How to open a bank account in Ukraine

How to open a bank account in Ukraine

Ukraine is a beautiful nation, the largest in Europe in fact, home of expansive natural landscapes, several strong economic sectors specially in natural resources and plenty of modern European cities which are home of the country’s largest expat communities.

If you are looking to make the move, you will need a bank account which will give you a sense of stability and control over your financial life. Here is our guide on how to open a bank account in Ukraine.

Documents needed to open a bank account in Ukraine

It should be a rather straightforward process to open a bank account in Ukraine in terms of required documentation, at least in theory. However, in practice things may change and you may be asked a combination of the following documents:

  • Passport
  • Proof of address which may include your hotel address if you are a visitor or a lease contract if you are going long term.
  • Tax reference number (for residents)
  • A minimum deposit.

Some banks charge account opening fees. Overall, there is too much paperwork in Ukraine especially if you go to smaller towns where people aren’t accustomed to working with foreigners. Therefore, opening a bank account in a larger city will be significantly easier - in theory.

Can I open a bank account in Ukraine as a non-resident?

Yes, it is possible to open a bank account in Ukraine as a non-resident and the process is just as easy with accounts offering similar features.

Best Banks in Ukraine

As with any modern nation, the choices are numerous between national and international banks. We recommend you investigate your options carefully and talk to the locals about the financial stability of banking institutions in general. We also recommend you go for larger institutions as these tend to have more financial clout and better ties with other international institutions making them safer.

  • Pravex Bank: this is a Ukranian bank which is now under ownership of an Italian group. With a wide reaching branch and ATM network this is a convenient bank which also offers all the standard services includes debit cards, cheques and mobile banking facilities as standard in many accounts. You can get multi-currency accounts too.
  • Privatbank: with nearly 7500 ATMs and 2500 branches across Ukraine, this is a large bank with a modern infrastructure including mobile banking applications and free phone service that works 24h. Their basic accounts have the option of debit cards and as a customer you can purchase insurance and loans too.
  • UniCredit Bank: this is a pretty large bank with nearly 250 branches and a wide reaching ATM network. They are a full fledged offering banks accounts of all types in their English language website which includes accounts with gold and platinum cards with travel health insurance included.
  • Piraeus Bank: this is a Greek bank present all over the southeast of the EU with thousands of branches and ATMs in the region and a large number of account offers. This could be a very convenient bank if you travel a lot as it has partner networks that extend beyond Ukraine.

As with any contract, it is important to read the fine print and we recommend you bring a translator or a friend that speaks Ukrainian to help you read the details of the documentation. There could be hidden fees such as account closure fees, high fees for usage outside the network and minimum balances. Regardless, opening an account should be easy and it should not take more than 60 minutes in total.

The virtual bank account alternative

It is expensive to transfer money abroad from Ukraine if you use a bank

It costs as much as 9x more to transfer money out of Ukraine using a bank than with B2B Pay. For example, if you need to send 10 thousand euros worth of rupees to India, you only receive about 9000 euros worth of rupees. This is a bad deal and really the only deal a bank can offer thanks to high operational costs.

With B2B Pay, we do the same transfer for about 900 euros less. You get 9900 euros worth of rupees back home and you also get a free virtual bank account (with a private IBAN number) you can use to send and receive money within the EU and send money abroad to about 200 countries in over 30 currencies.

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.



How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.


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