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HomePublicationsComments on legislationOpening bank accounts in Ukraine for foreigners

Opening bank accounts in Ukraine for foreigners

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Foreigners may choose to open a bank account in Ukraine for a variety of reasons. Here are a few common reasons:

  1. Business activities: Foreign entrepreneurs who operate a business in Ukraine may need to open a bank account to conduct financial transactions, pay taxes, and receive payments from clients.
  2. Investment opportunities: Ukraine is a growing market with various investment opportunities. Foreign investors may choose to open a bank account in Ukraine to facilitate their investment activities, such as buying real estate, investing in stocks or bonds, or depositing funds into a Ukrainian bank.
  3. Travel and tourism: Foreign tourists and visitors may choose to open a bank account in Ukraine to withdraw money, pay for goods and services, and avoid high currency exchange fees.

Once a foreigner opens a bank account in Ukraine, there are various ways they can use it. Here are a few examples:

  1. Local payments: Foreigners can use their Ukrainian bank account to pay bills, rent, and other local expenses.
  2. International transactions: Many Ukrainian banks offer international money transfer services, allowing foreigners to send and receive money across borders.
  3. Currency exchange: Foreigners can use their Ukrainian bank account to exchange foreign currency for Ukrainian hryvnias, which can be useful when making local purchases or transactions.
  4. Saving and investing: Foreigners can use their Ukrainian bank account to save money or invest in various financial products, such as savings accounts, deposits, or investment funds.
  5. Online banking: Many Ukrainian banks offer online banking services, allowing foreigners to access their account and manage their finances from anywhere in the world.

Opening a bank account in Ukraine as a foreigner is a relatively straightforward process, but there are a few important things to keep in mind. In this article, we will provide you with a step-by-step guide on how to open a bank account in Ukraine and highlight some key considerations for foreigners.

Related article: I sold an apartment in Ukraine: how can I withdraw money to my foreign account?

Step by step instruction on opening bank account in Ukraine for foreigners

Step 1: Choose a Bank

The first step to opening a bank account in Ukraine is to choose a bank that suits your needs. There are many options available, including both local and international banks. It is recommended to research and compare different banks to find the one that offers the best services for your needs.

We recommend that you choose a bank that already has experience in serving foreign clients, as well as experience in those operations that you plan to perform using a bank account. Working with our clients, we recommend certain trusted banks, as well as organize the process of opening an account.

Step 2: Gather Required Documents

To open a bank account in Ukraine, you will need to provide some documentation. This typically includes:

It's important to note that some banks may require additional documents or have different requirements, so it's best to check with the specific bank you're interested in beforehand.

Step 3: Visit the Bank

Once you have chosen a bank and gathered the required documents, you will need to visit the bank in person to open the account. You may need to make an appointment in advance, depending on the bank's policies.

Step 4: Complete the Application Process

When you visit the bank, you will need to complete an application form and provide the required documentation. The bank will also ask you some questions about your financial situation and your reasons for opening the account. Once the application is complete, the bank will process it and open the account.

Step 5: Activate Your Account

Once your account is opened, you will typically receive a bank card and other relevant information within a few days. You will need to activate your account by visiting the bank again and following their specific instructions.

While opening a bank account in Ukraine as a foreigner is relatively straightforward, there are some important things to keep in mind. These include:

  • Language barriers: Many bank staff in Ukraine speak Ukrainian or Russian, so it's important to have a translator or speak the language yourself to avoid misunderstandings.
  • Currency exchange: If you're planning to use your account for international transactions, it's important to consider currency exchange rates and any associated fees.
  • Account fees: Some banks may charge additional fees for foreign customers, so it's important to check the fees and charges before opening an account.
  • Regulations: Ukraine has strict regulations around money laundering and terrorism financing, so be prepared to provide detailed information about the source of your funds.

That is why we often offer the service of opening an account for our clients as part of the support for the main service. So, we take care of a bank account if you are planning to buy and sell real estate in Ukraine, or, for example, open your own business in Ukraine.

If you have any questions, please contact our specialists in the Contacts section.

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