Finance and Credits

General information

Numerous banks, insurance companies, financial institutions, commodity exchanges, business centers operate in every city of Ukraine. You can get a list of services provided and other useful information when you visit the places mentioned. 

Totally, there are over a hundred banks in Ukraine which perform both general and specified functions. Bank consolidation is the latest tendency in the country.

Demand for insurance products increases. There is mandatory and voluntary insurance in the country.

Credits are allotted by some credit institutions, credit unions or banks.

A peculiar feature of today is that non-bank financial institutions extend their activity and increase the number of proposals they offer their clients.

“There are many business opportunities in Ukraine for companies who operate on the ground in Ukraine and have a long-run business plan. Government action to implement reforms that will improve the business environment is the key to the future”

Worth to know

National currency in Ukraine is hryvnia (UAH). Bank notes may have such par values as 1, 2, 5, 10, 20, 50, 100, 200 and 500. Coins are 1, 2, 5, 10, 25 and 50 kopeks. Paper money shows outstanding historic figures on one side and famous buildings – on the other side.

Automatic tellers are located everywhere; wherever you are you can always either withdraw cash or do any other transaction. Another convenience is the possibility to choose currency: hryvnia, Euros or US dollars.

Currency exchange can be done in any exchange office or in any bank branch without standing in a line.

Money transfer. Money transfer, another useful service, is provided in every bank on the territory of Ukraine:  Western Union, MoneyGram, and Contact. In addition, every bank worked out an individual national system; all your questions will be satisfied by bank officers.

Payment can be made in cash and on account. It is true for all supermarkets and trade centers. Euros and US dollars can be used in many shopping and recreation centers.

Debit and credit cards are very popular in Ukraine; the most known cards are MasterCard, Visa, etc. When a card is used, a certain interest is deducted from the account.

Insurance

While in Ukraine, it is advisable to have a policy of assurance, then the insurance company will compensate your risk and/or damage. Ukraine supports “Green Map” which means the following: if there is an insurance case with your vehicle on the territory of Ukraine, the insurance company will make insurance compensation which is confirmed by an international certificate “Green Map”