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Best Ways to Send Money to Ukraine

With lots of options available to send money to Ukraine, it can be difficult to decide on the best. Not every channel is suitable for you.

This guide will help bring onto the surface issues such as the information needed when sending money to Ukraine, transfer channels available, factors you need to bear in mind when transferring money to Ukraine and so forth.

Jonathan Merry
Author 
Jonathan Merry
6 minutes
January 16th, 2024
Disclosure
Recommended Provider
8.1
Western Union

WesternUnion is our recommended provider for sending money to Ukraine. This is based on having the best rates, fees and transfer times.

Ways to Send and Receive Money in Ukraine

There are multiple ways to easily send and receive money in Ukraine but these will largely depend on the provider you decide to use. Below you will find everything you need to know about the best ways to send money to Ukraine.

Ways to Send Money to Ukraine

There are three main ways through which you can send money to Ukraine. You can use the banking system, online money transfer providers, or in-store cash transfer methods.

Bank-to-Bank Transfers
Online Money Transfer Services
In-Store Cash Transfer

What is Needed to Send Money to Ukraine

Money transfer providers require that you give the following information when sending money to Ukraine.

  • A government issued-ID document. Depending on the country you are sending from, you can use a passport, social security card or driver’s license.

  • The recipient’s name as it appears on their legal documents

  • The recipient's physical address and phone number

  • If you are sending directly to a bank account, the recipient bank details (bank name, branch and the Basic Bank Account Number)

  • The amount of money you want to send, the transfer payment option and payout methods

What are the Ways of Receiving Money in Ukraine?

In Ukraine, you can receive money through the bank or cash pickup. It all depends on the payout option the sender selected at the time of the transfer.

Bank Deposit
Cash Pickup

What is Required to Receive Money in Ukraine?

Direct-to-bank deposits do not need any form of identification. The money is credited into the recipient's account and they can start transacting right away. In the case of cash pickups, the following information will be required from you:

  • Your Ukrainian identity card or you could give your Passport of the Citizen of Ukraine

  • The transaction number- In the case of Western Union, the number is called the Money Transfer Control Number (MTCN). This number is usually sent to you either by the provider or the sender.

You may be asked for more information depending on the frequency of your transfers and the amounts involved.

Common Reasons for Sending Money to Ukraine

The lack of well-paid jobs and security concerns have led to a lot of Ukrainians to leave their country. Some of them leave their families behind. Combined with other reasons, this situation explains why many Ukrainians send money home.

Household Consumption

Remittances supplement household spending in many Ukranian migrant families. The funds are used for basic expenses such as food, medication and utilities.

Investment in properties

Cash from Ukrainians living abroad has found its way into the local property market. Strategic places like the prairies of western Ukraine have become a magnet for diaspora investors. The high-rise apartment complexes around Lviv are financed by cash from Ukrainians living abroad.

Paying Employees and Freelancers

With remote working now becoming a normal way of life, overseas clients send money regularly to freelancers working from Ukraine. For those with businesses, sending money for operations and wages is a common practice.

Education

Some of the funds sent are for paying tuition fees. Ukraine has placed a premium on education and everyone strives to get the best qualification they can afford.

Savings

A bigger percentage of the over 5 million Ukrainians in the diaspora still plan on coming home someday. To prepare for this, some of them put aside money in savings accounts and time deposits.

Why Send Money with a Money Transfer Service?

When sending money to Ukraine, few people use the banking system. In fact, a significant percentage still use informal channels including crossing the border with hard cash. Instead of risking your hard-earned cash or exposing it to the high fees and lower rates offered by banks, opt for money transfer services to enjoy the following benefits:

Faster Transfer

Funds sent through money transfer providers take 1-2 days to be delivered. Cash pickups arrive in minutes and this can help sort out any emergencies or pressing needs.

Better Exchange Rates

The exchange rate margins money transfer providers charge, range between 0.5-3%. Banks can charge as high as 5% off the mid-market rate. With high exchange rates, you get more of the destination currency for every unit of the host currency.

Low Transfer Fees

Money transfer providers charge a percentage of what banks charge to send the same amount of money to Ukraine. The providers have minimal operating costs and the savings realised are passed over to their customers in the form of low fees.

Multi-Currency Support

The fact that you can send money to Ukraine from lots of countries in 60+ global currencies gives every sender a wide range of choices. This privilege may not be readily available when making transfers through the banking system.

Security

Online money transfer providers have invested heavily in industry-grade security to protect information and identities of their customers online. Security features such as two-factor authentication (2FA) and Transport Layer Security (TLS) help safeguard user information. In addition, most money transfer services are regulated by global organisations such as the Financial Conduct Authority (FCA), Financial Crimes Enforcement Network (FinCEN), Australian Securities and Investments Commission (ASIC), and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Simple to Sign Up

The account sign up and verification process can take a few minutes or a couple of hours depending on the provider. However, this is a one-off process that you’ll not repeat in future, hence going forward the sending process becomes even simpler.

Things to Consider When Sending Money to Ukraine

There are certain factors that you need to look at before you hit the ‘Send’ button on your transfer to Ukraine. This guide cannot exhaust them all but will give you an overview of what is important.

  • Payments Within Ukraine: All payments within Ukraine are made in the local currency, Hryvna (UAH). The only exception is when paying for foreign investments in Ukraine or repatriating income from Ukraine.

  • Financial Monitoring: Transactions with a value exceeding UAH 150,000 are monitored with respect to their integrity. The source, as well as the destination of such funds, are closely examined.

  • Customs Declarations: Export or import of foreign currency exceeding EUR 10,000 requires the recipient to declare the transaction with the customs authority. Supporting documents may be required to back up the explanations.

  • Cash Withdrawals from ATMs: All cash withdrawals from ATMs are supposed to be done in Hryvnas. This means that transfers in euros or USD have to be converted by the local banks in Ukraine to enable the recipient to access the funds.

Sending money to Ukraine can be quite expensive if you don’t use the right channel. Money transfer providers have made the process simpler, faster, and more affordable even to people sending small amounts to their families back home.

The USD to UAH exchange rate

Mid-market Rate
1
= 38.99286 UAH
Mid-market rate at: 13:32 UTC
USD/UAH Median: 38.763570 Low: 38.494020 High: 38.992860
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Contributors

Jonathan Merry
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com