TransferGo Has Become One of the Largest Platforms for Remittances in Ukraine

TransferGo says it has emerged as one of the top platforms enabling remittances and transfers to Ukraine. TransferGo is a Fintech that is regulated by the Bank of Lithuania. The company states that the largest amount of funds going into Ukraine is from Poland and Lithuania.

The company cites data from the World Bank that indicates Ukraine is one of the largest recipients of remittances from countries in Europe and Central Asia. The National Bank of Ukraine indicates that in 2022 $13.1 billion were transferred to Ukraine. Transfergo enabled over $500 million to Ukraine, representing an estimated 40% 0f funds coming from Europe.

Daumantas Dvilinskas, TransferGo CEO, says that in February 2022, Ukrainians were the first to support their friends and relatives by sending money back home.

“During the first 40 days of the invasion alone, Ukrainians using our services transferred over 50 million USD (45,5 million euros) to their country. This saved a further 6M USD over this period. We have made a strategic decision to continue supporting Ukrainians by further reducing the cost which is currently less than 3 percent of the transfer amount. We couldn’t have done this without collaboration with Visa, Mastercard, and the ECB.”

TransferGo says it is working to get the cost of transfers under 3% which is said to be over 2X lower than the market average which stands at around 7%.

TransferGo quotes the Deputy Governor of the National Bank of Ukraine, Oleksii Shaban, who says the international community’s support for Ukraine remains vital:

“We are grateful to the Lithuanian startup for its significant contribution to helping Ukrainians, especially those who had to leave their homes in Ukraine to save their children and themselves. We are also grateful that TransferGo canceled the fee for transferring funds to Ukraine in the first months of the war, as did most money transfer companies. These friendly steps testify to true partnership and mutual assistance.”

 

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