In the wake of the ongoing war between Ukraine and Russia, payment processor PayPal has expanded its services in Ukraine allowing users to send and receive money both inside the country and internationally with a Ukrainian PayPal account.
This move was greatly appreciated by the Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov of Ukraine.
You can send and receive money in Ukraine on PayPal
As per the latest update coming from PayPal, the payment processor has expanded its services in Ukraine. Earlier, users could only receive money in their Ukrainian wallets from outside the country.
Cut to now, users can receive money both domestically and from outside the country without any hassle. Ukrainian account holders can send money out of the country as well.
The move comes after the increasing invasion of Russia in Ukraine causing billions worth of damage over a couple of weeks. Additionally, PayPal users can transfer funds from their wallets to their banks using Visa, Mastercard, or credit cards.
Albeit the money will be transferred in USD, GBP, CAD, and EUR, it will be automatically converted into the currency of the account holder.
PayPal waives off transaction fee till June 30th
Every international transaction on PayPal or any other payment processor is levied with fees. PayPal charges 5% and above as transaction fees on transfers based on the payment method and region in question.
Cut to now, PayPal has waived off any transaction fee till June 30th. Its international remittance service Xoom has waived off. It remains to be seen if other payment platforms like Remitly, MoneyGram, and WesternUnion will follow the wagon as well.
Helping hands for Ukraine
It’s not just PayPal working towards helping the people in Ukraine. Tens of millions worth of cryptocurrencies have been donated to Ukraine in a bid to help Ukraine’s war against Russia. Then there are some users who are booking AirBnB in Ukraine to help the hosts financially.