Ukraine’s national bank, the National Bank, oversees all banks. The Ukrainian central bank maintains currency stability.
It implements government exchange rates, credit, money circulation, and bank operations policies. Moody’s Investors Service sees Ukraine’s banks as stable.
The country’s steady outlook is based on increased macroeconomic stability, modest government debt, governance issues, reduced but still heightened sensitivity to external shocks, and political concerns.
In Ukraine, the official currency is the hryvnia (UAH). Ten UAH is 0.27 US Dollars or in euro is 0.24 euro. That is 22.18 Indian Rupees or almost 1.96 Chinese Yuan.
All websites linked in this article are in Ukrainian English. Use Google Translate or any other translation app if you need.
How to choose a bank in Ukraine
When choosing a bank in Ukraine, several factors must be considered.
Reputation and stability
Choosing the best bank in Ukraine means finding one with a solid reputation and stability. This way, you can trust that your finances are in good hands.
Products and services
Choose a bank based on account needs. Basic accounts like savings and checking are standard, while full-service banks offer advanced options like credit cards, loans, and investments.
Size of the bank
Most Ukrainian banks offer their services at reasonable fees. Fees vary greatly depending on the bank so you can explore them accurately.
If you want to grow your money in a savings account or other savings vehicle, seeking higher interest rates is essential to optimize your savings efforts. One strategy to accomplish this is to compare the rates multiple banks offer.
When choosing a bank, it’s essential to consider client support and your financial needs. Look for a bank with helpful tools and features that fit your requirements and preferences.
Considering these factors, you can narrow your options and choose a bank that meets your financial needs.
Ukraine banking system
Ukraine’s banking system is divided into two tiers:
Commercial Banks in Ukraine and;
The Central Bank, the National Bank of Ukraine (NBU).
Commercial banks offer banking services to clients, while the NBU regulates and supervises commercial banks.
All banks must follow NBU licensing and oversight. Additionally, all banks participate in the Deposit Guarantee Fund of Ukraine, which protects deposits (funds on current or deposit accounts) up to 200,000 UAH per person in case of bank insolvency.
The Oshadbank is not included in this fund since, by Article 57 of the Ukrainian Law “On Banks and Banking Activity,” Ukraine directly guarantees its depositors’ funds. The Deposit Guarantee Fund does not cover deposits made by legal entities.
Additionally, the Ukrainian Parliament adopted a law guaranteeing 100% guarantees of retail deposits in all state banks on December 20th, 2016. (including Ukreximbank and Privatbank).
The National Bank of Ukraine’s role, the requirements for statutory banks, and an overview of the central banks operating on Ukrainian soil are detailed below.
List of best banks in Ukraine
When choosing a bank in Ukraine, it’s essential to consider your financial goals, needs, and preferences. Additionally, each of these banks has its strengths and weaknesses. Therefore, it’s crucial to research and compare the products and services offered by each bank before making a decision.
Here are some banks in Ukraine that you should consider:
Can foreigners create a bank account in Ukraine
Foreigners need specific papers to open bank accounts: An original international passport. Non-Ukrainian residents must register. They need a visa or entrance stamp to remain.
Ukrainian’s money transfer abroad
Traditional Ukrainian banks may charge exorbitant fees if you wish to transfer money abroad or use your debit card abroad.
If you wish to avoid banks, utilize:
How can I open a bank account in Ukraine
To establish a bank account in Ukraine, you need the following:
To choose a bank.
Opening a bank account is an option both online and in person.
You need to get all the documents that are required.
For more information:
How to find a cash machine in Ukraine
Talk to anyone who may have traveled or worked in Ukraine. You will find that some of your friends or family know the nearest bank branches. Ask around and find opportunities among your contacts. An easy tool for doing that is any map app. Below is, for example, a Google Maps search for “ATMs near Kyiv.”