Sending money from UK to Ukraine is easy and efficient but finding the best rates and lowest fees can be a little trickier. If you’ve never sent an international transfer before or you’ve never sent money to Ukraine before, you might also have some unanswered questions about the process works, but help is at hand.
In this article, we cover the essential information you need when sending money to a recipient in Ukraine and provide answers to some of the most common questions about sending money from UK to Ukraine.
How to Send Money from UK to Ukraine
As Ukraine is not yet part of the European Union (EU), you’ll need an international transfer method that allows you to send funds to recipients outside of the European Single Payments Area. Fortunately, there are well-established financial systems in place to facilitate these transactions securely.
One of the most popular ways to send money to Ukraine is via a SWIFT transfer. The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has been facilitating cross-border payments for decades and it provides a highly secure method of sending money from UK to Ukraine.
Technically, SWIFT is a messaging system that sends ‘payment orders’ that reflect the specifics of your transaction. Then, the funds are passed through various intermediaries before arriving in the recipient’s account.
If you’re sending a large amount of money to Ukraine, it may be possible to send the funds via the European Central Bank’s TARGET2 system. Connecting more than 52,000 institutions worldwide, TARGET2 enables funds to be sent to global locations, including outside of the EU. However, funds can only be sent in Euros and the relatively high fees for these transactions mean they are typically reserved for high-value transfers.
Due to this, SWIFT is one of the most popular options when you’re sending money from UK to Ukraine and PayAlly makes it easy for accountholders to send SWIFT transfers at any time.
How Much Money Can I Send from UK to Ukraine?
If you’re sending money from UK to Ukraine via a SWIFT transfer, there are no minimum or maximum transfer limits in place. Whether you’re supporting a local charity, sending funds to friends and family or collaborating with a business in the Ukraine, you can send any amount to your intended recipient.
However, it’s important to be aware that some financial service providers do impose their own upper and lower transfer limits and the cost associated with sending an international transfer can be dependent on the amount you’re transferring.
How Long Does It Take to Send Funds to Ukraine?
When you arrange a SWIFT transfer to send money from UK to Ukraine, it can take around 3-5 business days for the transaction to be complete and the funds to arrive. As the funds may need to be passed through a number of intermediaries, this can slow the process down, hence the extended completion time.
However, many SWIFT transfers do arrive more quickly, particularly if they’re being sent via popular financial ‘routes’. Due to this, it’s fairly likely that a transfer from the UK to Ukraine will arrive before the five-day deadline.
How Much Does It Cost When Sending Money from UK to Ukraine?
Some cross-border transfers do incur fees, particularly when you’re sending from the UK to a location outside of the EU. However, there are cost-efficient ways to reduce the cost of sending money from UK to Ukraine.
Firstly, check your service providers fees and charges. These can vary significantly from one provider to another, so it’s worth making sure you’re getting a competitive deal. Many transfer providers charge a mix of flat fees and commission, so the amount you’re planning to transfer is likely to affect the total price of the transfer.
What Is GBP-UAH Exchange Rate?
When you’re sending money from UK to Ukraine, the funds will need to be converted from Pounds (GBP) to Ukrainian Hryvnia (UAH) and the exchange rate will impact how much you send in total.
If you want the accountholder to receive 10,000 hryvnia, for example, you will need to send approx. £220.12 if the exchange rate was 45.42. However, if the exchange rate rose to 54.89, you would only need to send approx. £182.18 for the recipient to receive 10,000 hryvnia.
However, currency exchange rates are not static, and the value of the Pound is consistently changing. Due to this, it can be advantageous to plan cross-border transactions in advance so you can act as soon as a favourable exchange rate is reached.
Alternatively, you may choose to use a ‘forward contract’ that allows you to secure a current exchange rate and use it to facilitate a future transfer. This can enable you to capture a ‘good’ exchange rate, as well as providing certainty over how much you’ll need to send to ensure the recipient receives the intended amount.
What Information Do I Need When Sending Money from UK to Ukraine?
Presuming you have already registered or opened an account with your chosen service provider, then their online portal will store relevant details relating to your own identity and financial information, such as your account number. This ensures the money is taken from the correct account when you’re making a cross-border transaction.
Of course, you’ll need to input basic information about the recipient and their account in order to facilitate the transaction. When making a SWIFT transfer, for example, you’ll typically be asked to submit the recipient’s name and address, the name and address of their bank, as well as their International Bank Account Number (IBAN) and Bank Identifier Code (BIC).
Sending from UK to Ukraine with PayAlly
Opening a PayAlly account gives you easy access to a variety of cross-border transfer options, as well as a whole host of additional services. What’s more – our bespoke financial ecosystem is designed to deliver cost-efficient services that simplify and localise international financial management, so sending money outside of the UK is always simple.
To learn more, contact PayAlly now.