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Money transfer tariffs via Western Union are solely protected, Antimonopoly Committee sources believe
22.03.2005 | 17:00
Ukrinform
The Western Union Company, which enjoys its monopoly right on the market, set too high tariffs to money transfers, and Ukraini

 

The Western Union Company, which enjoys its monopoly right on the market, set too high tariffs to money transfers, and Ukrainian citizens, who are working abroad and transfer their money to Ukraine, especially suffer from this situation, Antimonopoly Committee Head Oleksi Kostusev said a press conference on Tuesday.

Therefore, a tariff for transfer of money from Spain makes up 17 percent, from Portugal is 16.5 percent and 21 percent of the Czech Republic. Having no alternative ways, the Ukrainian labor migrants have to pay considerable funds for money transfers.

With the aim of protecting compatriots, the Antimonopoly Committee started investigation into this case on May 24, 2004. As a result of this investigation, the Company reduced tariffs on money transfers from Russia from 15 to six percent. Taking into consideration that over 3 M. Ukrainians are working in Russia, their families will receive additionally about 30 M. USD.

The Antimonopoly Committee believes that a three- percent tariff, set by other market participants, will not be unprofitable for the Western Union under the existing volume of money transfers. The Antimonopoly Committee is waiting that the Western Union will reduce tariffs on transfers from overseas countries to an economically substantiated rate, otherwise penalties will be applied to this Company.

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