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Good to know
Ukrainian currency is called Hryvna and is divided into 100 Kopecks. For an average exchange rate, count that a dollar is worth 8.00 -10.00 Hryvnas, Euro about 11.00-12.00 Hryvnas and British Pound 10 Hryvnas. It is best to bring USD or EUR in cash to Ukraine for easy exchange, but you can also safely withdraw money from ATMs featuring the international banking/credit symbols. Always carry small bills to pay for items such as cigarettes or taxi fares. You can withdraw hryvnas (UAH) and, in some ATMs, USD. Many prices (such as airline tickets) are stated using an abbreviation y.e. in Cyrillic, pronounced oo yeah:-) One y.e. is one American dollar. Spend all hryvnas before leaving the country as you can't take them out.
Hryvnia Forecast
according to the forecast Hryvnia in comparison to foreign currency will be weaker in autumn. Compared to June 2008 the supply of foreign currency is higher, but the demand exceeds the figures of the last year. The total debt of the Ukrainian companies to foreign creditors comprises 100 Bn US, most of the companies need to pay back during aug-sep 2009. It increases the demand for dollars and makes the US currency more expensive. New regulations were issued to improve the situation:
- banks cannot credit the population with foreign currency
- exporters must sell 50% of foreign currency gainMost of the experts believe that Presidential election will slightly influence the exchange rate. During this period most of the population will exchange Hryvna to foreign currency for more stability. But for the election campaign foreign currency will be brought to Ukraine by the candidates from offshore zones. Ukraine exchange rate reflects the country"s trade balance. The state debts which should be paid back this year comprises 20BN, can provoke increase in currency rate up to 13 UAH for the EUR and 9UAH for the US.
The currency forecast was composed by Task, Bank Kreshatik, Bank Finance and Credit, Dragon Capital and Foyil
ATM's: The NBU has decreed that commercial banks must ensure uninterrupted operation of their ATM's and put cash in them in order to ensure prompt payment of wages, pensions, stipends and other social benefits as well as to dispense cash on payment cards issued by other banks.
Exchanging money
Exchanging money is easy, especially in the city center where exchange points are plentiful. The most common currencies exchanged are USD, EUR, Russian rubles and British pounds. Banks will exchange most other major European and international currencies. A non stop exchange point is located in the Furshet supermarket in the Arena Shopping Mall on Krasnoarmyiska Street.
Credit Cards and traveler checks
Visa and MasterCard are widely accepted, American Express rarely so. Travelers checks can be cashed in branches or affiliates of most major banks. See list below.
Sending money
To send or receive money in Ukraine, you can use Western Union, the services of which are available in many exchange points, banks, post offices and other places. See: Western Union
Opening a bank account
To open a bank account in Ukraine, you need your passport and a document to confirm your registration (such as an apartment rental contract or confirmation from the hotel of your stay). Accounts may be in UAH, USD or EUR. Internet banking is available with some banks, including with personal deposit accounts. The highest percentage is given on deposits in UAH, then USD and least in EUR.
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