Personal bank account opening in Ukraine

We do provide legal and consulting support during bank account opening procedure in Ukraine. We will provide all required documents and will assist you during all the stages and needed steps. If required, we will also suggest you the bank which will best suit your goals.

How to open an individual or personal account in Ukrainian bank?

Ukraine became popular lately. Many people come in Ukraine in order to live and work here. Such people often need to send money from abroad or need to withdraw cash from the personal account opened in other bank. Also there are much more individual investors that buy property and shares and need to have an investment account. After years of experience in this article we will inform you about procedures, requirements and main issues during the process of bank account opening in Ukraine.

First of all you need to have the following documents, to be able to open an account in Ukraine:

Consider that only people that stay legally in Ukraine are able to open an account. So you need to have a border stamp in your passport, that confirm your entry. If your citizenship requires a visa to enter to Ukraine, you shall have it in your passport. If you have valid residence permit, border stamp is not require. Also you should have a Ukrainian mobile phone number. This number is used for verification and is considered as financial phone number.

What are the types of individual accounts in Ukraine?

There are 3 main forms of personal accounts in Ukraine. The same as in most of developed countries. Our financial and banking system has been formed under western influence, with some particular specifics.

Checking or current or personal card account in Ukraine.

This is the most popular type of bank account in Ukraine as well. It is also called as 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 accounts.

We want you to know that if you do not have a permanent residency in Ukraine (even temporary residence permit is not sufficient), it will not be possible to get the payment in such a way. What I want say is that you are able to get the money transfer only from abroad. But if someone intend to transfer from money from Ukrainian account to your account, which is opened in Ukrainian bank, such transaction is not possible. So non-residents are not allowed to 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 foreign currency account but after can be changed to UAH. Some banks can also offer you a residual interest payment. Remember always, that you money in the current card account are not covered automatically as it is with savings account. So do your best to choose the good and strong bank. There are more than 50 banks in Ukraine, so it is not a problem to find the right one.

Investment account in Ukraine.

It is a special type of account that is opened only for the purpose of investing. Some financial and investment transaction in Ukraine can be done only using this type of account. Consider that inside of Ukraine all the payments are processed in Ukrainian Hryvnia currency. Funds to such account can be transferred only from the person on who`s name the account is opened. So you are not allowed to send money from your foreign company or from the name of your relative or any other person to your investing Ukrainian account. It is forbidden and such transaction will not be accepted.

Money transfer to investment account can not be done by cash payment. It is forbidden also. The other issue that after the funds are transferred to investment account, you are not able to withdraw cash. Only cashless payment in UAH from investment account is possible. The other issue, and it is very strange, that none of Ukrainian banks provide online banking for investment accounts. So you will not be able to see the balance and transactions from such account online. It is even not possible to make the payments online. To check your balance or/and to make financial investment transaction you will have to go to the branch of your bank and sign a payment order.

So if due to some reasons you will need this type of account, consider that you will have to be physically present in Ukraine to be able to send money for investment purpose. 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 make you become an investor. Investment account is a must for people that intend to obtain a permanent residency in Ukraine, based on investment. And for some other purposes too. 

Since 2019 it is possible for non-residents to make a payment for the 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 make the payment to the vendor directly from your account which is not opened in Ukrainian bank. Investment account can be a good solution if you intend to buy apartment in Ukraine.

Deposit account in Ukraine. 

By deposit account we mean savings account, that generate profit to the owner. Deposit rates in UAH are very attractive. It is not a problem to deposit money in good Ukrainian bank at 16% interest rate. But 3% is 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 certain terms.

This type of account is very similar to current personal account. There are no special requirements. All the deposits up to 200 000 UAH in Ukraine are covered by Deposit Guarantee Fund. So in case of failure or bankruptcy of Ukrainian bank your deposit will be fully paid back to you. If the amount that you deposit to 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.

How can I use my banking card in Ukraine?

Most of debit and credit cards can be used for payment in Ukraine. If you use Visa, MasterCard, Maestro, American Express, Union Pay or some other popular card, there will be no problem to pay by card. You can also withdraw cash from the ATM, but only UAH. It is possible to take form the ATM in Ukraine only 8 000 Ukrainian Hryvnia per one time. If you need a foreign currency, consider that most probably only USD and EURO will be available. Cash can be withdrawn from the cash desk as well. But not all the banks in Ukraine can provide this.

Is it possible to deposit cash into account in Ukrainian bank?

Yes but only if it is deposit (savings) or current account. In any case if the amount is more than 150 000 UAH (+/- 6000 USD as of 01st of November 2019) during the period of one month, you must provide the document that confirms the source of funds. If you are going to bring cash to Ukraine and to allocate it to your Ukrainian account, the best solution is to declare the amount at the customs.


*the source of funds or the proof of funds; mainly are the documents that prove the source of money that are being transferred; in some cases, customs declaration can be accepted by the bank.

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