PayPal Helps Ukraine, Waives Fees for Funds Sent to Ukrainians

PayPal is extending its services in Ukraine allowing users to receive funds from around the world with waived service fees.

PayPal Expansion in Ukraine

PayPal announces the expansion of their services to Ukraine.

Deputy Prime Minister Mykhailo Fedorov tweeted the letter Paypal addressed to him and welcomed the company's expansion in Ukraine. Fedorov added "Thank you for supporting ukraine and peace!"

Paypal now allows peer-to-peer transactions to and from Ukraine. The company announced the expansion in Ukraine as a response to help the country amid the armed struggle. Back then, before the recently announced expansion, Ukrainians could only use their PayPal apps to send money out of the country.

However, this expansion will make that narrative even better as PayPal now provides a feature for Ukrainian account owners to send and receive money from friends and family in different parts around the world.

As reported by TechCrunch, Ukrainian account owners can withdraw their money from their PayPal wallet through linking their bank accounts to PayPal, any eligible Mastercard or Visa credit or debit card will do.

After linking their bank accounts to their PayPal wallet, users can now transfer the money to their cards to be able to use it and make any transactions they want. Furthermore, PayPal announced that it will waive its fees towards customers sending funds to Ukrainian account owners.

The waived fees are also applicable to Ukrainian nationals receiving money through their accounts. PayPal stated that this waived fees will last through June 30.

When Russia declared a specialized military operation against Ukraine, PayPal decided to suspend its operation in Russia in support of the smaller country, stating that the company stands against violent military aggression.

The expansion of PayPal in Ukraine was granted as per request of the Ministry of Digital Transformation of Ukraine asking the company to release upgraded features that would allow Ukrainian account owners to start receiving funds from around the world.

Support and Donations for Ukraine

The support and Donations for Ukraine comes flooding from around the world. This effort is stated by PayPal as a way to support Ukraine for an extensive humanitarian relief effort.

The company also stated in the letter that their customers around the globe have collectively donated $250 million in relief efforts and an additional $6 million from its global customer giving campaign.

Aside from PayPal, Ukrainians also stated that most Airbnb locations have received multiple bookings without guests. Some bookings are from different people around the world wanting to donate money directly to these Ukranians.

Most guests would message the Airbnb hosts to keep the money and inform them that they made the booking to extend help.

Ukraine has also received insurmountable aid from people around the world through digital assets. It has been reported that Ukraine received a total donation of $100 million worth of cryptocurrency.

Just recently, Ukraine President Zelenskyy legalized cryptocurrency in the country. However, the legalization signed by President Zelenskyy does not make cryptocurrency their legal tender.

As reported by iTech Post, "The law pinpoints the legal status, classification, ownership, and regulators of virtual assets, in addition to establishing registration requirements for the crypto service providers, the statement added."