Money transfers into Ukraine are increasing due to the crisis as refugees and migrant workers fleeing the crisis hurry to send aid to their families. The Russian invasion of Ukraine was probably going to negatively affect international money transfer services. But, there has been a 20% increase in 2022 as more people send money back home.
Leading payments companies like MasterCard and Visa have restricted their services within Russia. In contrast, others like Revolut and PayPal have reduced costs on transactions to Ukraine to support the country.
Many may be thinking, what are the ways to send money to Ukraine? Is it even possible following the ongoing crisis with Russia? The truth of the matter is there could be limited options, especially if you stay in Russia.
However, several options are available if you want to send money to Ukraine but need help figuring out where to start. You can use international money transfers, including traditional banks, cash pickup agents, international money transfer companies, and online money transfer services.
In this blog, we’ll explore the different ways of sending funds to Ukraine, including each option’s fees, exchange rates, and security. Whether you’re sending a small amount for personal use or a large sum for business purposes, we’ll help you find the best way to transfer money to Ukraine.
How to Send Money to Ukraine Via a Bank Transfer
An international money transfer is one of the least expensive ways to send money to someone in Ukraine. It can be to one of the Ukrainian major banks or a professional money transfer service from your international bank account, feasible via local bank or debit card transfer.
However, if the receiver has an active bank account, you can successfully transfer money to them. Note that bank transfers usually take about 1-3 days to get to the recipient, and some charge transfer fees.
What You Need to Transfer Money to a Ukrainian Bank Account
When making a bank deposit to any major banks in Ukraine from abroad, you must provide the details below. Information like a bank account number is essential, and you must complete your transfer with them.
Receiver’s bank name: This is the name of the recipient’s local bank; an example is the national bank of Ukraine and Monobank.
Receiver’s name: This is the actual name of the account holder in Ukraine.
Receiver’s address: This is necessary for some legal reasons. It is crucial to enter the recipient’s postal address, including city and street address.
Reason for the money transfer: This requirement largely depends on the sum you send. It isn’t new in the banking system. Many banks now make it compulsory to state your reason (description) for the transfer. So, you will be asked why you send money to Ukraine, especially for large transfers.
IBAN: Some individuals are not familiar with the word “IBAN.” This is a 24-digit globally renowned code for identifying a particular bank account controlled by an individual or an organization. IBAN stands for International Bank Account Number.
Driver’s license: A driver’s license is one of the acceptable government-issued photo I.D. you need to process any international payment.
Sending Money to Ukraine With the Western Union
With a Western Union account, it is possible to send money to Ukraine in various ways, including through your local bank account, a debit, or a credit card. Also, you can use their Apple Pay app or agent location for your cash pickup.
One of the benefits of using Western union is its added exchange rates feature. This option helps you check the exchange rate in advance. However, to send money to Ukraine using the western union, follow these simple steps.
Create a western union account: This is easy. You can download the mobile app via your mobile device store or create your account via the web version.
Enter your name: The name you enter must match the one on your government-issued valid identity card. Failure to adhere to this instruction may affect your transaction in the future, including cash withdrawals.
Enter a valid email address: You will receive a confirmation email where you will continue and complete your registration. Note that you will get a transaction receipt for each payment you make on western union via your registered email.
The U.K. mobile app or website would be the only place your login details are valid if you registered your account with the U.K. link.
Multiple Ways to Send Money to Ukraine
There is another way to send money to Ukraine with low or no fees. So if you are a migrant or a worker in other countries like the U.S., you can successfully send money to your family back home in Ukraine.
Debit Card
It is possible to send money to Ukraine with your debit card. You can use an international money transfer company to process such payments using your debit card. All you need to do is convert the funds to Ukrainian currency and transfer them to the recipient.
While you use this option, look for banks with competitive fees to help you get the most out of your money.
PISP
You may use some foreign money transfer companies as Payment Initiation Service Providers (PISP). By doing this, you consent to them making a cash withdrawal from your local bank, which is typically less expensive than billing your credit or debit card.
Credit Card
Although processed similarly to debit cards, these transactions come with high transfer fees. They are rapid transactions, just the same as debit cards.
Some other international money transfer providers charge low fees, including MoneyGram, TransferGo, and Paysend. You can check them out to see how this option works.
Tips for Sending Money to Ukraine
Research and compare the exchange rates: It’s essential to compare exchange rates between banks, money transfer companies, and online platforms to get the best deal.
Consider the speed of the transfer: If you need the money to arrive in Ukraine quickly, consider using a service that offers fast transfer times. However, keep in mind that these services may have higher fees.
Use a reputable provider: It’s essential to choose a reputable provider to ensure the safety of your money. Research the provider’s reputation and customer reviews before sending money.
Know the recipient’s bank information: Make sure you have the correct bank account information for the recipient in Ukraine, including the bank’s name, account number, and routing number.
Understand any potential restrictions: There may be restrictions on sending money to Ukraine, such as limits on the amount you can send or required documentation. Be sure to understand any potential restrictions before sending the money.
Keep records: Keep records of all transactions, including receipts, confirmation numbers, and any other relevant documentation. This will be helpful in case of any issues with the transfer.
Conclusion
In conclusion, several options are available for sending money to Ukraine, including banks, money transfer companies, and online platforms. It’s important to consider the exchange rates, fees, and speed of the transfer when choosing a provider.
It’s also essential to choose a reputable provider and to have the correct bank information for the recipient. There may be restrictions on sending money to Ukraine, so it’s important to understand any potential limitations.
By considering these factors and following the steps outlined in this article, you can successfully send money to Ukraine. Be sure to carefully research and compare your options to ensure you’re making the best choice for your specific needs and budget.
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.