Paysera enters the cash pickup transfers market, starting with transfers to Ukraine
June 2022 • 6 min
Ukrainians have more and more options to receive transfers from their loved ones and others in their home country faster and more easily. Now that Paysera has partnered with Globus Bank in Ukraine, local residents have the opportunity to pick up money sent by their relatives in cash at one of 150 branches of Globus Bank and its partners.
Gintautas Mežetis, CEO of Paysera, says that although there are many international cash transfer companies in the market, there is still room for a new player.
According to the World Bank, Ukrainians received transfers worth 17 billion EUR from abroad last year. This year, due to the humanitarian and economic crisis caused by the Russian invasion, the World Bank predicts that transfers to Ukraine will grow by a further 20% and reach record highs.
"Transferring money to a bank account is not always convenient and sometimes impossible. For one thing, 4 out of 10 Ukrainians do not have an account. Secondly, a standard money transfer from the EU to a bank in Ukraine may take up to two business days, with correspondent banks charging an additional fee of 10 to 20 EUR. This sometimes makes cash pickup transfers the only option – money reaches the recipient in minutes, and it’s cheaper than a standard transfer. It is symbolic that our expansion into the cash pickup transfer market starts in a country whose population needs financial support from relatives and other kind-hearted people more than ever before", says Gintautas Mežetis, CEO of Paysera.
Anna Dovgalskaya, Deputy Chairman of the Board of Globus Bank, says that the cooperation between Globus Bank and Paysera will be 100% productive, as it is supported by a strong team, many years of experience in the field of money transfers, and a focus on customer needs, which is very important. Anna also adds that today, more than ever, it is important to think about the citizens who have left Ukraine and to provide a simple, reliable, and inexpensive money transfer service, which they have successfully implemented with Paysera. Cash transfers are still relevant, and in the Globus Bank network, a client can always receive a transfer in a foreign currency.
Currently, cash pickup transfers via Paysera can be made in EUR. When picking up the money at Globus Bank, the recipient may request to convert euros into hryvnia at the rate provided by the bank on that particular day.
Cash pickup transfers can be made via Paysera's online banking. This transfer method is expected to be activated in the app in the coming months. Private individuals can send cash pickup transfers to Ukraine.
More than 60,000 Ukrainians have Paysera accounts. Most of them became our clients before the Russian invasion of Ukraine in 2022. In the first weeks of the war, Paysera received 400-600 applications per week from Ukrainians to open an account.
Paysera is a fintech company that provides fast, convenient, and affordable financial and related services globally. We offer products ranging from a payment gateway for e-shops to money transfers, currency conversion, payment cards, an event ticketing platform, a parcel locker network (to be launched in 2021), and a top-notch finance management app.
Beginning our journey in 2004 in Vilnius, Lithuania, we are the first licensed e-money institution (EMI) in Lithuania, with 300 people working in 15 different cities worldwide. With over one million app installs and growing, we aim to push the boundaries and become an industry-leading super app that provides financial and lifestyle services across the globe.