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Domestic Transfers in Money Transfer Systems Rose by almost a Quarter in 2018

14 February 2019

Press Release

 

In 2018, both residents and nonresidents used money transfer systems to transact the following transfers:

·         USD 2,301 million in equivalent to Ukraine (28.28% of total transfers)

·         USD 294 million in equivalent abroad (3.61% of total transfers)

·         UAH 150.53 billion or USD 5,541 million in equivalent within Ukraine (68.11% of the total value of transfers).

 

These data do not include information on transfers transacted by banks, card payment schemes and post offices.

 

Domestic transfers in money transfer systems over 2018 has increased by 24.3% yoy (in 2017 domestic transfers accounted for over UAH 120.5 billion or USD 4,456 million in equivalent). Most of domestic transfers (92%) are transacted in systems established by nonbank institutions.

The USA residents account for the majority of cross-border transfers using money transfer systems: 82% – to Ukraine and 98% – abroad.

 

Ukraine remains a net recipient of cross-border transfers. In 2018, the amounts received in Ukraine through international money transfer systems exceeded amounts sent abroad by eight times.

 

Transfers in money transfer systems are broken down as follows:

 

·         to Ukraine:

o    from the USA ––17%

o    from Israel – 13%

o    from Russia – 9%

o    from Italy – 8%

o    from Poland – 7%

o    from other countries (221 countries) – 46%

 

·         from Ukraine:

o    to Russia – 36%

o    to Georgia – 10%

o    to China – 6%

o    to Azerbaijan – 6%

o    to Uzbekistan – 4%

o    to other countries (192 countries) – 38%.

 

 

As a reminder, in late March this year the NBU will publish data on private remittances consistent with the balance of payments of 2018. The data, i.e., the income of households received from other households from abroad, is associated with temporary or permanent migration. Transfers may be delivered using official means, such as, banks, international money transfer systems, and post offices, as well as unofficial – by handing over cash and other valuables from one household to another.

 

For Reference: In 2018, 35 money transfer systems provided services in Ukraine, 28 whereof were established by residents and 7 by nonresidents (3 US systems and 1 from Georgia, the UK, Canada and Azerbaijan each).


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Last modification   14.02.2019