How different remittance methods differ from each other

Sep 17, 2021

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Today it is easy to open a free online account and always have your virtual card with you. This makes it easy to bank from home, i.e. without wasting time going to the bank and waiting in tedious queues. Ukrainians regularly use different money transfer services, but may not have the faintest idea about the difference between different ways of making money transfers. Let's consider what kinds and differences of money transfers exist.

Peer-to-Peer translation of finances

To transfer funds to an individual, you should use the following money transfer systems:

• Western Union;


• MoneyGram;


• Ria Money Transfer;


• Welsend.

There are others, such as Intel Express and Soft, but today we will look at the most popular services.

So, it is possible to send money within the country without any limits on the amount using the above mentioned systems, even without opening an account: PrivatMoney and Pravex-Telelegraph will help here. But if you need to send money outside of Ukraine, there are a number of nuances.

Firstly, opening an account is required if a natural person intends to send abroad an amount equivalent to more than UAH 150,000. This also requires supporting documents. Secondly, it should be noted that the American Western Union and MoneyGram are the most expensive and charge a commission of 2-7% of the amount. Ria Money Transfer and Welsend are cheaper in this aspect - 1.5-3 percent. But here too, a problem has crept in, Western and Manigram's points of redemption are more common than their cheaper competitors. All four systems allow the recipient to acquire funds after 10 minutes of the transaction.

Advantages of WestStein money transfers

WestStein prepaid card allows you to make purchases and perform financial transactions without leaving home. Even a person with a significant workload will not find it difficult to apply for a virtual card. The virtual debit card will be fixed in his phone as soon as it is verified. Thanks to it, it is convenient to control the expenditure and automate the expenses. In just a couple of clicks, send money to any corner of Ukraine. The commission is low and will not affect the main account in any way. Would you like to order prepaid Mastercard? Please, contact a competent manager on our web-site and get a qualitative consultation. 24/7 customer support and a convenient mobile app.

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