Ukraine is a land of contrasts and a country of extremes. Undoubtedly, the Carpathian Mountains are awe-inspiring, as are the nightlife and activity along the Black Seashore. There is a tiny ex-pat community in major cities, but there are plenty of foreigners who have fallen in love with the city’s lifestyle.
In Ukraine, opening a bank account is one of the most common banking and financial operations. It is now possible to create a bank account in Ukraine, whether you are a Ukrainian or not. Bank accounts can be opened in a variety of Ukrainian banks by non-residents, including corporations and foreign investment funds.
How to open a bank account in Ukraine?
The type of account is determined by the reason for which it is opened. The following are the most common types of bank accounts:
A credit card account
Money transactions can be done at an ATM or with a bank manager. The card account can be used to withdraw funds, purchase real estate (real estate operations), conduct non-cash money transactions, or engage in any other financial activity.
A checking account
Can be used for the same purposes as a card account, with the exception that only a bank manager can undertake money operations.
A savings account
Used to build up capital. Fixed deposit rates in Ukraine are higher than those in other nations. It is, however, impossible to conduct financial transactions until the contract has expired.
An account for investing
Used in transactions involving investing in Ukraine, such as purchasing a share of a Ukrainian company’s nominal share capital.
The account can be opened in UAH or in another currency (US dollars, euros, UK pounds, etc.).
A non-resident can open multiple bank accounts in Ukraine, either with the same bank or with different banks. It’s vital to remember that you can only withdraw UAH from an ATM. In the banking outlet, foreign currency can be withdrawn from the account.
If you possess all of the necessary paperwork, opening a bank account in Ukraine does not take long.
Required documents to open a bank account in Ukraine
To create a bank account in Ukraine, the process is very straightforward in principle. Your local bank may need you to provide certain papers, depending on your particular situation and the type of account you desire. It is possible that you will be asked for the following information:
- A copy of your passport, which should include information about your place of residence and work visa, if applicable.
- For a resident account, you’ll need to provide proof of address, such as your lease agreement. Even if you’re only passing through, several banks are willing to create a non-resident account if you can provide a hotel address.
- Reference number for tax purposes (for residents only).
- There is a minimum deposit. A modest administrative fee may also be charged by some banks when creating a new account.
For opening a bank account in Ukraine, you may follow this guide to choose between the best banks available in Ukraine.
Is it possible to open a bank account from abroad?
If you want to create a bank account in Ukraine, you’ll have to go to a branch and submit the needed paperwork. It is not feasible to open a bank account from outside the country of residence.
As a non-resident, can I open a bank account in Ukraine?
Ukraine allows non-residents to set up an account. The process and needed documentation are straightforward. A passport and proof of address are typically enough to get you started.
Keep in mind that a non-resident account may have less functionality than a resident account with full privileges.