Compare rates and fees to find the quickest, cheapest methods to send money to the Ukraine.
According to the 2016 census, Canada is home to over 1.3 million Ukrainians. With immigration beginning in the early 1890s from the Ukraine to Canada, hundreds of thousands of people have friends, family and loved ones back in the Ukraine still. This has created a need for affordable and fast ways to send money between Canada and the Ukraine.
With continued political unrest in the Ukraine, there is still a growing number of Ukrainians who choose to relocate to Canada. While tourism is not very popular between Canada and the Ukraine, many Canadians conduct business through imports and exports with the country.
Canada and the Ukraine have excellent relations, since Canada was the first country to recognize the Ukraine’s independence back in 1991.
Whether you need to pay business expenses, send money to loved ones or help out a friend travelling through the Ukraine, there are a few ways to cost-effectively send funds between the two nations.
Case study: Oleksander sends money to the Ukraine
Oleksander was 10 years old when his parents sent him to study in Canada in 1992. He was welcomed by his uncle who had arrived three years before. Today, Oleksander is a successful sports personality with a comfortable salary. Even though he doesn’t get to the Ukraine as often as he’d like, he sends money to his parents two to three times a month to help with expenses. Oleksander keeps an eye on fluctuating interest rates and transfer fees to make sure his parents get the most out of the exchange. He is always looking for the cheapest and best ways to send money between Canada and the Ukraine. He decides to compare the costs between sending money via his bank and a specialist money transfer service.
|Money transfer service 1||Bank|
|Exchange rate||$1 CAD = 22.38 UAH||$1 CAD = 20.04 UAH|
|Amount received for $1,000||UAH21,317.31||UAH19,741. 03|
|Transfer time||Same day||3-5 days|
|Transfer options||Bank transfer||Bank to bank transfer|
After comparing the two transfer services, Oleksander sees that he can save over CAD$70 by sending the money via the specialist transfer service. The fees are slightly higher, however this is offset by the much more competitive exchange rate.
How to compare transfer companies when transferring money to the Ukraine?
When looking at transferring money to the Ukraine, there are things that you should consider. Some factors you might wish to consider are:
- Exchange rates. The aim is to find a service that combines low fees and competitive exchange rates. Some companies will hide high fees inside competitive exchange rates, so carefully compare these two factors.
- Pick-up methods. Depending on what best suits the recipient, you can choose to have the money deposited directly into their account or have them collect it at a branch location. Select the option that works best for your recipient.
- Transfer methods. You can send money to the Ukraine via bank-to-bank transfers, online transfers to a bank account or cash deposits to be collected at an agency location. Choose the service that best suits your requirements and fee expectations.
- Turnaround time. Some services can get the money to its destination within minutes, while others can take up to five business days. Keep in mind that often you will incur a higher fee for faster delivery speeds.
- Minimum transfer amounts. Most transfer services specify a higher minimum amount when sending money to certain countries. Some services have transfer amounts as low as $5, while others may have higher minimum limits at around $250.
- Customer service. Reputable money transfer services keep close track of transfers and send confirmations when the transfers land. You can contact your money transfer service on their direct lines provided on their websites, by email or by visiting the agency in person. Some services will even have online chat options.
Options when you want to send money to the Ukraine from Canada
When comparing money transfer services online, the money may be sent in Canadian dollars and received in US dollars. The recipient’s bank will convert the dollars into Ukrainian Hryvnia. Only TransferWise send money from CAD to UAH. Make sure that the service you choose actually does deliver to the Ukraine. The following transfer services will get your money to its destination:
- Western Union. Send money via bank transfer to be collected at a Western Union office in cash. Your recipient can collect the cash just minutes after the transfer is made. You can send up to CAD$5,000. The money is delivered in USD and then converted to Ukrainian Hrynvia at a fee.
- MoneyGram. Money is sent in Canadian dollars and delivered in Euro or US dollars. Recipients can collect money at a pick-up agency 15 to 20 minutes after the transfer has been lodged.
- TransferWise. This service allows you to send money to the Ukraine from your bank account, while paying low fees. The money is delivered in Ukrainian Hrynvia, and can be deposited into a bank account.
Sending money to the Ukraine in times of emergency
Not all money transfer services cover the Ukraine, but those that do can deposit money into your recipient’s account within half an hour or on the same day. In case of an urgent transfer, you may have to pay an additional fee for faster delivery, but if it’s an emergency, a few extra dollars will be worth the speedy transfer time.
- Bank-to-bank transfer. This is the quickest way to make a transfer. It takes only minutes before it’s available in your account or be ready for collection at a specified pick-up point.
- Cash pick-up service. It’s the business of money-transfer companies like MoneyGram and Western Union to provide quick, convenient delivery at designated pick-up points. Check their locations online.
- Insurance. Your travel insurance will cover certain cases of theft, but you may have to wait a while before the payout is ready. You will likely need a police report to show your insurance company in order to retrieve money.
Cash pick-up locations in the Ukraine: Western Union and MoneyGram branches in the Ukraine
- Alfa Bank
Pr Mayakovskogo 63 12 Kyiv,
+38 44 4999094
Open Monday to Thursday 9am to 6pm Friday 9am to 5pm Saturday 8am to 6pm
- Bank Cambio
1 Kyiv, 01103
+38 44 4688211
Open Monday to Friday 9am to 6pm Saturday 8am to 6pm
- Bank Nadra
101 Odesa, Odeska 65020
+38 48 7779115
Open Monday to Friday 9am to 5:30pm Saturday 8am to 6pm
Schorsa Ul 144
+38 48 7578723
Open Monday to Friday 9am to 7pm Saturday 10am to 6pm
Mayakovskiy Prospekt 43-2
Open Monday to Friday 9am to 6pm
- DELTA BANK
Open Monday to Friday 9am to 8pm Saturday 9am to 3pm
Open 8:30am to 5:30pm Saturday 8:30am to 4:15pm
- Morskoy Transportnyi Bank
Koroleva Str 76/1
Open Monday to Friday 8:30am to 5:30pm
Tips when picking up cash in the Ukraine
At this current point in time, the Government of Canada recommends that you reconsider your travel to the Ukraine and avoid travel to certain areas such as Crimea and regions of Donetsk and Luhansk. If you absolutely must travel to the region, exercise high caution, especially when picking up money.
Most money transfer companies covering the Ukraine offer cash pick-ups at certain points. The socio-political situation in the country is unstable thanks to clashes between separatists and Ukrainian forces, so bank-to-bank transfers are recommended. If you have to pick up money at a collection point while in the Ukraine, be vigilant and try to go in a group, or at least with one other person in the daylight. Avoid public transportation and put the money in a safe place as soon as possible.
How to send money to the Ukraine?
When sending money to the Ukraine, you’ll need to supply the following information:
- Your name, email address and mobile number
- The recipient’s name and contact details
- Your bank account details
You’ll receive a tracking number and a notification once the money has reached its destination. Keep the receipt in case of any problems with the transfer.