How to transfer money from Ukraine to Europe?

Transferring money from Ukraine to Europe is possible today, but it requires a careful approach to choosing a transfer method and compliance with all the restrictions. Find out how to transfer money and what rules to follow

Legal advice for Ukrainians

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With the development of globalisation and the growing number of Ukrainians working or living abroad, money transfers from Ukraine to Europe have become a topical issue. However, today there are significant restrictions that need to be taken into account when making such transactions. Let's take a look at the main methods of transferring money and the restrictions established at the legislative level.

The main ways to transfer money

P2P transfers from card to card

This is a popular way to transfer money. However, since 5 October 2022, restrictions have been imposed on the use of hryvnia payment cards for international transfers. Now transfers are only possible from a currency card of a Ukrainian bank to a card of a foreign bank.

Restrictions:

- The maximum transfer amount should not exceed the equivalent of UAH 100,000 per month from all foreign currency accounts of the client.

- When using hryvnia cards, you can send up to UAH 150 thousand per month, but only within Ukraine.

Please note that transfer fees and withdrawal limits may vary from bank to bank. For example, most Ukrainian banks have a limit of UAH 12,500 per week for cash withdrawals abroad.

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SWIFT transfers

This method is intended for transfers to personal accounts abroad or accounts of close relatives (parents, spouse, children).

Terms of SWIFT transfers:

The bank requires documents confirming the relationship.

Funds can only be transferred within your own accounts or to the accounts of relatives.

Exceptions for SWIFT transfers are provided only for certain purposes:

- Payment for critical imports for the country's defence.

- Payment for education (including accommodation and insurance).

- Treatment or rehabilitation abroad.

- Expenses related to the death of citizens or transportation of patients.

- Payment of alimony.

All of these transactions must also be supported by relevant documents.

Key restrictions

In addition to limits on the amount, there are restrictions on so-called quasi cash transactions. These include deposits to e-wallets, brokerage accounts, purchases of virtual assets, and other similar transactions. They are subject to the same rules as P2P transfers.

Also, before sending funds to a European bank, check its transfer acceptance policy. European banks may operate under different legal regulations, which can cause additional difficulties when crediting money.

What is important to know before making a transfer?

First of all, check your bank's transfer fees, as they can significantly affect the final amount. In addition, keep an eye on the restrictions set to avoid a transaction being refused.

It is also important to remember that when using SWIFT transfers, you should prepare supporting documents for the bank in advance.

We remind you! As of 1 October 2024, Ukraine introduced new rules on restrictions on card transfers between individuals. This innovation is aimed at strengthening control over the origin of income, combating the shadow economy and tax evasion.

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