Foreign transfers through PrivatBank, the country’s largest bank with over 20 million users, totaled $386 million in 2021, a 30% increase from the same period last year, the bank reported on April 7.
This amount excludes transfers through “person to person” bank transfers and SWIFT payments. But 72% of foreign transfers were done through the bank’s Privat24 service and other services supported by the bank.
According to the bank, foreign transfers from abroad averaged $374 per transfer.
The highest volume of money transfers comes from the United States. Around 19% of the total, or $71.2 million, came from the U.S. in 2021. Italy is in second place, with 12%, or $48 million, and in third place is Israel with 10% of the total or $40.1 million.
Other leaders in money transfers to Ukraine are Russia, at 7% of the total, or 27.1 million, Germany at 6% of the total, or $23.2 million, and Poland at 5% of the total, or $19.7 million.
On the flip side, Ukrainians have sent a total of $80 million abroad through PrivatBank, which is 20% more than last year. Transfers sent abroad averaged $517 per transaction.
The total number of transfers during this period, however, only increased by 7% to 155,000.
