How to open a bank account in Ukraine

How to open a bank account in Ukraine

Ukraine, the largest in Europe, is a home to strong economic sectors in natural resources. If you plan to open a bank account it gives you a sense of stability. It helps to give you control over a financial life. Here is a guide on how to open a bank account in Ukraine.

Foreigners may need a bank account for many reasons. It can be to buy a property, set up the business or if they have overstayed in Ukraine. Non- Residents may also need a personal bank account. They need it when they want to establish a foreign currency deposit. 

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The type of account depends on the reason for opening the account.  The main types of bank accounts are as follows:

Card Account

Money operations are done both at the ATM and with the bank manager. Card account helps you to withdraw money, buy property. It even helps you to carry non cash money turnover or any financial activity. 

Deposit Account

This account helps you to accumulate capital. Ukrainian banks offer fixed deposit rates that are higher than any other country. Though it is impossible to perform the money operations until the contract termination. 

Investment Account

Investment account is useful for operations concerned with investing in Ukraine. For instance, to buy a share of a Ukrainian company’s nominal share capital.

The bank account can be opened in UAH or in foreign currency. A non-resident can open many bank accounts in one bank or in a different bank in Ukraine. It is important to note that at the ATM a foreigner can withdraw only UAH. Foreign currency can be withdrawn from the account in the banking outlet.  

How to choose the Ukrainian bank? 

A non-resident can open a bank account either in the state-owned bank or in the private bank. For reliability it is advised to choose a state-owned bank. Though private banks do offer more favorable financial conditions. Private banks offer higher deposit rates, better exchange rates, and developed internet banking services. 

State-owned banks in Ukraine

The bank fees and charges depend on the type of account and the operations performed. Banks have an official website with all the necessary information available in English. All the rules and regulations, bank charges are available on the official website. 

Documents needed to open a bank account

To open a bank account in Ukraine you need the following list of documents for opening the account.

  • Passport issued overseas
  • Temporary resident permit in Ukraine if any.
  • Tax number if any.
  • Application form for opening a bank account. In the application you need to indicate your Ukraine address and contact number. 
  • Signature card with sign of private individual and their authorized signatory. The Signatures in the card are certified by the bank officials. The notarized certification is not required. 
  • If a third person is authorized to dispose foreign currency in account then power of attorney must be in notary form. Apart from that passport and tax number is required to be filed. 

To open the bank account some foreigners may need to submit following documents:

  • Valid resident permit
  • Tax payer ID. Number (TIN) – taxpayers identification number in the State Register of Individual Taxpayers.
  • Work permit

Which bank offers an account to Ukrainian refugees?

A Ukrainian refugee can apply to open a Cashminder bank account. When you open this account you will be:

  • provided a debit card
  • have an access to online and mobile banking
  • able to make payments using Apple Pay, Google Pay, and Samsung Pay.

Can Ukrainians open a bank account?

You can have a bank account with IBAN, debit card, access to SEPA, and a banking app with limited documents. More details are available  on the FIFI finance website. The Royal Bank of Scotland and Natwest offer banking accounts for Ukrainian refugees. 

Best banks in Ukraine 

  • Pravex Bank

A Ukrainian bank that is now under the ownership of an Italian group. It has a wide reach of branches and an ATM network. It is a convenient bank that offers all standard services. It includes debit card, cheques, and mobile banking facility. You can get a multi-currency account too.

  • Privatbank

With almost 7,500 ATMS and 2500 branches across Ukraine Privatbank is the largest here. It has modern infrastructure including mobile-banking applications and free phone service 24 hrs. The basic account here has a debit card and as a customer you can buy insurance and loans too.

  • Unicredit Bank

A large bank with 250 branches and a wide reaching ATM network. This is a full-fledged bank with all types of accounts in English language on their website. It includes gold and platinum cards with travel health insurances. 

  • Piraeus Bank

Piraeus Bank is a Greek bank present all over the southeast of the European Union. It has thousands of branches and ATMs in the region and it offers a large number of accounts. It is a very convenient bank if you travel a lot as it has partner networks beyond Ukraine. 

 

 

 


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