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The Current State of Development of International Money Transfers in Ukraine
Shumilo O. S., Yevtushenko V. A., Kovalova Y. O.

Shumilo, Olha S., Yevtushenko, Viktoriia A., and Kovalova, Yelyzaveta O. (2023) “The Current State of Development of International Money Transfers in Ukraine.” Business Inform 7:134–139.
https://doi.org/10.32983/2222-4459-2023-7-134-139

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
Downloads/views: 4

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UDC 336.71

Abstract:
The development of international bank transfers and mobile applications in Ukraine is considered. The essence of bank transfer, types and participants of the transfer process are defined. The tendency of development of money transfers in Ukraine, where international transfer systems are used both within the country and for receiving funds from abroad, is analyzed. The largest amounts of funds received in the country through international systems from foreign countries are identified. According to the research results, the most popular transfer systems most often used in Ukraine have been allocated as follows: SWIFT, IntelExpress, Western Union, MoneyGram, RIA MoneyTransfer. Among the cross-border transfers received in Ukraine we distinguish the following: remuneration of workers, which includes incomes of migrant workers working abroad for up to one year; «private transfers», which include transactions between resident and non-resident households. Recently, according to the results of statistical reporting on the analysis of private remittances, an increase in their volumes has been noted. The dynamics of volumes of private remittances in Ukraine by major countries is provided, which indicates an increase in their number over the past few years. The support of consumers of banking services in the direction of international bank transfers in wartime conditions in Ukraine is examined. Among them: support for international systems by canceling or reducing transfer fees; the emergence of new services. It is noted that the banking services market is sensitive to innovation processes, especially those related to the introduction of information technologies. Among such technologies, mobile applications for transferring money, which are extremely popular today, are allocated and studied. Based on the main criteria of Monito company, a digital startup whose mission is to help by saving on fees and exchange rates when making money transfers, the best mobile money transfer apps are considered. The rating of the best modern mobile applications for transferring funds is provided.

Keywords: bank, international money transfers, transfer systems, banking mobile applications.

Fig.: 2. Tabl.: 2. Bibl.: 8.

Shumilo Olha S. – Doctor of Sciences (Economics), Professor, Professor, Department of Marketing, Management and Entrepreneurship, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Yevtushenko Viktoriia A. – Candidate of Sciences (Economics), Associate Professor, Head of the Department, Department of Marketing, Management and Entrepreneurship, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Kovalova Yelyzaveta O. – Student, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]

List of references in article

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“Torik hroshovi perekazy do Ukrainy siahnuly $13 miliardiv“ [Last Year, Remittances to Ukraine Reached $13 Billion]. Ukrinform. March 14, 2023. https://www.ukrinform.ua/rubric-economy/3682412-torik-grosovi-perekazi-do-ukraini-sagnuli-13-milardiv.html
“U 2019 rotsi Ukraina otrymala naibilshe hroshovykh perekaziv u rehioni Yevropy i Tsentralnoi Azii - Svitovyi bank“ [In 2019, Ukraine Received the Most Remittances in the Europe and Central Asia Region - World Bank]. Ekonomichna pravda. April 22, 2020. https://www.epravda.com.ua/news/2020/04/22/659678/
“Hroshovi perekazy“ [Money Transfers]. https://bank.gov.ua/files/ES/Perekaz_y.pdf
“Yak perekazaty koshty z-za kordonu, shchob pidtrymaty ridnykh abo volonteriv v Ukraini“ [How to Transfer Funds From Abroad to Support Relatives or Volunteers in Ukraine]. https://novapay.ua/yaki-perekazati-koshti-z-za-kordonu-shchob-p/
Kurovtseva, I. “Naikrashchi prohramy dlia perekazu koshtiv. Top mobilnykh dodatkiv u 2022 rotsi: kursy valiut, zruchnist vykorystannia, funktsii toshcho“ [The Best Programs for Transferring Funds. Top Mobile Apps in 2022: Currency Rates, Usability, Features, and More]. https://www.monito.com/uk/wiki/top-mobilnykh-dodatkiv-2022
Ivasiv, B. S., Pryidun, L. M., and Rudan, V. Ya. Mizhnarodni rozrakhunky ta valiutni operatsii [International Settlements and Currency Transactions]. Ternopil: Vektor, 2013.
Kazanska, O. O. “Osoblyvosti rozvytku informatsiinykh tekhnolohii v bankivskii sferi“ [Features of the Development of Information Technologies in the Banking Sector]. Informatsiini tekhnolohii v kulturi, mystetstvi, osviti, nautsi, ekonomitsi ta pravi. Kyiv: VTs KNUKiM, 2018. 181-183.

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