According to
the official letter of the National Bank of Ukraine (NBU)
dated April 28, 2010,
the regulator intends to set limits on operations with Western
Union for Ukrainian banks after April 30.
This decision
is related to the fact that Western Union does
not meet the requirements of NBU. “Western Union
offers services of foreign currency transfers to Ukraine to be paid out in grivnas.
Moreover this international payment system uses its own exchange rate of grivna
to a foreign currency. According to NBU’s rules, the transfer sent in a foreign
currency, can be paid out in grivnas only by the beneficiary’s written request (application).
Considering
these facts, NBU has obliged banks since April 30, 2010 to stop all
payments of Western
Union transfers in grivnas if they are sent in a foreign currency, but the
sender (from outside of Ukraine) ordered to pay them out in grivnas.
