How To Send Money To Ukraine In 2023

Send money to Ukraine
Image source: Perekaz24

Given Russia’s invasion of Ukraine in February 2022, the issue of money Ukraine has been a serious matter, as sending money to family, friends, or enterprises in the country is currently difficult. It is, nevertheless, not impossible. Several foreign money transfer businesses and banks continue to facilitate transfers to Ukraine, with some temporarily canceling money transfer fees to help the Ukrainian people. Here, you will learn the various methods by which you can send money to Ukraine, including the requirements and associated fees. 

Why Send Money to Ukraine?

Many Ukrainians have left their nation due to a lack of well-paying work and security worries. Some of them abandon their families. This, along with other factors, explains why many Ukrainians send money home.

Consumption in the Home

Many Ukrainian migrant families supplement their family spending with remittances. The monies are utilized for necessities like food, medication, and utilities.

Real estate investment

Ukrainians residing abroad have poured money into the local real estate market. Strategic locations such as western Ukraine’s prairies have become an attraction for diaspora investors. The high-rise housing complexes that surround Lviv are paid for with cash from Ukrainians residing abroad.

Paying Employees and Independent Contractors

With remote working growing more common, abroad clients send money to Ukrainian freelancers on a regular basis. Sending money for operations and wages is a frequent practice among business owners.

Tuition expenses are covered by some of the monies sent. Education is valued in Ukraine, and everyone attempts to obtain the greatest education possible.


A larger proportion of the approximately 5 million Ukrainians in the diaspora still intend to return home someday. Some of them saved money in savings accounts and time deposits to prepare for this.

The Best Ways to Send Money to Ukraine from the United States

The best approach to send money to Ukraine is determined by your payment option, how you want your money received, and how quickly you require it to arrive.

#1. Online money transfers. 

Money transfer specialists often provide better rates and lower fees than a local bank when purchasing US dollars or hryvnias.

#2. Bank Transfers

Bank transfers are a convenient way to send money to Ukraine, but they require a fee and are often slower than other alternatives. Exchange rates are often marked up by 3% to 6% by US banks.

#3. Cash Pickup 

If you need your money quickly, cash pickup provides your recipient immediate access to the funds you’ve transferred when they collect it from their Ukrainian agent location.

Wallet on the go. Mobile wallets, which are essentially electronic wallet services, allow users to save, transmit, and receive compatible currencies using their phones, generally for a fee.

#4. Home delivery 

If your recipient will have difficulty getting to a cash pickup site, you may be able to choose door-to-door cash delivery.

The Cheapest Way To Send Money to Ukraine

Bank transfers are often the least expensive option to send money to Ukraine. Remitly and Wise (TransferWise) have the lowest bank transfer costs among the brands.

When looking for the cheapest ways to send money to Ukraine, the entire cost of your transfer is more essential. There are two parts to this:

Fees for transfers. While still less expensive than your local bank in the United States, some money transfer services impose a fixed or percentage-based fee for making your transfer.

Rates of exchange. Another way money transfer companies profit is by adding a margin to the mid-market USD/UAH exchange rate.

Some suppliers may charge the mid-market pricing but then impose additional fees on top. Others may provide extremely minimal costs but charge a markup on the exchange rate. As a result, it is critical to compare how many hryvnias your recipient will receive.

The Fastest Way to Send Money to Ukraine

Many internet services can handle transfers to Ukraine in minutes, but you’ll almost certainly pay a premium for the convenience.

Some of the quickest average transfer speeds to Ukraine are as follows:

  • MoneyGram — in seconds
  • Wise (TransferWise) – in a matter of minutes
  • Remitly — in seconds

Actual transfer timings from the United States to Ukraine might vary depending on various factors such as transfer size, payment type, and currency.

The Most Secure Way To Send Money to Ukraine

Using a supplier licensed with the Consumer Financial Protection Bureau, the United States’ industry regulator, is the safest way to send money to Ukraine. If you need to send a significant sum of money to Ukraine, consider using a company like Remitly, which specializes in managing large transfers.

Using a large transfer specialist has the following benefits:

  • Advice about taxes. Large payments to Ukraine may result in tax consequences for you or your recipient. A transfer specialist can help you stay up to date on the newest IRS guidance.
  • Foreign exchange (forex) instruments. Forward contracts, limit orders, and stop-loss orders are advanced instruments that can help you lock in the desired UAH exchange rate.
  • Account executive. Some money transfer companies provide you a personal account manager who may assist and advise you on your transfer requirements.
  • Telephone service. If you prefer to speak with someone about your transfer, firms such as MoneyGram and Wise (TransferWise) can assist you over the phone.

How to Send Money to Ukraine from the United States

Once you’ve decided on a provider, follow the instructions below to send the money.

