How to open a bank account in Ukraine

Opening a bank account is one of the most common banking and finance procedures in Ukraine. Today this service is available to Ukrainians and to foreigners and non-residents alike. Non-resident companies and individuals, as well as foreign investment funds, can open an account at a number of Ukrainian banks.

Can a foreigner open a bank account in Ukraine?

Foreigners may need a personal bank account for several reasons — for example, to buy property in Ukraine, to set up their own business, or after overstaying their permitted period in Ukraine. Non-residents may also need a personal account to place a foreign-currency deposit.

The type of account depends on its purpose. The main types are:

• A card account. Transactions can be carried out both at an ATM and with a bank teller. A card account can be used to withdraw cash, to buy property (real-estate transactions), for cashless payments, or for any other financial activity.
• A current account. Used for the same purposes as a card account, except that transactions can only be carried out with a bank teller.
• A deposit account. Used to accumulate capital. Ukrainian banks offer higher fixed deposit rates than many other countries, but you cannot carry out transactions until the deposit contract ends.
• An investment account. Used for investment transactions in Ukraine — for example, to buy a stake in the share capital of a Ukrainian company.

An account can be held in hryvnia (UAH) or in a foreign currency (US dollars, euros, British pounds, etc.). A non-resident can open several accounts at one bank or across several Ukrainian banks.  Keep in mind that at an ATM a foreigner can withdraw only hryvnia; foreign currency must be withdrawn at a bank branch.

Opening a bank account in Ukraine does not take long if a foreigner has all necessary documents.

Did you know? “Olha Petrukhina Law Firm” provides comprehensive legal support for foreigners who want to open a bank account in Ukraine.

How to choose the bank in Ukraine

A non-resident can open an account at either a state-owned or a private bank. State-owned banks are generally preferable for reliability, while private banks may offer more favorable terms — higher deposit rates, better exchange rates, or more advanced online banking.

State-owned banks in Ukraine are:

• Bank fees and charges depend on the type of account and operations performed. The bank has its official site with all necessary information available in English Oschadbank.
• All the conditions and rules, as well as bank charges and fees are available in English on the official website of the bank Privatbank.

According to the statistics of 2020, in terms of reliability the private banking top 5 in Ukraine are as follows:

• Ukrsibbank – all the necessary information is available in English on the official website Ukrsibbank.
• Credit Agricole – all the necessary information is available in English on the official website Credit-agricole
• KredoBank – all the necessary information is available on the official website Kredobank
• Pravex Bank – all the necessary information is available in English on the official website Pravex
• Raiffeisen Bank Aval, the biggest Ukrainian bank with foreign capital – all the necessary information is available in English on the official website Aval.

If you need legal support in terms of choosing the most suitable bank with the most favorable conditions, don’t hesitate to contact “Olha Petrukhina Law Firm”.

What documents are necessary to open a bank account in Ukraine

To open a bank account, foreigners must have the following documents:

• A valid international passport. Foreigners must be staying in Ukraine legally; to confirm this, they need a visa in their passport or, for visa-free entry, an entry stamp. A foreigner who has exceeded their permitted period of stay cannot open a bank account without legal assistance.
• A document showing the foreigner’s place of residence or stay in Ukraine. Some banks do not require official paperwork and accept the information provided by the non-resident.
• A document confirming the foreigner’s solvency and the lawful origin of their funds.
• A Ukrainian translation of the passport. Not every bank requires it, but it is advisable to have one on hand.

To open a bank account in some banks foreigners may also be asked for

• Valid residence permit
• Tax Payer Id. Number (TIN) – a taxpayer identification number in the State Register of Individual Taxpayers
• Work permit.

In case you need any legal support concerning documents or their validity, you may consult “Olha Petrukhina Law Firm”.