If you want to send money to Ukraine, there are ways to do it way faster and cheaper than your bank and with fewer hoops to jump through.
There are several reasons why people might want to send money to Ukraine. Here are a few common ones:
- Family support: many people have family members living in Ukraine whom they wish to support financially. This could include sending money for living expenses, education, healthcare, or other essential needs.
- Humanitarian aid: in certain situations, people may want to provide financial assistance to support humanitarian efforts in Ukraine, such as disaster relief, poverty alleviation, or helping vulnerable populations.
- Cultural or social contributions: some individuals may send money to support cultural events, festivals, or community initiatives in Ukraine. This can help preserve cultural heritage, promote arts and literature, or support social causes.
- Remittances: Ukrainians who have migrated to other countries for work often send money back home to support their families. Remittances play a significant role in Ukraine’s economy and contribute to the well-being of many households.
- Helping Women: men who are romantically involved with women from Ukraine may choose to help them with some living expenses. Especially since the Russian Special Military Operation there.
It’s important to note that when sending money internationally, and especially to Ukraine, you should be sure to use secure and reliable channels for the transfer to protect your funds.
One such channel is Wise, formerly Transferwise. Clicking the Wise links or banners on this page will give you your first transfer of up to £500 or the equivalent free of any fees.
Who is Wise?
Wise, formerly known as TransferWise, is a financial technology company that provides online money transfer services. Founded in 2011 by Taavet Hinrikus and Kristo Käärmann, Wise offers a modern and efficient alternative to traditional banks for sending and receiving money across borders.
Wise’s primary focus is on providing low-cost international money transfers with transparent and competitive exchange rates. They have developed a peer-to-peer platform that matches individuals or businesses in different countries who want to exchange currencies. Instead of using the traditional banking system, Wise uses a smart matching algorithm to pair customers who have opposite currency needs. This allows for direct currency exchange without actually moving the funds across borders, resulting in lower fees and better exchange rates.
One of the key features that sets Wise apart is its “mid-market” or “real” exchange rate. Wise ensures that customers who want to send money to Ukraine receive the same exchange rate that they would find on financial markets, without adding any hidden fees or markups. The company charges a transparent and low service fee, which is often significantly lower than what banks and traditional remittance services charge.
Wise has gained popularity and trust among individuals and businesses around the world due to its transparency, convenience, and cost-effective services. It operates in more than 70 countries, supporting over 1,300 currency routes, and has served millions of customers.
In addition to money transfers, Wise also offers other financial services, such as multi-currency accounts, debit cards, and business solutions, making it easier for customers to manage their money globally.
Overall, Wise aims to make international money transfers more accessible, affordable, and transparent for individuals and businesses, challenging the traditional banking system and providing a user-friendly platform for sending and receiving money across borders.
Wise is a good choice for sending money to Ukraine due to several reasons:
- Low and Transparent Fees: Wise offers competitive and transparent fees for international money transfers. They charge a nominal service fee, which is often significantly lower than what traditional banks or remittance services charge. This can result in cost savings, especially for frequent or large transfers.
- Real Exchange Rates: Wise provides customers with the mid-market or real exchange rate, which is the same rate you would find on financial markets. They do not add any hidden fees or markups to the exchange rate. This ensures that you get a fair and transparent conversion rate when sending money to Ukraine.
- Speed and Convenience: Wise enables quick and efficient money transfers. Once your funds are received by Wise, they can be converted and sent to the recipient in Ukraine within a matter of hours or a few business days, depending on the payment method chosen. The online platform is user-friendly, allowing you to initiate and track transfers conveniently from your computer or mobile device.
- Safety and Security: Wise is a regulated financial institution that adheres to strict security protocols and industry standards. They employ robust encryption and security measures to safeguard your personal and financial information. Additionally, Wise has a strong reputation in the fintech industry and has served millions of customers worldwide, giving you confidence in the reliability and trustworthiness of their services.
