- The London-based Opal Transfer on Feb. 7 launched a dedicated money transfer service between Poland and Ukraine.
- Almost 1.3 million Ukrainians last year received the temporary work registrations that Poland grants to citizens of its eastern neighbour, and 116,000 more received longer-term work permits, according to the Financial Times.
- The numbers have increased six-fold since 2013.
Ukrainians now account for 6 per cent of all workers in Poland. They transfer approximately €1billion each year in remittances, as they earn five times in Poland what they could in their native country.
Opal Transfer has built a lucrative business since 2003 in transferring remittances from East European nationals from the UK to their home countries. But this is the first time that it has set up a service between two countries in the region. It is expected to fill a much-needed gap as the local money transfer offer is limited.
Transfers between Poland and Ukraine will take only minutes to complete, and will be charged at the low cost of 5 Polish Zloty.
Regulated by the FCA, Opal Transfer currently operates in 38 countries in Europe. It offers clients services via its website, a mobile app, physical branches and call centre services. Transfers are extremely rapid, always arriving on the same day if the funds are sent before noon from the UK.
Transfers are made to bank accounts or to Opal Transfer’s physical branches. Registration is simple, although a considerable amount of documentation may be requested.
Opal Transfer has supported the cause of European workers in the UK who will be displaced by Brexit. “ Europeans hold a wide variety of UK jobs, from cleaners and courier drivers to surgeons and CEOs, and make a huge difference to the economy,” the company says in a report published on their website.
