The Cheapest Way to Send Money to Ukraine: Save on Fees & Exchange Rates

Introduction: Sending Money to Ukraine Affordably

With over $18 billion in annual remittances flowing into Ukraine, finding the cheapest way to send money is crucial for families and businesses. High fees and poor exchange rates can significantly reduce the amount received. This guide compares the most cost-effective methods, helping you maximize every dollar or euro sent to Ukraine while ensuring speed and security.

Why Traditional Money Transfers to Ukraine Are Expensive

Banks and legacy providers often charge hidden costs through:

• Transfer fees: Up to $50 per transaction
• Exchange rate markups: 3-7% above mid-market rates
• Intermediary bank charges: Additional $10-$30 deductions
• Receiving fees: Ukrainian banks may deduct 0.5-2%

These combined costs can reduce transfers by 10% or more. Digital alternatives have disrupted this model with transparent pricing.

5 Cheapest Ways to Send Money to Ukraine

Based on fee structures and exchange rates, these methods deliver the most value:

1. Wise (formerly TransferWise)
   Uses real mid-market rates with fees from 0.35%. Transfers arrive in minutes to Ukrainian bank accounts. Best for EUR/USD transfers under €5,000.
2. Revolut
   Free transfers during weekdays with Premium plans. Exchange rates include 0.5-1% markup on weekends. Ideal for frequent small transfers.
3. Cryptocurrency (USDT/BTC)
   Peer-to-peer platforms like Binance P2P charge ~0.1% fees. Recipients convert to UAH via local exchanges. Fastest for tech-savvy users.
4. Remitly Economy
   Flat $3.99 fee for USD→UAH transfers taking 3-5 days. Offers cash pickup at 5,000+ locations including NovaPay and PrivatBank.
5. Monobank International Transfers
   Ukrainian neobank with 0.3% fee (min €1.5) for SEPA transfers. Instant delivery to Ukrainian cards.

How to Choose Your Money Transfer Service

Consider these factors when selecting the cheapest option:

• Transfer size: Flat fees favor large transfers; percentage fees suit small amounts
• Speed needs: Cryptocurrency/Revolut for instant; Wise for <24hr; Remitly for budget
• Delivery method: Bank deposits vs. cash pickups (PrivatBank, Raiffeisen)
• Promotions: New user offers like fee-free first transfers

Always compare real-time quotes on aggregator sites like Monito or SendMoney24.

Step-by-Step: Sending Money to Ukraine Cheaply

1. Verify exchange rates on XE.com for benchmark
2. Create accounts with 2-3 shortlisted providers
3. Enter transfer details (amount, recipient IBAN/card)
4. Select “economy” speed for lowest fees
5. Pay via bank transfer (avoid credit card surcharges)
6. Track transaction via app notifications

Tip: Schedule transfers mid-week for better EUR/UAH rates when markets are active.

FAQ: Sending Money to Ukraine

What’s the absolute cheapest method overall?

Wise typically offers the lowest combined cost (fee + exchange rate) for transfers under €5,000, averaging 0.5% total cost.

How fast are transfers to Ukraine?

Digital providers deliver in minutes to 24 hours. Bank wires take 1-3 business days. Cash pickups via Remitly/Western Union: under 10 minutes.

Are there transfer limits?

Most services allow $10,000-$50,000 monthly. Ukrainian regulations require ID verification for transfers over €15,000 equivalent.

Is cryptocurrency safe for remittances?

Yes, when using regulated exchanges like Binance. USDT stablecoins avoid volatility. Double-check wallet addresses to prevent errors.

Can I send money for free?

Revolut Premium offers fee-free weekday transfers. First-time users get waived fees on Remitly ($100 max) and Wise (up to €500).

Do Ukrainian banks charge receiving fees?

PrivatBank, Oschadbank, and Monobank absorb fees for transfers in UAH. Foreign currency deposits may incur 0.5-1% conversion fees.

Conclusion: Maximize Your Transfers

The cheapest way to send money to Ukraine combines competitive exchange rates with low fixed fees. Digital specialists like Wise and Revolut consistently outperform traditional banks. For transfers under €1,000, expect to pay less than 1% in total costs using our recommended providers. Always verify recipient details and monitor rate trends to optimize timing – your Ukrainian contacts will appreciate every saved hryvnia.