  • As part of the signup process, provide your name, address, photo ID, and other pertinent information. Forex firms are regulated to safeguard the safety of your money, thus supplying this information ensures that compliance regulations are followed.
  • Give the receiver’s name, address, and bank account in Ukraine where they can receive funds in Ukrainian Hryvnia.
  • Then, supply information about your US bank account so that you can transfer monies to the provider so that they can complete the transaction on your behalf.
  • Finally, enter the amount to be transferred and click Send. The provider will initiate your transaction and keep you informed of its progress.

Keep an eye out for any discount or promotional coupon codes that may help you save money on your remittance. The procedure is simple, and you can watch your USD travel to another area of the world.

What Do You Need to Send Money to Ukraine?

When sending money to Ukraine, money transfer companies request the following information from you.

  • A government-issued identification document. You can send from any country using a passport, social security card, or driver’s license.
  • The name of the receiver as it appears on their legal documentation
  • The physical address and phone number of the receiver
  • If you are sending straight to a bank account, include the recipient’s bank information (bank name, branch, and BBA number).
  • The amount you wish to send, the transfer payment type, and the payout methods

How to Pick the Best Money Transfer Services to Send Money to Ukraine

When selecting a money transfer operator to send money from the United States to Ukraine, keep the cost, how you want your receiver to receive the funds, and the turnaround time in mind. Other features to consider include:

#1. Exchange Rates  

To trade with one another, banks and transfer services employ the mid-market rate. It is the best deal available. However, not all money transfer services supply this mid-market rate, so compare the UAH offered to the mid-market rate and look for the smallest difference.

#2. Transfer Fees  

Is there a fixed cost or a percentage of your transfer amount? If you plan to send a significant quantity of money to Ukraine, for example, a company offering a flat or low charge may be a preferable option.

#3. Type of transfer. 

Is your recipient’s bank account in Ukraine, or is cash or a cell phone top-up a preferable option? Fees will vary depending on the type of transfer. Instant cash pickups, for example, are typically more expensive than bank transfers.

#4. Transfer rate. 

If you need your transfer right now, you can pay for rapid delivery. Companies like Remitly provide rapid cash collections but may charge a fee. If you are not in a hurry, online money transfer services provide the best value and deliver your funds to Ukraine faster and cheaper than banks.

#5. Transfer restrictions. 

Determine how much you can send using each service. Remitly, for example, has a transfer maximum of $2,999, whereas Wise (TransferWise) permits payments of up to $1,000,000.

#6. Discounts.

Some companies may supply you with a free transfer just for joining up. Others may provide a discount if you transfer a certain quantity of hryvnias.

Why Use a Money Transfer Service to Send Money?

Few people use the banking system to transmit money to Ukraine. In fact, a sizable proportion continues to employ irregular channels, including crossing the border with physical currency. Instead of putting your money at risk or exposing it to the high fees and lower rates offered by banks, use money transfer services to gain the following advantages:

#1. Faster Transfer

Funds sent via money transfer services take 1-2 days to arrive. Cash pickups occur in minutes, which might aid in the resolution of any emergencies or essential demands.

#2. Better Currency Exchange Rates

Money transfer companies charge exchange rate charges ranging from 0.5 to 3%. Banks can charge up to 5% more than the mid-market rate. When exchange rates are high, you receive more of the destination currency for each unit of the host currency.

#3. Transfer Fees are Low

Money transfer companies charge a portion of what banks charge to move money to Ukraine. The suppliers have low operational costs, which they pass on to their clients in the form of inexpensive fees.

#4. Support for Multiple Currencies

The ability to send money to Ukraine from a variety of locations in 60+ worldwide currencies provides every sender with a diverse range of options. This benefit may not be readily available when transferring funds through the banking system.

#5. Security

Online money transfer providers have spent considerably on industry-standard security to protect their clients’ information and identities online. Two-factor authentication (2FA) and Transport Layer Security (TLS) are security technologies that assist protect user information. Furthermore, global organizations such as the Financial Conduct Authority (FCA), the Financial Crimes Enforcement Network (FinCEN), the Australian Securities and Investments Commission (ASIC), and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulate most money transfer services.

#6. Signing Up Is Simple

Depending on the supplier, the account sign-up and verification process can take a few minutes or a few of hours. However, because this is a one-time event that you will not repeat in the future, the sending procedure will become even simpler in the future.

In Conclusion,

When sending money internationally, one of the first thoughts that may come to mind is to rely on your bank to complete your USA-to-Ukraine money transfer transaction. While using your bank is convenient (after all, you already have an account with them and can initiate the transfer from the comfort of your own home using mobile banking), it is also prudent to consider other choices.

Many financial transactions have shifted online as the internet has become more pervasive in our lives. For example, we use the Internet to pay our bills, buy various commodities, plan vacations, and enjoy other forms of entertainment. As a result, it is not surprising that the global remittance economy has a sizable digital footprint. Particularly for a prominent market such as USD to UAH transfers.

Given this, there are numerous alternatives to using your US bank to send money to Ukraine. Many money transfer firms will almost certainly offer better exchange rates and possibly lower fees than your bank. If this is the case, you could increase the value of your US dollar even further so that your recipient in Ukraine receives the greatest amount.

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