Electronic payment systems in Ukraine

Published 08.02.2014 at 05.17 PM.

Hello, dear friends. 

The time has come when you are done playing on a demo account and have now decided to deposit some real money for trading on Forex. And there comes the question: what payment system is best for money transfers? Back in my day, I spent loads of time to find the optimal option. I’ve tried a whole range of electronic payment systems, banking and postal transfers. Eventually, I’ve made my choice: LiqPay works best for me. 

 

These were my initial requirements:

  • Reliability;

  • Low commissions on deposits;

  • Low commissions on cash withdrawal;

  • Low commissions on money transfers between accounts. 

First of all, I’d like to point out that this electronic payment system is owned and operated by the largest bank in Ukraine, PrivatBank. So, that automatically fulfilled my security requirement.

Now, let’s take a look at the tariffs offered by LiqPay. 

 

The conditions are pretty impressive, right? No commissions on either deposits or transfers between accounts – now how’s that sound! I even thought my eyes were playing tricks on me at first. 

 

Still unconvinced? You may be thinking: what goes up, should come down. So it might seem that the bank should apparently compensate charge-free transactions by charging eye-watering commissions on cash withdrawals from the system. Nope, that’s not the case. Let’s calculate how much they charge you for withdrawing $100 to your PrivatBank card:

 

$100*0.5% + $0.55 = $1.05

So when you withdraw $100, the commission is a mere 1.05%.

Now, let’s compare LiqPay with one of the most popular online payment systems – WebMoney.

To maintain experimental integrity, imagine you have a small sum of money, say $100, that you need to deposit to a trading account in a dealing center and then cash out.

 

With LiqPay, you

1) deposit $100 to your e-wallet from a bank card – 0% commission;

2) transfer it to your trading account – 0% commission;

3) withdraw money from the trading account to the e-wallet – 0% commission;

4) transfer the money to your bank card – 1.05% commission (from $100).

 

So your overall expenses per transaction total 1.05%.

 

With WebMoney, you

1) deposit $100 to your e-wallet from a bank card – 0-0.8% commission;

2) transfer it to your trading account – 0.8% commission;

3) withdraw money from the trading account to the e-wallet – 0.8% commission;

4) transfer the money to your bank card – 2-3% commission (from $100) +0.8%.

 

The cost of transaction totals (at a minimum): 0 + 0.8% + 0.8% +2% +0.8% = 4.4%.

 

I believe the choice is pretty clear.

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