Opening a bank account is one of the most common procedures in the sphere of banking and finance in Ukraine. The service of opening a bank account in Ukraine is now available for Ukrainians as well as for foreigners or non-residents. Both companies and individuals – non-residents, as well as foreign investment funds, can open a bank account in a number of banks in Ukraine.
Can a foreigner open a bank account in Ukraine?
The foreigners may need a personal bank account for several reasons, namely, when they need to buy property in Ukraine, set up their own business or in case of having overstayed in Ukraine. Non-residents may also need a personal bank account when they want to establish a foreign-currency deposit.
The type of account depends on the purpose the account is opened for. The main types of bank accounts are as follows:
- A card account. Money operations may be performed both at the ATM and with a bank manager. The card account may be used to withdraw money, to buy property (real estate operations), for non-cash money turnover or to carry on any financial activity.
- A current account. May be used for the same purposes as a card account, the difference is that money operations can be performed with a bank manager only.
- A deposit account. Used to accumulate capital. Ukrainian banks offer fixed deposit rates higher than in other countries abroad. However, it is impossible to perform money operations until the contract termination.
- An investment account. Used for operations concerned with investing in Ukraine, for instance, to buy a share of a Ukrainian company’s nominal share capital.
The bank account may be opened in the UAH or in foreign currency (US dollars, euros, UK pounds, etc.). A non-resident can open a number of bank accounts in one bank or in a number of banks in Ukraine. It is important to keep in mind that at the ATM a foreigner may withdraw only UAH. Foreign currency may be withdrawn from the account in the banking outlet.
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 may open a bank account either in a state-owned bank or in a private bank. In terms of reliability, state-owned banks are preferable to choose, however, private banks may offer more favourable financial conditions, i.e. higher deposit rates, better exchange rates or more developed Internet banking services.
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 web-site 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 web-site Ukrsibbank.
- Credit Agricole – all the necessary information is available in English on the official web-site Credit-agricole
- KredoBank – all the necessary information is available on the official web-site Kredobank
- Pravex Bank – all the necessary information is available in English on the official web-site Pravex
- Raiffeisen Bank Aval, the biggest Ukrainian bank with foreign capital – all the necessary information is available in English on the official web-site Aval.
If you need legal support in terms of choosing the most suitable bank with the most favourable 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:
- Original passport of international standard. Foreigners have to stay in Ukraine legally. To confirm their stay, they should have visa in their passports or in case of visa-free entry – entry stamp. If the foreigner exceeds the period of their legal stay in Ukraine, they will not be able to open a bank account without legal support.
- Document which contains the information about the place of a foreigner residence / stay in Ukraine. Some banks do not require any official papers, the information provided by the person – non-resident who wants to open the bank account is sufficient.
- The document confirming the solvency of the foreigner and legal origin of funds available.
- Translation of the passport into Ukrainian. Although it is not required by all banks, it is recommended to have it, if needed.
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”.