If you need to send online remittances to Ukraine, you’re in the right place. Continue reading to discover the best ways to transfer money to Ukraine, including:
- Getting the best exchange rates.
- How to pay the lowest fees.
- Sending large amounts of money.
- What information you need before the transfer.
Remittances to Ukraine
With around 40% of the population living below the poverty line*, remittances are crucial to Ukraine’s economy. The National Bank of Ukraine (NBU) estimates that remittances into Ukraine amounted to 11 billion dollars in 2020. That’s around 8.5% of Ukraine’s Gross Domestic Product (GDP).
The official currency of Ukraine is the hryvnia, represented by the “UAH” abbreviation or the “₴” or “грн” symbols. Thanks to modern technology, there are now several options for sending hryvnia, and other currencies to Ukrainian bank accounts all over the country.
*Data taken from the Ptoukha Institute for Demography and Social Studies.
Get the best exchange rates when you send money to Ukraine
Exchange rates are an essential part of every transfer. Be it adding more food on the table or petrol in the car, a fair rate can make a massive difference to daily life. Azimo’s rate alert feature will tell you when exchange rates are at their best, i.e. the ideal time to transfer.
Imagine you’re sending money from the UK to Ukraine and £1 = 38.5 ₴. If that’s not to your liking, you can set up an alert for when £1 = 40 ₴. That way, you won’t miss out on your ideal exchange rate.
Choose the fastest provider
When you need to send money in a hurry, choose the fastest provider. The table below shows some of the quickest providers on the market.
Whenever you’re helping a loved one, have peace of mind that your funds will arrive quickly.
Pay the lowest fees on money transfers to Ukraine
Great exchange rate? Done. So what’s next?
Well, you’ll need to complement your rate with a low fee to get the best overall transfer.
Many banks and transfer companies love to highlight their “zero-fee” transfers. Usually, offers like these mask terrible exchange rates. And whenever you accept poor rates, the provider pockets the difference.
Read our article about the mid-market rate to understand how this works.
Find out the actual cost of a transfer by doing a bit of research. Sometimes you’ll discover that paying a small fee actually gets you a better overall deal. Now imagine a scenario where there’s no fee to pay and you get an excellent exchange rate.
How to send large sums of money to Ukraine
If you’re sending a large sum of money like a car down payment, send it with Azimo.
Unlike some of its main competitors, Azimo’s pricing structure is clear and straightforward. You always get a great exchange rate and only pay a single, low, transparent fee. That means you’re usually getting the best overall deal compared to banks and other providers.
Transfer money to Ukraine securely
When you’re sending money to Ukraine, use a trusted money transfer provider.
Protect your money by choosing money transfer providers with 3-D Secure technology systems. Innovative security such as Verified by Visa and CyberSource means your transfer is always in safe hands.
What information you need to send money to Ukraine
You can send money to Ukraine with Azimo by card deposit*. You’ll need your recipient’s:
*In Ukraine, card deposits are also called bank deposits. **IBAN numbers are for SWIFT transfers only. Your recipient can find their IBAN on a bank statement.
|Top tip: Every country’s IBAN structure is different, but it always starts with a 2-digit country code. Ukraine’s code is UA.|