Banking in Ukraine

[Hammer2722]

That was my experience also.  I did not know why they wanted dollars, but it did not matter.  The rates I got were great.  The other bank I really like is Privatebank.  They have machines everywhere and the exchange rate is accurate.

My Girl's mom is always willing to change my dollars to Grivnas. She has been hoarding her money in US dollars. Many Ukrainians believe that soon the Grivna is gonna start falling in value soon. Its just a matter of time and they all know it.


For the 3 years I have been traveling to Ukraine, I have never been able to get dollars out of any ATM machine. I don't believe they put any dollars in it when they refill the ATM'S. LOL

[ghost of moon goddess]

Many landlords in Ukraine insist on USD for payment.

I wish you had advised them (landlords) that making as well as accepting cash payments using the currency other than the local currency of Ukraine is prohibited under Ukrainian Law and deemed illegal 

Maybe I've dealt with a better class more trusting group of landlords! 
 
I've paid on-line for apartments in USD, but I've never physically paid anybody for anything in either Russia or Ukraine in USD.  In fact, I only took about 100 USD in cash on my first trip, and none at all on the second.

Congratulations! You have dealt with the people who respect the law 

FYI:
Some Ukrainian banks have their "spitting out $" ATMs from which the holders of USD accounts opened in these banks can make cash withdrawals in the currency of their accounts, i.e. in US dollars. Normally these "loaded-with-bucks" machines are marked with the US dollar sign and are planted at Banks' central offices. Not sure if the "privileged option"  of withdrawing cash in USD from these ATMs is available to the USD accounts opened outside Ukraine 

[Belvis]

I wish you had advised them (landlords) that making as well as accepting cash payments using the currency other than the local currency of Ukraine is prohibited under Ukrainian Law and deemed illegal 

I would add to the advice that you must say it with a very serious face. Even so the most probable outcome is a landlord will decide you're a funny bloke. 

[calmissile]

http://www.france24.com/en/20121104-ukraine-facing-economic-woe-after-elections

If you read the whole article, it will explain the reasons the Ukrainians are requesting USD or Euros.

[DTEJD]

If you are getting cash in the Ukraine.. could you do this?

Rent a safety deposit box, and simply deposit the cash into that every week.

If the bank goes under, you might have a much better chance of recovering your money.

You physically have it in YOUR box, it is not a liability of the bank.

[calmissile]

If you are getting cash in the Ukraine.. could you do this?

Rent a safety deposit box, and simply deposit the cash into that every week.

If the bank goes under, you might have a much better chance of recovering your money.

You physically have it in YOUR box, it is not a liability of the bank.

It would depend on what currency the stash is in.
If it's in grivnas, the present sentiment is that the grivna will be devalued soon.  In that case you have not gained anything and will suffer the devaluation.  If in dollars or euros then you may have preserved the value of your stash.   You would also want to see what the rules are about what can be stored in safe deposit bank.  What you put in a box may not be a secret.

Another intersting thing I learned last month about Ukraine banks....
When opening an account in a Ukraine bank (me being American), opening the account is not problem.  However, a Ukrainian cannot make deposits to the account of an American unless they fill out a form that explains what the source of the money was (employment, etc.).

I assume that this regulation is probably linked to additional taxes, or to watch for money laundering.

[DTEJD]

Calmissile:

Yes, who would store any amount of wealth in Grivna?

I would presume that you would hold in US $, CAN $ or perhaps Euro.

You could store in a safety deposit box by putting inside a hallowed out hard drive.  Thus, any bank examiner when they see would think it is a hard drive, and not a "money box".

Do typical Ukranians store value in silver or gold bullion/coins?

Thanks!

DTEJD

[calmissile]

Calmissile:

Yes, who would store any amount of wealth in Grivna?

I would presume that you would hold in US $, CAN $ or perhaps Euro.

You could store in a safety deposit box by putting inside a hallowed out hard drive.  Thus, any bank examiner when they see would think it is a hard drive, and not a "money box".

Do typical Ukranians store value in silver or gold bullion/coins?
Thanks!

DTEJD

I don't have a clue.  I don't know any Ukrainians that have enough liquid wealth to be storing it anywhere.  The most afluent Ukrianians I know perosnally, have most of their wealth in land/apartment ownership.

Funny story, I asked my interpreter about UKrainians opening bank accounts.  Her response was "Who needs a bank account?  There would be nothing to put in it. By the times the bills are paid there is nothing left to put anywhere".

Surely there are businessmen and women that have bank accounts.  I don't know if they store wealth in Gold or Silver.  The banks are currently promoting credit cards with their 20%+ interest rates.

[Shadow]

Wealth is accumulated often in jewellery. The larger amounts can even be in gold bars.
As for funny questions to apartment owners: please ask them to provide a full legal invoice on departure. You can be sure that from that moment the apartment owner will suddenly become unreachable until afte you have left..