Legal Earnings and Foreign Money Transfer in Ukraine

by Olha Povaliaieva
Thursday, February 24, 2022
Legal Earnings and Foreign Money Transfer in Ukraine

Online banking allows foreign currency transactions

If Ukrainians do not keep money in banks and projects, they prefer to save it at home. But even at home, they create the most comfortable conditions for the money saved — turn the hryvnia into foreign cash.

But people lose a portion of the money when swapping a hryvnia for dollars or euros. So today we’re going to look at whether we can legitimately generate income directly in foreign currencies.

In 2019, the law on currency and transactions entered into force in Ukraine. Ukrainians not only can exchange currency online but also transfer abroad up to €50.000 a year.

Entrepreneurs received more bonuses from the new currency rules than the population. The law provides for several relaxations in the currency market, which facilitate the conduct of business in Ukraine.

Thus, small and medium-sized businesses should not provide a bank with documents that confirm the existence of obligations to non-residents. But this rule works if the amount of payment abroad does not exceed $5.200 a day.

The act of Ukraine provides for mandatory payments in national currency in the area of Ukraine. But now it does not prohibit the use of foreign currency in the calculation of monetary liabilities. This allows Ukrainians to enter the worldwide market and save money not only in hryvnia.

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