The Polish commercial Bank Pocztowy extended its contract with MoneyGram for another 5 years. Thanks to this agreement, the bank’s branches will still be able to send and receive money from 200 countries across the world.

Bank Pocztowy has been cooperating with MoneyGram since 2008. As a result, approximately half a million money transfers are carried out each year through the bank’s network. 

Money is most often transferred to Poland from the UK, Italy and Germany. On the other hand, countries to which money flows from Poland are mainly Ukraine, Georgia and the UK.

The National Bank of Poland has published data revealing that in the second half of 2021 the value of international transfers to and from Poland reached a record level of PLN 11 billion (GBP 2 billion).

In the second quarter of 2021, PLN 4.6 billion (GBP 850 million) were transferred to Poland due to the work of Poles abroad. This amount included transfers from short-term migrants, representing 35 per cent of total transfers. In the meantime, transfers from long-term migrants represented almost 65 per cent of them all. 

In the second quarter of 2021, Poles working in Germany transferred PLN 1.5 billion (GBP 276 million) to their home country. Great Britain came second with PLN 1.0 billion (GBP 184 million). 

In total, transfers from these two countries accounted for almost half (46.5 per cent) of all transfers. In turn, 82.5% of money transfers from Poland to abroad during the same period went to Ukraine (PLN 5.5 billion / GBP 1 billion).  

Author: Sebastien Meuwisen

Cover photo: British Poles