to Ukraine

Ukrainians staying in Poland will now be able to send money cheaper to their relatives who remain in their home country. The recipients of the money transfer will be able to pick it up in cash shortly after sending. The possibility of sending and receiving money in Ukraine appeared thanks to the establishment of cooperation between a company from the  Paysera payment industry and the Ukrainian bank Globus Bank, which has 150 branches in Ukraine. 

As stated by the CEO of Paysera, Gintautas Mežetis, despite the large number of companies operating in the field of international money transfers, there will still be room for one more player. 

Currently, cash transfers to be picked up by Paysera can be made in EUR. When picking up the money transfer at Globus Bank, the recipient may ask to convert euro into hryvnia at the bank’s exchange rate on that day.

Cheaper way to transfer money to Ukraine

“Making a transfer to a bank account is not always convenient, and sometimes even impossible. First of all, 4 out of 10 Ukrainian citizens do not have a bank account. Secondly, a standard transfer from an EU country to a bank in Ukraine can take up to two business days, and the commission charged by correspondent banks can range from 10 to 20 EUR.

Therefore, money transfers for cash pickup sometimes become the only option – the money reaches the recipient in just a few minutes, which is a cheaper option than a regular transfer.

It is symbolic that the first step in our expansion into the money transfer market has become a country whose inhabitants need more than ever financial support from family, friends and ordinary people of good will from abroad, ”concludes Paysera CEO, Gintautas Mežetis.

The vice-president of the management board of Globus Bank, Anna Dovgalskaya, is convinced that the cooperation between Globus Bank and Paysera will be 100% fruitful. The basis for cooperation is a strong team, many years of experience in making money transfers and an extremely important thing – focusing on customer needs.

Anna also notes that today, more than ever, it is important to consider people who have had to leave Ukraine and create easy, reliable and cheap money transfer options for them. This possibility has just been implemented in cooperation with Paysera. Transfers are still an important element in the range of solutions, and customers of the Globus Bank banking network can always receive a transfer in a foreign currency.

Money transfers to be picked up in cash may be performed via Paysera electronic banking. In the coming months, this option should also appear in the mobile application. Cash transfers to Ukraine can be carried out by natural persons.

Received transfers from abroad worth 17 billion euros

According to data from the World Bank, last year residents of Ukraine received transfers from abroad worth 17 billion euros. This year, due to the humanitarian and economic crisis caused by the invasion of Russia, the World Bank forecasts say another 20% increase in the value of transfers made and reaching record levels.

Over 60,000 Ukrainians have a Paysera account. Most of them joined the group of Paysera clients before Russia’s invasion of Ukraine in 2022. In the first weeks of the war, Paysera received 400-600 applications for opening an account per week. 

Paysera is an electronic money institution and one of the longest operating financial technology companies in the Baltic States.

Source: Paysera

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I am from Denmark but have lived and done business in Poland since the Spring in 2008. I have had a webshop with Scandinavian designed products, and event company in Poland. Today I am a business consultant and b2b IT consultant plus sales agent on the Polish market. I have lived/done business in 3 different cities and in 3 different regions (voivodeships) in Poland. My business network and knowledge about doing business in Poland and about Poland are therefore very big.

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