$2.38 billion transferred into Ukraine from abroad in 2017

By the end of 2017, Ukraine was infused with nearly two and a half billion dollars from abroad, Ukrinform news agency reports.

"Overall, using funds transfer systems created by both residents and non-residents [of Ukraine], in 2017, $2.378 billion was transferred to Ukraine, $286 million was sent out of Ukraine, and the equivalent of $4.456 billion dollars was transferred within Ukraine," the statement of the National Bank says.

According to the results of 2017, the international payment system TYME is the leader in the amount of transfers, which accounts for $1.36 billion worth in money transfers.

As of January 1, 2018, Ukrainian companies had developed several types of transfer systems that contributed to the large amount of money flowing into the country. Eight (out of nine registered) transfer systems have been created by banks. Twelve systems have been created by non-banking institutions. Nine (out of ten registered) are intra-bank money transfer systems.

Overall, 2017 saw $4.45 billion transferred within Ukraine, $113 million transferred into the country and $3.06 million transferred out of the country.

Foreign companies also created seven money transfer systems operated in Ukraine. There were three from the United States and one each from Georgia, the UK, Canada and Azerbaijan. By year’s end, non-residents had transferred a total of $2.26 billion into Ukraine, $282 million out of the country and $2.68 million within the country

Among the funds transfer systems created by non-residents, WesternUnion handled the largest volume of transfers, accounting for 51.9% of all cross-border transfers into the country and 74.2% of transfers out of the country.

  Ukraine, National Bank of Ukraine, WesternUnion