Are you, like people living in different countries, looking for the best or the cheapest way to send money to Ukraine? Whatever the reason, while cost-effectiveness is easy to quantify, determining which service provider is the best remains subjective. What this basically means is that the best way to transfer money to Ukraine depends on your individual needs.
Transfer Money to Ukraine
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
What currency does Ukraine use? The Ukrainian hryvnia or hryvnya (UAH) is the officially used currency in Ukraine. One hryvnia is divided into 100 kopiyky. The hryvnia has been the country’s official currency since 1996.
Does Ukraine use euros? While exchanging euros, U.S. dollars, and Russian roubles is easy when you are in Ukraine, you cannot use currencies other than Ukrainian hryvnia to pay for local transactions. Some private establishments accept payments in foreign currencies, although such businesses are few and far in between.
If you wish to transfer money to a bank account in Ukraine, you will need to provide the SWIFT code of the receiving bank. Listed below are SWIFT codes of some popular banks in Ukraine.
|Bank Credit Agricole||Kiev||AGRIUAUKXXX|
Popular Currency Corridors
Money flows in and out of Ukraine from and to different countries. In 2016, over U.S. $6.14 billion in remittances was sent from other countries to Ukraine. More than U.S. $3.73 billion was sent in remittances from Ukraine to other countries in the same year.
The corresponding tables give you an indication of how much money flowed in and out of the country through the top currency corridors in 2016. The figures are in U.S. dollars.
How Do I Compare Companies When Sending Money to Ukraine?
Whether you are looking for a company to send money to Ukraine from USA, Russia, Germany, Kazakhstan, or any other country, you need to compare the same basic aspects.
- Cost. The costs associated with your money transfer to Ukraine depend on the company you select, and may vary depending on the fees you need to pay and the provided exchange rate. Fortunately, finding the cheapest way to send money to Ukraine is easy. Simply look at how much money the recipient stands to receive at the end of the transfer.
- Processing time. If your top priority when sending money to Ukraine is speed, consider turning to a company that has cash pickup centers in the country. This is because transfers to physical locations tend to process almost immediately. The time taken for a transfer to a Ukrainian bank account depends on the service provider you select and the receiving bank, and it may go up to five working days.
- Acceptable payment methods. A large majority of the people who send money to Ukraine pay for their transfers using their bank accounts, and this is the most commonly accepted method. While not all companies accept debit and credit card payments, some even accept payments through various region-specific methods such as iDEAL, SOFORT, and POLi.
- Customer support. If you are looking for over the phone support, you might have to limit your options to some of the top companies. However, most companies provide online support, either via email or chat, or both. To find out how these companies fare on the customer service front, turn to customer reviews-based websites such as Trustpilot and Feefo.
How to Transfer Money to Ukraine?
While you get to pay for your money transfer to Ukraine in different ways, and the recipient may receive the money in different ways, you also get to choose from different methods when it comes to initiating your transfer.
- Online. Transferring money to Ukraine using the internet might be possible if you turn to your bank’s online banking platform. However, since banks tend to offer less than desirable exchange rates while charging steep fees, using the services of a specialist online overseas money transfer company might work better for you.
- Over the phone. Not all online companies give you the ability to transfer money to Ukraine over the phone. On the other hand, you can even find ones that give their customers access to dedicated currency brokers.
- In-person. While there are only a handful of money transfer companies that let you send money to Ukraine in person, they still tend to fare better than most banks when it comes to cost effectiveness and speed.
Anna’s employer required that she move to Russia on a long-term assignment. Her younger sister was still in college so she continued living in Ukraine with their mother. Since their mother did not earn much, Anna was to send them some money each month. She could use the services of her local Russian bank, but she decided to run an online comparison first. This is what she found out.
|Bank||Money Transfer Service|
|Exchange rate||RUB 1 = UAH 0.41013||RUB 1 = UAH 0.46016|
|Transfer fee||RUB 400||RUB 0|
|Amount received for RUB 20,000||UAH 8,038.55||UAH = 9,203.30|
|Transfer time||2 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||UAH 1,164.65|
Not only did Anna’s mother stand to receive some extra money every month, the money also got to her account sooner when compared to the bank. Besides, Anna could schedule her transfers through the money transfer company, so she did not have to go through the entire process each month.
Cash Pickup Locations in Ukraine
Sending money to Ukraine in a hurry is possible if you get the recipient to collect funds from a cash pickup location. You can also use this method if the recipient does not have a bank account. Popular overseas money transfer companies such as MoneyGram, Western Union, and Ria have agent locations in Ukraine.
|MoneyGram in Ukraine|
|Kiev Ibox Bank, Zlatoustivska Ulitsa 47/49 Kiev||Kredobank, S. Petljury Ulitsa 13/135 Kiev|
|Lviv Oschadbank, Generala Chuprynky 38 Lviv||Oschadbank, Gorodotska 265 Lviv|
|Western Union in Ukraine|
|Kiev First Ukrainian International Bank, Kostyantynivska Str. 15a Kiev||A Bank Sechevykh Streltsov St 74 Kiev|
|Lviv Ukrposhta Nyzynna Str 5 Lviv||Megabank Mitskevicha Str 8 Lviv|
Safety Tips for Picking up Cash in Ukraine
While most trips to Ukraine go trouble-free, you should remain open to the possibility of petty crime such as bag snatching and pick-pocketing, particularly in and around Kiev. If you want to collect a large sum from a cash pickup location, do so during daylight, and try to take someone along.
Avoid venturing out alone at night, especially in dimly lit areas. Keep your valuables carefully when using public transport, or when you visit tourist spots and crowded areas. Do not leave your bags, wallet, or documents in vehicles and thefts from parked vehicles are common. Do not leave your drinks unattended because there have been instances of drinks being spiked.
When exchanging currency, use official booths. Hold on to the receipts if you plan to exchange money on your way out of the country. If you wish to exchange more than UAH 150,000, you will need to present your passport.
Debit and credit card cloning is common so do not leave your cards out of your sight at any time. If you plan to travel outside of cities, carry enough local currency.
What Information Do I Need to Transfer Money to Ukraine?
Sending money to Ukraine requires that you provide different kinds of information, which varies depending on the desired transfer method.
- Bank account. Details you need include the name of the recipient, the name of the recipient’s bank, the recipient’s bank account number, and the receiving bank’s SWIFT code.
- Cash pickup. You will need the location from where the recipient wants to collect the cash as well as the recipient’s complete name. The recipient may collect the money by providing a reference number and a valid form of photo ID.
Regulations When Transferring Money To and From Ukraine
The Ukrainian government imposed a number of temporary currency restrictions in December 2014, with the aim of minimizing outflow of capital from the country and regulating the forex market. The National Bank of Ukraine (NBU) liberalized some of the restrictions in 2016 and 2017, although the following still apply.
- The interbank forex market is still regulated by the NBU.
- Early repayments toward loan agreements between foreign creditors and Ukrainian borrowers when bonds and banks are not A rated are not permitted.
- When purchasing or making payments over U.S. $50,000, the NBU requires additional documentation.
- Barring a few exceptions, the NBU does not permit the purchase of foreign currency in case a bank’s client holds U.S. $25,000 or more in a foreign currency account.
Foreign nationals in Ukraine may transfer up to UAH 15,000 in one day without opening a bank account.
When transferring money to Ukraine the next time, make sure you compare overseas money transfer companies according to where you live. Keep an eye out for ongoing promotional offers if you want to save some more money.
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