Uncertainty over a potential Russian invasion of Ukraine has resulted in twice the amount of people searching for how to transfer money in and out of the country, according to data from MoneyTransfers.com.
Figures show visits to the site’s Ukraine page increased by 173% between the periods of 18 March 2021-31 August 2021, and 1 September 2021 to 14 February 2022.
A remarkable spike in visits was logged by the website in February 2022, with page views reaching their highest-ever level, amid warnings from US officials an attack on Ukraine could be imminent.
The advice posted on the Send Money to Ukraine page provides information on how to transfer funds to Ukraine and receive money through bank transfers, online money transfer services and in-store cash transfers. There are also comparisons of currency conversion rates against the Ukrainian hryvnia.
“Rising tensions at the Russia-Ukraine border are clearly having economic consequences around the world, moving stock markets and sending oil prices to the highest levels in years,” says Jonathan Merry, CEO at MoneyTransfers.com.
“We also expect to see an impact on global remittances – money sent to Ukraine from nationals living overseas – as the price of goods within the country may go up in case of any conflict, and more people could be driven abroad. Ukrainians may also be looking to transfer their money out of the country in fear of economic instability.”
“Remittances are a key part of the Ukrainian economy, with around $11.9bn arriving into the country each year. Since 2016, remittances have accounted for around 10% of Ukraine’s GDP,” Merry adds.