MoneyGram expands account deposit services with launch in Ukraine

  • MoneyGram is partnering with Industrialbank to create a new bank deposit service in Ukraine;
  • MoneyGram is the first company in the industry to enable consumers to send money directly to any receiver’s bank account in the country;
  • MoneyGram account deposit service is available at more than 400 banks across the globe.

Customers simply enter the information required for the sender and receiver at the point of sale and then select the bank deposit option.

In Ukraine, funds are available in the receiver’s bank account the same day if sent within Ukrainian business hours, otherwise will be available on the following business day with no back-end fees and low, locked-in exchange rates.

“Industrialbank is one of the leading banks in the Ukraine. Its success on the foreign markets and focus on improving customer services for the Ukrainian market have led to providing the new account deposit product for Ukraine, which has no equivalent in the CIS. I am grateful for the MoneyGram and Industrialbank teams for implementing such a project,” said Mykhailo Bukreev, Chairman of the Board of Industrialbank.

According to World Bank data, Ukraine received a record of more than $14 billion in 2018, up about 19 percent over what the country received in 2017.