To transfer money to Ukraine, there are several options. A normal bank transfer is usually a rather inconvenient option. You can find out what alternatives you have in this article.
To transfer money to Ukraine
To transfer money to Ukraine, a “normal” transfer at a universal bank is hardly worthwhile. Although Ukraine is part of the international payment system SWIFT, the bank’s own exchange rates and extra transfer fees mean that the sender and/or recipient have to pay significantly more – money that could be put to better use.
- The same applies to PayPal. Here, too, there are relatively high additional costs. They are regulated for foreign transfers in the Paypal terms and conditions.
- Especially for smaller sums, the additional costs can quickly make up a considerable part of the transaction.
Favourable alternatives
As an alternative to bank transfers, you can also send money relatively easily online. Internationally operating financial service providers are often a cheaper option for transferring money to Ukraine. In a paper from the German embassy in Kiev from 2021, Western Union and Moneygram are recommended.
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- On the comparison platform Monito, on the other hand, the company transferGo comes off best (as of 06.03.2022).
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- There are no additional costs here and the exchange rate is only 1.3% worse (as of 06.03.2022) than the international middle rate.
- However, the transfer with transferGo takes two to three days.
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Regular payment orders
If you want to make regular payments to Ukraine, it may be worthwhile to have an additional account in Ukrainian currency at an appropriate specialised bank. It is best to find out first whether your own bank has a Ukrainian partner bank or even a subsidiary. This usually simplifies the organisation.
