Individuals looking to remit money to Ukraine are likely to be faced with several different options, each with their benefits and drawbacks.
You will find that all of the options come with different costs, some of which are hidden. It is therefore recommended that you do a bit of research into the options before remitting money to Ukraine.
Your main choices when considering how to send the Ukrainian Hryvnia to Ukraine are to use a bank, a Money Sending Bureau or a foreign exchange broker.
Taking advantage of the services offered by a Money Sending Bureau can be particularly useful if you need to send money to someone in Ukraine who cannot access a bank account.
These small establishments are found on high streets and in shopping malls around the world. However, they tend to be quite poorly regulated and the foreign exchange rates on offer will not be particularly competitive.
On top of this, individuals are likely to face per-transfer fees of between ten and 15 per cent each time you make a transaction, all of which can add up if you plan to regularly remit money to Ukraine.
Alternatively, your local high street bank might offer a slightly cheaper way to send money to Ukraine.
It can be a particularly simple and convenient method if you plan to remit money to somebody with an account at National Bank of Ukraine, Kiev Bank Union or Imexbank, for example.
However, even this method of sending money will see you hit with per-transfer fees, which could soon add up.
The final option, which also avoids these charges, is looking into using a foreign exchange broker.
Brokers in general will provide you with competitive currency exchange rates but RationalFX can also guarantee you a service with low transfer fees when you remit money to Ukraine with us.
Why not open an online account with RationalFX? It's quick, free and easy and will allow you to view and compare the exchange rates on offer today.