- March 5, 2025
- 12:25 am
- Ukraine
National Bank of Ukraine published data on money transfers to Ukraine in 2024. The total amount received was $9.6 billion, including:
- through official channels (banks, postal transfers, and money transfer systems) – $2.5 billion
- through unofficial channels (cash handed over “from hand to hand”) – the remaining amount
Transfers through money transfer systems accounted for about a quarter of all private remittances to Ukraine – this trend has remained stable in previous years.
Top-5 Countries for Money Transfers to Ukraine via Money Transfer Systems in 2024
- USA – 19.39%
- Israel – 16.80%
- Germany – 10.80%
- Italy – 10.21%
- United Kingdom – 9.41%
Transfers from Israel via money transfer systems in 2024 accounted for 16.80% of the total volume, which is higher than in 2023 (15.59%).
Which Money Transfer Systems Lead the Market
The top three money transfer systems through which funds are sent to Ukraine:
- Western Union (USA) – 37.58% of all transfers
- MoneyGram (USA) – 19.20%
- RIA (USA) – 18.33%
These systems also process humanitarian aid payments to Ukrainians from international organizations.
The average transfer amount in 2024 was $267, slightly higher than in 2023 ($256).
Why Israel Actively Sends Money to Ukraine
1. Israelis of Ukrainian Origin and Ukrainians Residing in Israel
Today, around 400,000 Israeli citizens are of Ukrainian origin (including members of mixed families). These individuals regularly send money to their relatives in Ukraine.
Since the beginning of the full-scale invasion, around 15,000 new repatriates from Ukraine have arrived in Israel, and they continue to support their families back home.
Additionally, according to ASAF, as of early 2025, around 23,000 Ukrainian citizens reside in Israel under collective protection from deportation – in “tourist” status. However, this status does not grant them the right to receive social assistance, medical insurance, or formal employment.
2. Israel’s Economic Capabilities
Israel’s economy remains stable, and in 2024, the exchange rate of the dollar to the hryvnia made money transfers even more beneficial.
How Money Transfers Have Changed Compared to 2023
In 2023, the main flows of money transfers through money transfer systems were:
- Italy – 20.85%
- USA – 17.74%
- Israel – 15.59%
- Germany – 8.61%
- Ireland – 5.2%
In 2024, Israel surpassed Italy and took second place, indicating an increase in transfer volumes via money transfer systems.
| Year | Top Donor Country | Israel’s Share of Transfers | Average Transfer Amount |
|---|---|---|---|
| 2023 | Italy (20.85%) | 15.59% | $256 |
| 2024 | USA (19.39%) | 16.80% | $267 |
How These Transfers Help Ukraine
Financial transfers via money transfer systems are a vital source of economic support for Ukraine. They help:
- maintain the level of consumer spending among Ukrainians
- cover part of the costs of rent, utilities, and food
- reduce social tension
- build foreign exchange reserves in the country
In fact, these transfers have become Ukraine’s “second budget”, especially during the war.
What Are Money Transfer Systems
Money transfer systems are specialized financial services designed for fast and convenient money transfers between countries.
- do not require opening a bank account
- operate through a network of agents
- allow cash withdrawals
The largest money transfer systems include Western Union, MoneyGram, and RIA. They enable people to send money from almost any location, and recipients can collect cash at a bank, post office, or a designated pick-up point.
NAnews – Israel News reminds: during wartime, support from the diaspora is not just an act of goodwill, but an economic lifeline for Ukraine.
Read more analysis and figures on the NAnews – Israel News website.
