In Ukraine, even in martial law, the SWIFT system and international money transfer systems operate. The National Bank explained what payments Ukrainians and foreigners can receive and send from abroad during hostilities.
How to receive and transfer currency from abroad
You can use the services of international money transfer systems and SWIFT both in Ukraine and abroad. However, there are some limitations, emphasize the organization of financial literacy at the NBU.
How to receive and transfer currency from abroad
You can use the services of international money transfer systems and SWIFT both in Ukraine and abroad. However, there are some restrictions, emphasize in the organization of financial literacy at the NBU. How to get a transfer in foreign currency
The transfer was made via SWIFT
If a Ukrainian wants to receive cash in foreign currency, which was transferred to his account via SWIFT, he can use two options:
To withdraw foreign currency in the equivalent of 30 thousand hryvnias (for example, a little more than 1000 US dollars or about 900 euros) daily at the cash desk of your bank’s branches.
Convert appropriate funds into hryvnia and withdraw up to 100 thousand hryvnias per day.
Exception only for Ukrainians in territories that are under threat of occupation by the aggressor / occupying state.
Cash is disbursed within the balance of the account if there is cash at the cash desk of the branch / office. The decision to issue such funds is made by the head of the bank and may be delegated to the head of the bank’s branch.
The transfer was made through an international money transfer system
Transfers made through international money transfer systems without opening accounts enter Ukraine without restrictions. Cash withdrawal from clients’ accounts is carried out taking into account the requirements of Resolution № 18 of February 24, 2022.
So, if you received a transfer through international money transfer systems, you can receive cash in foreign currency in full, but subject to the restrictions and capabilities of branches and non-bank financial institutions – members of the relevant international payment systems.
Are there any restrictions on remittances?
The National Bank did not impose restrictions on most transfers from abroad. The ban applies only to transfers related to Russia and Belarus, as well as transfers in Russian and Belarusian rubles. That is, you can receive transfers from abroad, if they do not fall under the ban.
The difference between SWIFT and international instant transfer systems
Transfers via international money transfer systems (such as Western Union) are instant transfers that do not require a bank account. The international money transfer system has its own database, where your transfer is entered and with the help of this database, knowing the transfer number – you can get the money sent.
SWIFT transfers are transfers of funds from a bank account to a bank account. Such transfers are not fast, it can take 1 – 3 days.
