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Financial institutions pledge to lower remittance fees to Ukraine

Sep 29, 2022

As remittance now plays a vital role in the war-torn economy of Ukraine, global financial leaders commit to lowering the fees?

Ukraine remittance

Financial institutions pledge to lower remittance fees to Ukraine. Source: depositphotos.com

Leading financial institutions including Mastercard, Visa, Wise, and TransferGo along with the European Commission have signed a joint statement pledging to lower remittance fees to Ukraine until the war is over.?

The pledge acknowledges the important role remittances play in the Ukrainian economy. Before the war started, remittance flows constituted roughly 7% of the country’s GDP. Today, as millions of people have been forced to leave Ukraine, the World Bank projects that remittances to the war-torn country will increase by 22% in 2022.

The institutions which signed the commitment have pledged to ensure that remittance fees decrease, with the established target of 3%. They will also voluntarily and bilaterally lower total fees, disclosing foreign exchange markups. Finally, the remittance providers seek to maintain the accessibility of remittance services in Ukraine despite possible war-related obstacles.

“Since Russian's illegal invasion, the European Union has been and remains steadfast in its support of Ukraine and its people. [...] Finding practical solutions to help Ukrainians living abroad, many forced to flee as a consequence of the war, to send remittances to their loved ones at home is a very concrete example of our solidarity. I welcome that EU and Ukrainian companies active in remittances have come together to achieve this objective. We are open to, and in fact would welcome, more providers joining the statement for affordable, accessible and transparent remittance services to Ukraine.”
Mairead McGuinness,
European commissioner for financial services, financial stability and Capital Markets Union

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Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.