Peer-to-Peer payments will now be allowed by PayPal. In the wake of Russia's invasion of Ukraine, the company is expanding its services. Prior to this, Ukrainian customers could only use the payment platform to send money outside of the country. The company said it was leaving Russia because of the country's violent aggression against Ukraine.
Money can now be sent and received from outside the country, as well as domestically, thanks to a new service from PayPal. It will likely make life easier for Ukrainians receiving financial support from family and loved ones who live abroad. Ukrainians will be able to send funds directly to their bank account by linking their Visa or Mastercard.
For sending and receiving funds in Ukraine, PayPal is waiving its own fees until June 30th. The payment platform typically charges a fee for international transactions that starts at 5% and increases depending on your payment method and the region where your recipient resides.
There are only a few ways to send or receive money in Ukraine, and a new payment option is likely to change that. Sending money can be expensive. International transaction fees and exchange rates can be unfavorable for global customers in Ukraine. Hopefully, this temporary grace period from PayPal will make a difference for those who want to send money to loved ones in Ukraine.