Expatriate Life > Personal Banking and Finances

Cheapest way to transfer 2000 EUR to somebody in Ukraine?

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K24:
What is the cheapest way to transfer 2000 EUR from the European Union to somebody in Ukraine these days, please?  Payment does not necessarily need to be converted into UAH, receipt of EUR would be fine.

Thank you.

BobLviv:
You could use Western Union, send and collect at most Ukrainian banks.
I'm in this process myself at present. I cannot tell you whether such bank will charge you for collecting cash money additionally.
Alternatively, do you have an UA bank account in ?'s ? In principle only possible when you have a UA tax Id.
If so, use TransferWise to transfer from your Euro source to your UA ? account. Collect the money by exchanging to cash. That will cost you in most cases "just" 1% of the amount. Knowing that TransferWise only charge you ?0.63 for a ? to ? transfer, it's rather cheap but above all a good way of doing. And fast ;)
Just my 2 kopekes ;)

UKUA:
We have also used Transferwise for years. However, they can only credit UAH to a Privatbank account that includes a debit card.

No problems whatsoever.

Others may have their own preferences.

K24:

--- Quote from: BobLviv on 14:58 26-Aug-2020 ---You could use Western Union, send and collect at most Ukrainian banks.

--- End quote ---

Thank you.  Actually, I found an incredibly cheap offer from Western Union.  If you transfer the money in EUR from your bank account or credit card to Western Union for the recipient to pick up in EUR (not to pick up in UAH, but EUR!), they charge an incredibly low fee of only about 4 EUR which of course would be by far the cheapest way to do it.

However, I am very concerned about Western Union actually properly functioning at the moment.   If have looked at their ratings and comments on sites like TrustPilot and since at least the start of covid, their ratings have shockingly plummeted.  Of course these sites more attract people who want to complain, but even bearing this in mind the comments there are so consistently disastrous that it made me very scared about using Western Union at this point of time.

If anybody else has very recent experience with them, since the start of covid, then please kindly share.  Thank you.

BobLviv:
Interesting reaction. Thanks.
Actually, as said earlier, I'm in the process of sending/receiving money myself.
I had transferred ? from EU account. I went to collect it, but it was not there ...
We found out that there was a message from WU saying that the money was on hold. They wanted a further prove of the right to use the EU account (holder) to use the account. Without going into details, the question was legitimite, since there was a small issue. We were able to clarify and within an hour WU confirmed the money was cleared and ready to be collected. That will be done today.
Just to react on your point of complaints about WU. I would say, here they reacted rightfully and properly.

If this collecting will go without any further costs or hazzle, I agree that it is a very cheap way.
My alternative solution is to use TransferWise. Transfer ? to ? account at Privat bank (!!) and have it either exchanged to your UAH card, or collect it as cash ?, where the fee will be 1%.
Note: If you sent it to another bank in UA, it will be SWIFT transfer, which could be rather expensive.

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