Introduction

Finance as an instrument of commodity exchange dates back to ancient times, as does tribute. This means that cross-border transactions are thousands of years old. With globalisation, international transfers have become increasingly popular. Even with the transition from coins to banknotes and to non-cash (and even digital) finance, they have not disappeared. The variety of currencies is not an obstacle, as currency exchange has become easier nowadays. Such payments are relevant not only for individuals but even for entire countries. After all, goods and resources can be ordered in another country.

But these are just examples, how can you withdraw money abroad or transfer currency abroad?

Section 1: International money transfers

International money transfers are sending money between countries. The currency can be one and converted to another when it is sent. There are 3 ways to make a transfer:

One of the most popular options for bank transfers abroad is Western uniоn. This service can send currency in the amount of $50 or more to any country in the world. Cons: high fees (up to 14%) and a long waiting time of about a week. However, restrictions on currency transfers from Ukraine abroad were imposed after the outbreak of the war. The limit for money transfers was 10-25 thousand dollars, and for withdrawals without declaring it was up to 10 thousand euros. The limit can also be spent only on certain needs.

Electronic transfers – sending money from one account to another. Visa and Mastercard payment systems support currency transfers, but there are nuances. For example, not all Ukrainian banks can support sending money to a foreign bank. But even if the bank approves, the amount of money you can transfer abroad is up to UAH 100,000.

SWIFT is responsible for transferring currency from Ukraine and other countries abroad. This organisation must approve the payment. At the moment, Ukraine has restrictions on SWIFT transfers. That is, if the limit for transferring money abroad from Ukraine is exceeded, it will not go through. A cryptocurrency transfer is the sending of digital (rather than non-cash) finances. Sending cryptocurrency is quite cheap and relatively fast. In addition, these funds do not fall under the SWIFT jurisdiction. Formally, there is no limit on sending crypto. If you cannot withdraw it in cash, you can withdraw it through services. Our service-exchanger AnyExchange will not only help you withdraw money to your card, but will even deliver cash by courier directly to your relatives. Even if your relatives are abroad.

This is the best answer to the question: ‘How to transfer money abroad from Ukraine?’ is with cryptocurrency. But only if you send money to your relatives. After all, crypto may not be suitable for paying bills or investments or other payments.

Section 2: Paying for goods and services abroad

Even during the war, online payments did not disappear from the lives of Ukrainians. Although they decreased by one and a half times.

From the first day of the war, banks decided to improve their payment systems. They helped businessmen use cashless payments as often as possible. There was a limit on the purchase of foreign currency, but the restrictions were only on foreign currency transfers abroad and for large amounts. The service life of the cards was extended.

For online payments, you need to enter data: Card number, CVV code, and expiry date. If a person was in another country and could not get a new card, electronic cards were issued freely.

Hryvnias to euros, dollars, etc. were perfectly converted at the current exchange rate. That is, you could use a card from a Ukrainian bank to pay for goods in another country. If the online store kept prices in foreign currency, it was not a problem.

In any case, a currency transfer abroad is not necessary to help a relative. You can send hryvnia to your relative’s card.

Section  3: Investing abroad

In any economic situation, it is important to diversify your investments. For example, Twitter shares (now ‘X’) have fallen in value in the year since Elon Musk bought them. However, when he bought it, it rose by 10%. There is no need to talk about the volatility of cryptocurrency prices.

In order not to lose all your money in one week, and to be able to increase it, you need to diversify your investments. That is, do not invest all your funds in just one company.

From 24 February 2022, there were limits on transferring hryvnia abroad and a ban on investing in securities.

Ukrainians could pay with cards issued by Ukrainian banks, without restrictions or prohibitions, even if they were not in Ukraine. The only ban concerned brokerage services, the purchase of securities, etc.

Later, the restrictions became more relaxed and allowed investment, even through foreign brokers. This method required investments of more than $10,000. This amount already exceeded the limit for foreign currency transfers abroad, and not all investors have such funds at their disposal.

Restrictions were lifted on the shares of most foreign companies that were traded in Ukraine before the war. Many small investors and beginners buy shares in ETFs. These funds split shares and sell them. Securities of Apple, Amazon, Tesla, and other large companies can be bought on such funds without huge costs.

Many countries have investor protection mechanisms in place, even in the event of a company’s bankruptcy. However, it is very difficult to get all the money back, so investors

Section 4: Practical tips and tricks

In 2022, transferring money abroad from Ukraine was difficult, with many restrictions and hryvnia inflation reaching 26.6%. But transferring money abroad from Ukraine in 2023 was not impossible. The best option is to send money to a Ukrainian bank card. But only on the condition that those to whom you transfer funds have cards. Such a transfer of funds abroad does not require foreign currency, knowledge of cryptocurrencies, personal presence in the bank, etc. The commission will be a few percent, and the waiting time is usually only 10 minutes.

But the downside of this method is hryvnia inflation. Therefore, you need to save money: If possible, pay in cash instead of entering card details. It is even better to withdraw almost everything from the card, because in another country you can withdraw from an ATM only in foreign currency, which will protect you from hryvnia inflation.

But you need to be careful here: inspect the ATM so that it does not look suspicious: no unnecessary cameras, the terminal looks the same as on the screen, etc. Fraudsters can install cameras and various devices that will read card data. In addition, choose an ATM in a language you know and/or use a translator. Because foreign words may sound similar but have a completely different meaning.

Conclusion

Transferring money abroad from Ukraine in 2022-2023 had many difficulties and restrictions. Even seemingly conventional methods had limitations, and financial transactions could simply be rejected. Restrictions even applied to cryptocurrencies and investments. Financial transactions became more complicated, but they were still possible, even without loopholes in the laws.

Our exchanger “AnyExchange” is trying to make people more financially free. Therefore, it supports money transfers and can easily exchange your cryptocurrency for any fiat currency. Even if you are in another country, our courier will deliver it right to your door. Problems with withdrawing funds – we will help. And if you prefer cryptocurrencies, we will exchange your fiat for a secure crypto or conduct a currency exchange.