Where is it better to open a foreign currency account for individuals in Ukraine

2.10.2022
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A foreign exchange account is an excellent opportunity not only to increase your savings, but also to provide them with protection from all kinds of risks. The question of where to open a foreign currency account can be answered in different ways. You can register it at the same institution where you already have a current account in the national currency. However, in this case, you will not be insured against the bankruptcy of local credit institutions, inflation, devaluation and other consequences of the unstable political and financial situation.

Do you want to avoid the above-mentioned risks and problems that may arise due to unexpected blocking of accounts or errors of law enforcement agencies? In such situations, it is better to register accounts with foreign banks. Another recommendation: keep your savings in different currencies. This is the only way to save most of your savings.

Why do I need to open a foreign currency account for an individual?

In modern conditions, you need to have at least a couple of accounts abroad. For what? As a rule, individuals register foreign currency accounts in order to:

  • diversify possible risks;
  • make international transfers, pay for purchases, etc.With a foreign currency account, you can quickly transfer money to your loved ones, pay for your studies abroad, or purchase real estate in other jurisdictions.;
  • make investments.Currency deposits will help you earn money on changes in their exchange rate;
  • pay for expenses when traveling abroad;
  • receive a salary from a foreign employer.

Is it better to open an account in euros or dollars? Many users choose these currencies, but there are others with a high level of reliability, such as the British pound, Japanese yen, Swiss franc, etc. After you decide on the currency in which you will open an account, you need to start looking for a reliable foreign bank that has a good reputation.

Which bank is the best place to open a foreign currency account in Ukraine?

how to open a foreign currency account

The Ukrainian banking sector is represented by many banks that are now actively fighting for customers, offering them the best interest rates, services, applications, etc. Where is the best place to open a foreign currency account in Ukraine? You will be able to answer this question only after evaluating the bank’s reliability.

The most reliable banks for individuals are: PrivatBank, Oschadbank, Ukreximbank, Ukrgasbank, Raiffeisen Bank Aval, Ukrsibbank, Kredobank, FUIB, ProCredit Bank and OTP Bank.

How do I open a foreign currency account with Privatbank for an individual?

An existing and potential client can open a foreign currency account with a bank. This type of account is suitable for storing your own funds in foreign currency, as well as for conducting necessary transactions. Currently, there are 2 popular and popular ways to register an account in Ukraine: offline and online. How do I open an offline currency account?

The first option is very simple to implement, the only thing you need to do is visit the nearest bank branch. Opening a card account in a foreign currency will take no more than 15 minutes of your time. After it expires, you will receive an invoice card. From now on, you will be able to make both deposits and withdrawals. This card, like others, is subject to a commission, when depositing funds, they usually withdraw 0.5% of the amount, and currency withdrawal is almost interest-free. There is another caveat: if the card has a currency on it, but the bank branch does not, you need to check in advance with the bank employee whether the currency is available at the checkout. If you don’t have it, then ask where you can get it.

How do I open an online currency account? Many people today choose this method, because it has a simple registration procedure. The client no longer needs to appear in person at the bank’s branch, it is enough to have access to the Internet.

open a foreign currency account

To open an online currency account, you need to:

  • go to the official website of the bank, find the necessary service, in particular “order a card”;
  • specify the card type (internet card);
  • select the desired currency (dollar, euro).

The next time you open the page, an Internet map will appear in the list of maps. From now on, you are considered to have a virtual currency account. This means that you can receive currency and spend it. You will not be able to cash out any money. You can only withdraw money from the card through an exchange operation. This method is suitable for those who receive funds in foreign currency, but spend them in UAH. If you need cash in a foreign currency, then you should choose the first option.

Which bank is the best place to open an account for an individual?

The financial situation in Ukraine is such that many citizens try not only to earn money, but also to keep their finances abroad. The presence of a foreign currency account simplifies settlements with foreign partners, avoids large commissions for banking operations and saves your savings from the negative results of political and economic instability.

From 1993 to 2017, Ukrainian legislation prohibited its citizens from having accounts with foreign credit institutions. To open an account, a permit from the National Bank of Ukraine was required. The new bill removed this framework, which means that today Ukrainians can dispose of income received from abroad at their own discretion. At the same time, you do not need to notify government services about opening a foreign currency account. The only exceptions are those rare cases when the size of the transfer abroad reaches the maximum limit. To perform such an operation, you will need to issue a license.

What opportunities does opening a foreign currency account provide for Ukrainian citizens?

foreign currency bank account

Foreign banks offer better conditions to their clients than Ukrainian ones. You can verify this by comparing their offers in terms of profitability and government guarantees.

In addition, foreign accounts have a number of other advantages, among them::

  • privacy policy;
  • best credit conditions;
  • possibility to increase capital.

Another indisputable advantage is that foreign countries have a more stable political situation, which as a result creates excellent conditions for storing capital.

Which country should I open a foreign currency bank account in?

The NBU allows you to open an account in any country. The main thing is that the legislation of the chosen jurisdiction is not against it. Financial experts recommend choosing the following countries for opening an account::

  • Cyprus.Local banks attract customers by allowing them to register current accounts remotely;
  • Macedonia.You don’t need to visit the bank in person to open an account.The only requirement of the institution is to confirm the legitimacy of the source of finance, as well as to present a document on the absence of debts to the tax authorities.;
  • Latvia.Provides a Russian-language service.Offers customers low rates for account maintenance and withdrawal of funds;
  • Lithuania.A mandatory condition is to visit the bank’s office.Offers attractive rates for all types of banking services;
  • Estonia.To open an account, you will need a large package of documents that will confirm commercial and other relations with residents, as well as the presence of a real estate object or residence permit;
  • Poland.Offers a simple procedure for opening an account, you need to present a document that confirms your identity, as well as a work visa;
  • Switzerland, Benelux countries and Austria.Open to individuals who have large amounts of savings.For example, the minimum deposit threshold in a Swiss bank is 1 million euros;
  • Great Britain.New clients need to confirm commercial relations with residents.

How do I open a foreign currency bank account for an individual abroad?

open a foreign currency account for an individual

Currently, there are several ways to open an account with a foreign institution – this is a personal request, the services of intermediary companies, or a remote procedure. Unfortunately, not all credit institutions approve the remote format of opening an account via a mobile app or an official web resource.

Ukrainian citizens who decide to keep their funds abroad must translate and notarize the documents required by a foreign bank. In some situations, the bank requires you to certify official documents at the embassy of the country where the selected credit institution is located.

Each bank has its own standard set of official papers. If you don’t want to waste your time and money, request a list of documents from the selected bank in advance.

The process of opening an account includes the following steps::

  • choosing a country and institution;
  • applying to the tax authorities for a certificate of absence of debts to the budget, as well as confirmation of the TIN;
  • providing a package of documents to a bank employee;
  • filling out the client’s application form;
  • verification of documents by the bank security service;
  • signing an agreement and opening an account.

Please note that providing documents is not a guarantee of a positive response from the bank. If the client does not pass the compliance procedure, they will be denied service without explanation.

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