The best ways to send money to Ukraine depend on your transfer needs, payment method and how fast you need the money delivered. Find strong rates and low fees by comparing digital money transfer specialists.
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Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Ukraine. Some offer transfers straight to Ukrainian bank accounts, while others allow the money to be picked up in Ukrainian hryvnia in person. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Digital money transfer services
Digital money transfer companies specialise in foreign currencies, making them some of the most cost-effective transfers to send money to Ukraine. Most offer transfers directly to your recipient’s Ukrainian bank account, often in as little as a day or two.
Some services allow you to transfer cash for pick-up at a local branch in Ukraine — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. Make sure to compare different services to get the best deal when sending money.
The Ukrainian hryvnia probably isn’t carried by your local bank. Even if your local bank can convert your New Zealand dollars into Ukrainian hryvnia, beware of high fees and wide margins on the exchange rate compared to digital money transfer specialists and other options.
How to send money to Ukraine
Sign up and send money with a digital money transfer specialist in four steps:
Sign up for a free account. Pick a provider after comparing options on our table, then sign up for a free online account using your contact information, proof of ID and your preferred payment method.
Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If you’re transferring to a bank, you’ll need your recipient’s Ukrainian bank account details.
Confirm transfer details. Double-check your payment method, expected fees and destination.
Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Ukraine. Some money transfer providers send a text or email when your transfer is complete.
Let’s crunch the numbers: Sending $1,000 to Ukraine
Let’s say you need to send $1,000 to someone in Kyiv. Here’s what you might face in fees and exchange rates as of 8 January, 2021.
Digital money transfer service
1 NZD = 20.48 UAH
1 NZD = 20.13 UAH
1 NZD = 19.76 UAH
Better than a bank transfer
Fastest and cheapest
Slowest and most expensive
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the cash transfer service to send money to Ukraine, your recipient ends up with UAH 723 more than the bank offers. The cash transfer can also typically have your transfer to Ukraine in as little as 15 minutes.
How to get the most out of your money transfer to Ukraine
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Ukraine to meet your needs:
Exchange rates. The NZD–UAH relationship fluctuates daily, so using a service that allows you to lock-in exchange prices may help you save money down the line if exchange rates take a turn for the worse in the future.
Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the number of Ukrainian hryvnia you’re sending.
Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Ukraine.
Maximum limits. When exchange rates are favourable, sending more money can save you money in the future. If you plan to send large amounts of money to Ukraine, be sure to pick a provider that won’t limit you.
Transfer methods. Whether you want money sent to a Ukrainian bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer to Ukraine
When it’s more important to get your money to Ukraine quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Ukraine without a bank account
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
Ukraine’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency.
Ukraine’s exchange rate often fluctuates when compared to the New Zealand dollar, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
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