Pick The Fastest And Cheapest Method To Send Money To Ukraine
The currency of Ukraine is the hryvnia, and it has been quite stable for years
. Currently, $1 USD equals about 8.24 hryvnia, so be sure to remember this when transferring money. It changes often so check it right before you send money to Ukraine. Most residents have some U.S. dollars in their possession, as they can be spent in some areas, but they often only used as savings. The hryvnia is used for daily purchases since all retailers accept those, while only a few accept U.S. dollars and euros.
You should also beware that many Ukrainians do not trust banks since there have been a lot issues with them collapsing. This means that many prefer to use cash, which you should keep in mind when you decide to send money to Ukraine. Perhaps going through a bank is not the best idea for this country.
Instead, you might decide to use a money transfer service to send money to Ukraine. Know that you will probably pay $11 to $70, depending on the amount you want to send and the service you go through. Choose the company that allows you to send the most money for the smallest fee, and in the fastest time. You might have to compare the rates of several companies to find the best one to use, but you can typically check prices quickly online.
ATMs are widespread in every city of Ukraine, so many residents enjoy using a credit or debit card. If it is not tied to a bank, it is likely even better according to many Ukrainians. For this reason, a prepaid debit card is a great idea for this country. You can mail one to your relatives, and then add money for a $5 fee. You can add up to $1000 USD, and when your relatives withdraw money from the ATM, it will be in the form of hryvnia. The fee to do so is about 12 hryvnia. They can also use the prepaid debit card at any shop that takes credit or debit.
Like anything in life, convenience, speed, and low costs are treasured by anyone. You do not have to go broke when sending money to your relatives in Ukraine, nor should they have to wait weeks to get money. Before you send money to Ukraine, simply consider the advantages and drawbacks of each method, both for you and your recipient.
by: Peter Frampton
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