International money transfers have long been a challenge for anyone who needs to send money from one country to another. Traditional banking systems are slow and expensive because many banks don’t have a direct relationship with each other, so they have to charge high processing fees or use an intermediary to complete a transfer. The multi-step process can take days or even weeks to complete a transfer. This makes it increasingly difficult for people to pay for expenses abroad or send money to loved ones who may be in a time crunch.
The situation has since been exacerbated by the ongoing war in Ukraine. As the war intensifies, an estimated 8 million Ukrainians have been forced to flee their homes, leaving them without access to basic necessities, including financial services. In many cases, traditional banking systems are nonexistent or disrupted, making it impossible for people to access their funds or receive money from loved ones in unaffected areas.
According to the National Bank of Ukraine, remittances to Ukraine increased in the fourth quarter of 2022, rising to almost $3.2 billion from $3.06 billion in the previous quarter. This is just one country, however. According to the World Economic Forum, India is expected to top $100 billion in remittances in 2022, followed by Mexico with $60 billion, China with $51 billion, the Philippines with $38 billion and Egypt with $32 billion.

Remittances in Ukraine increased from $3.06 billion in Q3 2022 to nearly $3.2 billion in Q4 2022. Source: Trading Economics
These numbers make it clear that Ukraine, and the rest of the global economy, is in need of a solution that offers an extremely low cost for money transfers, with a simpler and faster transaction process between countries.
Cryptocurrency for international transfers
Critics, including influential policymakers, argue that the availability of traditional banking global transfer solutions and credit cards suggests that cryptocurrencies are irrelevant. This stance, however, overlooks the significant differences in the financial systems of different regions and the limited accessibility of such services in some places.
The emergence of blockchain technology and cryptocurrencies has disrupted the traditional method of transferring money, introducing faster, safer and more cost-effective transactions compared to traditional methods that rely on a complex web of intermediaries and high transaction fees. Although international money transfers are not a new use case in the blockchain space, they traditionally require a certain level of knowledge and understanding of cryptography. Therefore, in order to make this solution more accessible, a simplified solution that anyone could use was deemed necessary.
A solution to send money in a simple and easy way
Taking advantage of distributed ledger technology and the crypto world, the team behind is proposing a solution that allows people in Ukraine to exchange cryptocurrencies for euros and later convert them to Ukrainian hryvnia (UAH) before withdrawing the money with a Ukrainian bank card. For example, a user buys USDT on the Polygon network using EUR, as stablecoins are not subject to volatility. Then the user transfers the USDT to P2P partners in Ukraine. This allows for instant interaction and avoids the bureaucratic elements associated with traditional bank transfers. As soon as the partner receives the USDT, they immediately convert it into UAH and complete the payment to the customer’s bank card. This simple scheme ensures a physical transfer for each payment and eliminates the need for loans or bank transfers. Because all these steps would take place on the backend, the user receives their funds almost instantly, with just a few clicks and without incurring any major fees.

Simple.App not only overcomes the challenges of high fees and complex banking relationships but also provides an efficient way for people to send money to their loved ones, offering competitive exchange rates and low fees. With “such a practical way and clear approach, we wanted to simplify their lives, giving them the possibility to help their relatives,” shared Alex Skalaban, the founder and CEO of Simple.App.
The app is available for both iOS and Android, and users can easily send money by linking their bank account or credit card. Considering all the circumstances, the team at Simple.App identified Ukraine as a priority country, but the team plans to offer transfers globally as well.
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