London: Ukrainians living overseas can now send money instantly to their loved ones back home. That’s thanks to a partnership between Azimo, Europe’s leading digital money transfer service, and Privatbank, the largest commercial bank in Ukraine.
Ukraine received a record-breaking volume of global remittances in 2020, with $12 billion pouring into the country despite the global pandemic. Nonetheless, many banks still take three business days to deliver money to the country.
Richard Ambrose, Azimo CEO said: “The last year has been particularly tough for migrant workers, many of whom fill crucial roles that power developed economies around the world. It is not acceptable for banks and high street providers to make vast profits at their expense, while investing nothing in improving remittance delivery times.
“Faster, affordable remittances put money back in the pocket of hard-working people and their families overseas. Azimo is on a mission to make instant transfers the industry standard for remittances. This ultra-fast service to Ukraine is another step on that journey.”
More than one million Ukrainians live and work in Poland. They send $3.3 billion home in remittances every year – a third of Ukraine’s total inbound remittance volume.
Ukrainians in the UK send a further $1 billion into the country annually. Azimo, which has headquarters in both London, UK and Kraków, Poland, is hoping to capitalise on its strong brand in both countries as it attracts Ukrainians customers to the new service.
Azimo customers UK, Europe, Canada and Australia can send money to any Privatbank account using only the recipient’s mobile number and the last four digits of their payment card. They can also send money to any bank account in Ukraine. Over 65% of Ukrainians have a Privatbank account.
It is estimated that over 20% of remittances to Ukraine are sent via informal channels, where price and safety cannot be guaranteed. Azimo’s digital service is a faster, cheaper and safer alternative.
“Ukrainians living or working abroad now have another convenient and reliable way to send money home to their loved ones instantly. Thanks to innovative solutions and partnerships with leading players such as Azimo in the European market, we provide our citizens with high-tech service and an excellent and safe alternative to informal money transfer channels,” said Razvan Munteanu, Deputy Chairman of the Board of PrivatBank.
Azimo is a digital money transfer service, based in London and Krakow, whose mission is to be the better way to share money around the world, improving millions of people’s lives. Azimo’s apps and website are the fastest, easiest and best-value way to send money to over 200 countries and territories worldwide.