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PayPal changes rules to allow customers to send money to Ukrainians
https://www.whatjobs.com/news/business-news/paypal-changes-rules-to-allow-customers-to-send-money-to-ukrainians
By Nagasunder in Business News, posted March 18, 2022
PayPal has revealed it is expanding its services to allow users to send money to Ukrainians.
Before the change, users in Ukraine could only use PayPal to send money out of the country.
But now, Ukrainian PayPal account holders can now send and receive payments from friends and family all over the world as a result of the expansion.
READ MORE: PAYPAL SHUTS DOWN ITS SERVICES IN RUSSIA
Customers in Ukraine will be able to transfer money from their PayPal Wallet to their bank account by linking an eligible Mastercard or Visa debit or credit card.
PayPal has also announced that its fees for customers sending money to Ukrainian PayPal accounts or receiving money from Ukrainian PayPal accounts will be waived temporarily until June 30.
Xoom, which is the company’s international remittance service, will also be relinquishing transaction fees for payments sent to recipients in Ukraine.
PayPal's announcement comes in response to a request from the Ukrainian government for the payments company to roll out new services that would allow Ukrainians to receive payment access.
Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation applauded the expansion on Twitter and shared a letter he received from PayPal.
The letter from PayPal reads: “Our teams have worked intensively to identify how PayPal could best and quickly provide additional services to Ukrainians. We believe this service with be helpful for people in Ukraine to receive money from their friends and relatives around the world. It will also help Ukrainian refugees in other countries, so they can receive money to use or withdraw in their current location.”
Ukrainian users will be able to send and receive funds from their Ukrainian PayPal Wallet in USD, CAD, GBP and EUR.
The money will be available in the currency associated with that card once a customer transfers funds from their PayPal Wallet to an eligible debit or credit card.
The statement comes as PayPal shut down services in Russia earlier this month. PayPal isn’t the only payments company to pull out of the nation, as Mastercard and Visa both suspended network services in Russia.
Since the war began, people have been looking for ways to financially support Ukrainians.
Airbnb CEO Brian Chesky has said some people around the world have been booking Airbnbs in Ukraine, without the intention to stay in them, to send financial help to hosts in the country.
Source: TechCrunch
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