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Wise Offers Lower Fees for Transferring Money To Ukraine

Thinking of donating money to a charity helping Ukraine? Here’s why you should do it through Wise.

In light of the recent devastating events that have unfolded in Ukraine, the world has come in support of Ukrainians through media exposure and monetary donations. Many charities are donating large sums of money to help those who have faced tragic consequences or who have been restricted by the conflict from moving and living freely.

Wise, formerly TransferWise, is one company that is doing its part to contribute to the relief effort in Ukraine. They have announced that they will be offering lower fees for transferring money to the affected country, which will make it easier for Ukrainians to receive the support they need.

Interested in learning more about how Wise will be helping those in Ukraine? Keep reading to see how you can make the most out of this opportunity to help out.

New Fees for Sending Money to Ukraine

With a reputation for being one of the most affordable and integrity-driven money transfer companies around, it's no surprise that Wise is also doing its part to help those affected by the conflict in Ukraine. The company released a statement at the end of March to make it known that their fees would be reduced in support of Ukrainians.

Effective immediately, they are drastically reducing the fees for sending money to Ukraine. This means that you can now send funds for less than half the regular cost, making it easier for you to contribute to the relief effort. 

As per the example, Wise gave in their statement, "sending 1000 EUR to UAH now costs 6.23 EUR — previously it was 16.97 EUR."

Not only that, but you can donate to certain charities without paying fees at all. (More on that to come).

New Exchange Rate for UAH

Wise is known for its completely transparent fee system, and this usually means that the rate of your transfer is guaranteed. However, in light of the current situation in Ukraine, this has changed slightly – but for a good cause. 

The company has announced that it will be defaulting to the fixed exchange rate as set by the Central Bank of Ukraine. Because exchange rates are so volatile right now, doing so will help to ensure that those receiving money from abroad can count on getting the same value for their currency and that Wise can continue to transfer money securely to Ukraine.

So, what does this mean for you? Here are the main points to note:

  • If you're transferring from USD to UAH, the exchange rate will be fixed at the rate set by the Central Bank of Ukraine.
  • If you're transferring from a different currency, the equivalent value in USD will then be converted using the Central Bank of Ukraine fixed rate.

With this new policy in place, Wise is hoping to make it as easy as possible for people to send money to Ukraine. By ensuring that the exchange rate is stable, they are helping to reduce the stress and uncertainty that comes with transferring funds during a crisis.

How Wise Supports Ukraine

In addition to the lowered fees, Wise is also making a significant donation by completely waiving all fees for transfers to Ukraine from registered charities supporting the nation. So, if you make a donation to a registered charity like the ones listed here, your money won't be eaten up by transfer fees.

This is just one way Wise supports Ukraine during this difficult time. They are also making it easy for both Ukrainians and Ukrainian refugees to create an account with them so that they can easily transfer money back and forth.

Wise has also announced that their initial transfer cap of £200 has been lifted to £100,000, allowing for more support to be sent abroad. Wise itself has donated £100,000 to UNHCR, which is the UN refugee agency providing refugees with the support they need.

Conclusion

In times of crisis, it is important to have companies like Wise that are willing to step up and do what they can to help. With their reduced fees and waived fees for registered charities, they are making it easier than ever for people to contribute to the relief effort in Ukraine.

So, how can you help? If you've got loved ones in Ukraine, now is an excellent time to send money through Wise, as it's going to be one of the cheapest ways that you can support those in need. Alternatively, giving to a reputable charity through Wise will ensure your donation goes to a good cause (without wasting any money at all on transfer fees).

When you donate money, Wise is certainly a great way to go – especially considering they are taking no profits from the transaction. Remember that not all charities are credible and worthy of your trust. That's why it's important to check their reputation and history before making a donation.

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Nick Saraev

A programmer by trade, Nick is a freelance writer and entrepreneur with a penchant for helping people achieve their business goals. He's been featured on Popular Mechanics & Apple News, and has founded several successful companies in e-commerce, marketing, and artificial intelligence. When he's not working on his latest project, you can find him hiking or painting.
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