- Local Currency Payouts: Wise provides local currency payouts in Ukraine, which can be advantageous for the recipient. Instead of receiving funds in a foreign currency and potentially incurring additional fees for currency conversion, the recipient in Ukraine can receive the money directly in the local currency, Ukrainian hryvnia (UAH).
- Convenient Payment Options: Wise offers various payment options to fund your transfers, including bank transfers, debit cards, and credit cards. You can choose the most convenient and cost-effective method for you.
- Customer Support: Wise has a responsive customer support team that can assist you with any queries or concerns you may have regarding your money transfers. They provide support through various channels, including email and chat, to ensure a smooth and satisfactory experience.
Can Wise be Trusted?
Wise is widely regarded as a trustworthy platform, especially for those who want to send money to Ukraine. Here are several factors that contribute to Wise’s reputation for trustworthiness:
- Regulation and Licensing: Wise is a regulated financial institution and holds licenses in multiple jurisdictions. It is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom, which is known for its stringent financial regulations. Wise is also licensed or registered with regulatory bodies in other countries where it operates. This regulatory oversight ensures that Wise adheres to specific standards and requirements, providing an additional layer of protection for customers.
- Strong Track Record: Wise has been operating since 2011 and has served millions of customers worldwide. Over the years, the company has built a strong track record of reliable and secure money transfer services. It has earned the trust of individuals, businesses, and institutions globally.
- Transparency: Wise is known for its transparent approach to fees and exchange rates. They provide clear and upfront information about the fees involved in each transaction, ensuring that customers are fully aware of the costs associated with their transfers. Wise also offers the mid-market or real exchange rate without any hidden fees or markups, ensuring transparency and fairness.
- Security Measures: Wise employs robust security measures to protect customer information and funds. They use advanced encryption and security protocols to secure their online platform and data transmission. Wise also complies with strict data protection regulations to ensure the confidentiality and integrity of customer data.
- Positive Customer Feedback: Wise has received positive feedback from numerous customers who have used their services. Many people appreciate the ease of use, competitive rates, and reliable transfers offered by Wise. Positive reviews and testimonials from satisfied customers contribute to Wise’s reputation as a trustworthy platform.
- Financial Backing and Partnerships: Wise has secured substantial financial backing from reputable investors and venture capital firms. This demonstrates the confidence that industry leaders have in the company’s business model and its potential for growth. Wise has also formed partnerships with established financial institutions, further enhancing its credibility and reputation.
How fast can the money be in Ukraine?
Using your Wise account, literally in minutes. You set up the transfer online, input the recipient’s details (usually a debit card number in Ukraine) and when you’re good to go, flip to your online banking portal or app, send the cash to Wise, return to the Wise app or web page, click to say you’ve sent the payment to Wise, and you’ll see it unfold on the screen. It usually takes less than a minute before the recipient will have it in their account in Ukraine. Yes, it really is that fast.
Who are we?
We are the editorial team at the Russian Ukrainian advice forums (you are welcome there by the way) and we have a lot of experience sending money to Ukraine. We have spent a significant amount of time in both Russia and Ukraine, becoming well-versed in sending and transferring money between the two countries. Having lived and worked in both nations, we have developed a deep understanding of the intricacies of their financial systems, local regulations, and cultural nuances surrounding money transfers. With years of firsthand experience, we have mastered the art of finding the most efficient and cost-effective ways to send money across borders, whether it’s for personal reasons, business transactions, or supporting family and friends. We are knowledgeable about the various platforms and services available, including Wise, traditional banks, and local remittance providers, and can provide valuable insights and guidance to ensure smooth and secure transactions. Our expertise, combined with our collective cultural fluency and extensive network, makes us a trusted advisor for anyone seeking advice on sending money to Ukraine.
And we recommend Wise.
Clicking the Wise links or banners on this page will give you your first transfer of up to £500 or the equivalent free of any fees.