How to Send Money to Ukraine: A Step-by-Step Process

Sending money across international borders provides financial support and requires navigating various systems to ensure funds reach their destination securely. For individuals in the United States looking to send money to Ukraine, several established methods exist, each with distinct features regarding speed, cost, and necessary information.

Understanding Money Transfer Services

Various services facilitate international money transfers to Ukraine, including traditional bank wire transfers, online platforms, and mobile payment applications. Choosing a service depends on factors like urgency, costs, and the capabilities of both sender’s and recipient’s financial institutions.

Bank wire transfers, conducted through the SWIFT network, allow direct transfers between bank accounts. Senders need the recipient’s full legal name, address, bank name, bank address, IBAN, and the bank’s SWIFT/BIC. While reliable for larger sums, bank wires can involve intermediary banks, adding to fees and extending transfer times, typically one to five business days.

Online money transfer platforms are popular for their convenience and competitive rates. Senders generally need the recipient’s full legal name, address, and mobile phone number. Depending on the delivery method, additional details like bank account number, IBAN, or card details are necessary. Some services, like Wise, request the recipient’s last name, first name, and an optional patronymic for transfers to Ukraine. These services include:

• Wise
• Remitly
• Western Union
• MoneyGram

When considering an online platform, evaluate fees, exchange rates, and transfer speed. Many services earn revenue through flat fees, percentage-based charges, and exchange rate markups. Exchange rates for Ukrainian Hryvnia (UAH) can be volatile, and some providers may not guarantee the rate. Transfer speeds vary; some online transfers are instant, especially if paid by card, while others may take a few business days. Security measures like encryption, two-factor authentication (2FA), and regulatory compliance are important.

Initiating Your Money Transfer

After selecting a money transfer service and gathering recipient details, initiating the transfer involves several steps. The process begins by accessing the chosen platform, whether through a website, mobile app, or physical agent location. For online services, senders create an account or log in, providing personal identification like a government-issued photo ID, proof of address, and date of birth for verification.

After account setup and identity verification, the sender specifies Ukraine as the destination country and enters the amount to send. The platform displays applicable fees and the current exchange rate in Ukrainian Hryvnia (UAH) or another chosen currency. Next, the sender selects the preferred method for the recipient to receive funds, such as direct bank account deposit, direct deposit to a debit card, or cash pickup.

Entering the recipient’s information requires accuracy, including their full legal name as it appears on identification, address, and contact details. For bank deposits, the recipient’s bank account or IBAN is required. For cash pickups, a specific reference or control number is generated. Finally, the sender chooses a payment method (bank transfers, debit cards, or credit cards) to fund the transfer. After reviewing all details for accuracy, the sender confirms the transaction.

Recipient Access and Post-Transfer Steps

After a money transfer is initiated, the recipient can access funds, and the sender can track the transfer. Accessing funds in Ukraine depends on the delivery option selected. For direct deposits, funds are credited to the recipient’s bank account or debit card. Services facilitate direct transfers to Ukrainian bank accounts and cards. For cash pickup, the recipient needs to present a valid government-issued ID matching the sender’s provided name, along with a unique transaction control number (MTCN) or reference number.

Upon successful initiation, senders receive a confirmation email or notification. Most money transfer services provide a tracking feature to monitor the transfer status through their website or app. This tracking number helps both sender and recipient track progress. While many online transfers arrive within minutes, especially for card payments, bank deposits may take longer, from a few hours to several business days.

Should issues arise, like delays or incorrect transfers, contact the service’s customer support. Providers offer assistance for tracing funds or correcting errors; prompt action is advisable for discrepancies. Regarding tax implications, sending money as a gift from the U.S. does not result in tax liability for the sender unless the amount exceeds the annual gift tax exclusion ($17,000 per recipient in a calendar year) or the lifetime gift tax exemption ($12.92 million). Transfers exceeding $10,000 may be flagged by banks for regulatory reporting, but this does not automatically incur a tax. Recipients in the U.S. are not taxed on gifts received, but must report foreign gifts exceeding $100,000 on IRS Form 3520.