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How to open an individual or personal account in a Ukrainian bank?
Some people come to Ukraine to live and work here. Such people often need to send money from abroad or need to withdraw cash from a personal account opened in another bank. Also, there are some individual investors that buy property and shares and need to have an investment account. After years of practical legal experience, we will inform you about procedures, requirements, and main issues during the process of personal bank account opening in Ukraine in this article.
The following documents are required to be able to open an account in Ukraine:
- Ukrainian tax identification number;
- your passport;
- official passport translation, with the translator’s signature certified by the notary;
- documents that confirm the exact place of residence in Ukraine;
Consider that only people that stay legally in Ukraine can open an account. So you need a border stamp on your passport confirming your entry. If your citizenship requires a visa to enter to Ukraine, you shall have it in your passport. If you have a valid residence permit, a border stamp is unnecessary. Also, you should have a Ukrainian mobile phone number. This number is used for verification and is considered a financial phone number.
What are the types of personal accounts in Ukraine?
There are three primary forms of personal accounts in Ukraine. It is the same as in most developed countries. Our financial and banking system has been formed under western influence, with some particular specifics.
Checking or current or personal card accounts in Ukraine.
This is the most popular type of bank account in Ukraine as well. It is also called a current account. This account with banking card is needed to be able to transfer funds from abroad to Ukraine and to use it to withdraw cash or to make payments. With this account, you are able also to make online payments for goods and services as well. With this type of account, you can also transfer funds to other people. Ukrainian people often send money to each other using this type of account.
We want you to know that if you do not have permanent residency in Ukraine (even a temporary residence permit is not sufficient), it will not be possible to get the payment in such a way. I want to say that you can only get a money transfer from abroad. But if someone intends to transfer money from a Ukrainian account to your account, which is opened in a Ukrainian bank, such a transaction is impossible. So non-residents cannot get any payment from the source inside of Ukraine. Consider also that non-residents can have only debit cards in Ukraine. Due to the law, non-residents are not able to have credit or loans in Ukraine.
If you intend to send money from abroad to your Ukrainian account, consider that it would be better if the transfer is processed from your account. I mean that it is easier to send money from your account in a foreign bank. Consider also that if the amount is more then 150 000 UAH, the bank may ask you about the source of your funds*. Ukrainian bank can ask you to provide the documents that can prove that you have legally earned and/or received the funds. Sometimes it is sufficient to show to the bank the extract from your account where the salary payments are shown.
Consider also that to transfer money to Ukraine you will need to have at least 2 accounts, one UAH account and one foreign currency account in USD or EURO. Initially, funds are transferred to a foreign currency account but after can be changed to UAH. Some banks can also offer you a residual interest payment. Remember always, that your money in the current card account is not covered automatically as it is with a savings account. There are a lot of banks in Ukraine, so it is not a problem to find a suitable one.
Investment account in Ukraine.
It is a particular type of account that is opened only for investing in Ukraine. Although it doesn’t mean that all investments in Ukraine shall come through this type of account. But, some financial and investment transactions in Ukraine can be done only using this type of account. Consider that inside Ukraine, all the payments are processed only and exclusively in Ukrainian Hryvnia currency. Funds to such an account can be transferred only from the person to whose name the account is opened. So you are not allowed to send money from your foreign company or the name of your relative or any other person to your Ukrainian investing account. It is forbidden, and such transactions will not be accepted.
Money transfers to an investment account can’t be processed by cash payment. It is also forbidden. The other issue is that after the funds are transferred to the investment account, you are not able to withdraw cash. Only cashless payment in UAH from the investment account is possible. The other issue, and it is bizarre, is that none of the Ukrainian banks provide online banking for investment accounts. So you cannot see the balance and transactions from such an account online. It is not even possible to make payments online. To check your balance or/and to make financial investment transactions, you will have to go to the branch of your bank and sign a payment order.
So if, due to some reason, you will need this type of account, consider that you will have to be physically present in Ukraine to be able to use this account. Although, it is not a must to open an investment account if you want to invest in property, real estate, shares, or stocks. The fact that you are not a citizen of Ukraine and that you are buying a property makes you become an investor. An investment account is a must for people that intend to obtain permanent residency in Ukraine based on the investment. And for some other purposes too.
Since 2019 expats can make a payment for property in Ukraine from abroad. It sounds strange, but before February 2019, it was not possible. So if you are buying real estate, shares, or any other property in Ukraine, you can pay the vendor directly from your account, which is not opened in a Ukrainian bank. An investment account can be a good solution if you intend to buy an apartment in Ukraine.
Deposit account in Ukraine.
By deposit account, we mean a savings account that generates profit for the owner. Deposit rates in UAH are attractive. Despite the war, banks in Ukraine are much more stable than anyone could expect. Depositing money in a good Ukrainian bank at a 16% interest rate is not a problem. But 3% is the maximum rate if you want to deposit USD or EUR to your savings account in Ukraine. Deposit accounts are opened for a certain period and with specific terms.
This type of account is very similar to a current personal account. There are no special requirements. All deposits up to 200 000 UAH in Ukraine are covered by Deposit Guarantee Fund. So in case of failure or bankruptcy of the Ukrainian bank, your deposit will be fully paid back to you if the amount that you deposit to the Ukrainian bank is more than 200 000 UAH. Some banks offer the insurance of your deposited funds by request. Some banks offer free coverage if the deposited amount is big. But, during martial law and 3 months after the end of martial law, all the deposit accounts in Ukraine are 100% covered by the government.
How can I use my banking card in Ukraine?
Most debit and credit cards can be used for payment in Ukraine. If you use Visa, MasterCard, Maestro, American Express, Union Pay, or some other famous card, there will be no problem paying by card. You can also withdraw cash from the ATM, but only UAH. It is possible to take from the ATM in Ukraine only 8 000 Ukrainian Hryvnia at once. If you need a foreign currency, consider that only USD and EURO will probably be available. Cash can be withdrawn from the cash desk in most banks. But not all the banks in Ukraine can provide this.
Is it possible to deposit cash into an account in a Ukrainian bank?
Yes, but only if it is a deposit (savings) or a current account. In any case, if the amount is more than 150 000 UAH (+/- 4000 USD as of February 2023) during one month, you must provide the document that confirms the source of funds. If you plan to bring cash to Ukraine and allocate it to your Ukrainian account, the best solution is to declare the amount at customs.
*the source of funds or the proof of funds, mainly are the documents that prove the source of money that is being transferred; in some cases, customs declaration can be accepted by the bank.
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