In 2016, in Ukraine, there operated 39 money transfer systems, including 25 systems created by residents and 14 money transfer systems established by non-residents.
Overall, the following amounts were transferred through money transfer systems created by residents and non-residents:
- To Ukraine – the equivalent of USD 2, 488 million;
- out of Ukraine – the equivalent of USD 352 million; and
- In Ukraine – the equivalent of USD 3,671 million;
In 2016, the Poshtovyi Perekaz domestic payment system took the lead in the domestic market of payment systems created by residents in terms of the total amount of money transfers (163.69 million transfers amounting to the equivalent of USD 1,193.96 million).
As of 1 January 2017, the following payment systems provided money transfer services in Ukraine:
- 6 systems established by banks;
- 8 systems established by non-banking institutions; and
- 11 intrabank money transfer systems.
Overall, in 2016, the following amounts were transferred through money transfer systems created by residents:
- In Ukraine – the equivalent of USD 3, 668.83 million;
- To Ukraine – the equivalent of USD 2.37 million;
- out of Ukraine – the equivalent of USD 1.38 million;
In 2016, in Ukraine, there operated over 14 money transfer systems, created by non-residents, including:
- three systems originating in the USA;
- two systems – from Azerbaijan; and
- three systems, with each originating in Georgia, the UK and Canada, respectively; and
- six systems originating in the Russian Federation (Resolution of the National Security and Defense Council of Ukraine of 16 September 2016 On the Application of Personal Special Economic and Other Restrictive Measures (Sanctions) was enacted by Decree of the President of Ukraine No. 467/2016 of 17 October 2016. In accordance with this resolution, sanctions shall be applied for one year against six payment institutions of the international payment systems created by residents of the Russian Federation and these systems currently do not operate in Ukraine).
Overall, in 2016, the following amounts were transferred through money transfer systems created by non-residents:
- To Ukraine – the equivalent of USD 2, 485.48 million;
- out of Ukraine – the equivalent of USD 350.94 million; and
- in Ukraine – the equivalent of USD 2.64 million;
The Western Union payment system took the lead among payment systems created by non-residents in terms of the total amount of cross-border money transfers (40% of total cross-border transfers to Ukraine were executed through Western Union and 32% of total transfers out of Ukraine.
Ukraine remains the recipient country of cross-border transfers. During 2016, the amount of funds received in Ukraine through money transfer systems was seven times more than the amount sent abroad.