Explore the safest, most cost-effective and most secure ways to send money to Ukraine from the United Kingdom.
How To Send Money to Ukraine from the UK
The Ukranian diaspora in the UK is sizeable with an estimated 26,452 Ukranian-born residents living in the UK in 2013. Due to this, there is a great demand for financial services supporting transactions between the UK and Ukraine.
Methods to Send Money to Ukraine from the UK
Sending Money to Ukraine via Online Money Transfer
There are many online services available for sending money to Ukraine. These tend to offer the best exchange rates. Services such as TransferWise, for example, are widely recognised for low transfer fees and the best exchange rate between the British Pound and the Ukranian Hryvnia. In addition to TransferWise, GlobalWebPay, MoneyGram and Remitly are also known for their fast and cost-effective methods.
Sending Money to Ukraine via PayPal
PayPal does not work in the Ukraine. Although Ukrainians can use the service to send funds to other PayPal accounts, they cannot receive money.
Sending Money to Ukraine via Bank Transfer
Sending money to Ukraine directly through a wire transfer from a UK bank account is not the most recommendable method. This is due to the uncompetitive exchange rates and high transaction fees.
Can I Send Money to Ukraine via Cryptocurrency?
Cryptocurrency is not recognised by the Ukrainian government as a legal form of currency and it does not feature as part of the system. That being said, it is not illegal and is used widely as a form of investment or payment methodology. However, the fact that it is not governed or regulated makes it a fairly untrustworthy method of sending money.
Send money to Ukraine for as little as 0.17 GBP per transaction with TransferWise
Can You Send Money to Ukraine For Free?
The transfer of funds is always subject to some form of transaction fee or exchange rate. However, many of these are extremely low. Sending money via TransferWise is often recognised as one of the cheapest methods, although for Ukraine their transfer fees are slightly higher than for other countries. However, they do offer one of the best exchange rates on the market Per transaction, there is a flat fee of 0.17 GBP + 2.23% of the amount that is converted. Thus, the more money sent, the higher the transfer fee. Remitly offers a flat rate of 2.99 GBP per transaction. For a lower exchange rate, Western Union and MoneyGram offer cheap transaction fees.
How Long Does It Take to Send Money to Ukraine?
Depending on the service provider that you choose to transfer money to Ukraine, funds can arrive into the specified account instantaneously. Online services such as TransferWise and Remitly typically transfer the funds in as little as 6 hours. Bank transfers typically take longer at around 1-3 business days.
What Do You Need to Send Money to Ukraine?
Bank transfers often require a form of photo ID to verify your identity. For any online payments, you will need all relevant login details as well as a debit or credit card and possibly a card reader. Ukraine uses IBAN format meaning that you will need the IBAN of the recipient’s bank account in order to transfer funds.
Is it Safe to Send Money to Ukraine from the UK?
When sending money to Ukraine, make sure to use a service that is FCA-approved. This means that the accounts are safeguarded. With any legitimate company, their FCA details should be readily available on their website. Like any transfer of money, it is advisable to be careful when sharing any personal information such as passwords. Always be especially wary with any phone and email correspondence.