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• The initiative would aid Ukrainians in receiving help from around the world
• The company said services would be available starting Thursday
PayPal Holdings Inc (NYSE: PYPL) announced on Thursday that it will allow Ukrainians to receive payments from overseas to help them as Russia continues to attack the country.
The initiative by the company would aid Ukrainians in receiving help from the United States and elsewhere in the world.
In a letter, PayPal Chief Executive Dan Schulman told Deputy Prime Minister Mykhailo Fedorov that Ukrainians would also be able to transfer funds from their PayPal accounts to eligible credit and debit cards without any transaction fees through June 30.
Vladyslav Rashkovan, Ukraine's alternative executive director at the International Monetary Fund said PayPal's account could also be used to transfer social payments by governments in the future.
The financial tech company said the announced services would be available starting Thursday. Customers will be able to send and receive funds from their Ukrainian PayPal Wallet in dollars, Canadian dollars, British pounds, and euros.
The transferred money will be available in the currency associated with the card after the funds are transferred from the PayPal Wallet to the sender's intended debit or credit card.
Though the company is waiving transaction fees, it emphasized that exchange rates and fees charged by a customer's card issuer or bank account may still apply.
(With inputs from Reuters)
Picture Credits: Reuters