The largest bank in Ukraine explained how coronoviruses affect remittances
In April 2020, the amount of international money received or sent to Ukrainians reached 63%. This is 8% higher than in February and 16% – compared to the same period last year, Privabank’s press service.
It is reported that in April every other overseas transfer (48%) was made using the Privat24 application, with another 15% of clients receiving or sending transfers via the desktop version of Privat24.
According to PrivatBank, the number of Ukrainians receiving international money transfers in cash dropped from 37% to 21% in March-April. The amount of transfers made through self-service terminals and ATMs increased from 6% to 9%.
According to the financial institution’s forecast, by the end of 2020, the share of remittances made by distant Ukrainians will increase to 75%, mainly due to the growth of operations in a mobile bank. The number of transfers to bank branches will reduce to 15% by the end of 2020.
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We previously wrote that the National Bank expects to reduce remittances of labor migrants abroad from Ukraine by 20% – $ 12.7 to $ 10.1 billion in 2020. Among the main factors that reduced the amount of transfers, the National Bank called a reduction in the number of migrants and a slowdown in economies. In other countries, especially Poland.
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