subject: Get Educated on the Statistics When You Need to Send Money to Ukraine [print this page] Get Educated on the Statistics When You Need to Send Money to Ukraine
Like the pattern found in most countries, remittances to Ukraine have increased greatly over the last decade or so, and then have begun to decline most recently. For example, in 2000, about $33 million was sent the country. The sources of these remittances were mostly a combination of workers being paid by their overseas employers and family members who had moved to another country but still took care of their family financially. Merely a year later, in 2002, remittances rose to $141 million, which came to $595 million in 2005. By contrast, residents of Ukraine were only sending $34 million to other countries in 2005. Clearly, if you send money to Ukraine, you are not in the minority.
In fact, the main recipients of remittances in both Central Asia and Europe are Ukraine and Russia. However, because Ukraine's GDP is not as dependent on remittances as many other countries are, which means that the recent drop in transfers has not affected the citizens as greatly as it has in many smaller nations. Knowing these facts may help you feel a bit at ease when you send money to Ukraine, especially if you can no longer send as much as you used to. Many immigrants are in a similar boat due to the decreased number of jobs in the United States, but any remittance can typically help family back home.
Before you choose a traditional method to send money to Ukraine, consider newer options that utilize technology. Not surprisingly, this type of method should be both convenient and less costly for you and your recipient. One method to send money to Ukraine that relies on newer abilities is the prepaid debit card. If you decide to go with this option, you can mail the card to your relative, add funds to it for a fee of $5 each time, and then they can use it at either ATMs or retailers that accept cards. Just make sure there are a few ATMs or merchants that take debit cards near your relative before you choose this method.
Sending money home is not an abnormal need, which is why there are several options available. Researching each method before you send money to Ukraine is helpful if you want to spend as little money as possible and provide as much convenience as you can for your recipient. Fortunately, finding the statistics is easily done.
