Cheapest Way to Send Money to Ukraine: 5 Low-Cost Options Compared

Finding Affordable Ways to Support Loved Ones in Ukraine

With millions of Ukrainians relying on international financial support during ongoing challenges, finding the cheapest way to send money to Ukraine is crucial. High fees and poor exchange rates can significantly reduce much-needed funds. This guide compares the most cost-effective methods, helping you maximize every dollar or euro sent to family and friends.

Key Factors Affecting Transfer Costs

Before choosing a service, understand these cost drivers:

• Transfer Fees: Flat fees per transaction (e.g., $0-$10)
• Exchange Rate Margins: Hidden markups on currency conversion (often 1-5%)
• Delivery Speed: Instant transfers typically cost 2-5x more than slower options
• Receiving Fees: Some Ukrainian banks charge incoming transfer fees

5 Cheapest Ways to Send Money to Ukraine

1. Wise (Formerly TransferWise)

Uses real mid-market exchange rates with fees starting at 0.41%. Transfers to Ukrainian bank accounts (UAH) typically cost 0.5-1.5% total. Best for: Transfers over $200.

2. Revolut

Offers fee-free USD/EUR to UAH transfers during weekdays. Weekend fees apply (1%). Free for Standard users up to €1,000/month. Best for: Small, frequent transfers.

3. Cryptocurrency (USDT/BTC)

Peer-to-peer platforms like Binance P2P charge 0% fees. Recipient must convert crypto to UAH via local exchanges. Best for: Tech-savvy users sending $500+.

4. KoronaPay

Specialized Eastern European service with fees from 0.5% for card-to-card transfers. Cash pickup at 12,000+ locations. Best for: Urgent cash deliveries.

5. Bank Transfers (SEPA/EUR)

EU-to-Ukraine euro transfers via SEPA network cost €0-3. Avoid USD SWIFT transfers (high fees). Best for: Large sums (€10,000+).

Step-by-Step: Minimize Costs in 5 Steps

1. Compare Real Costs: Use comparison tools like Monito or SendMoney to see total fees + exchange rates
2. Choose Local Currency Delivery: Always send in EUR/USD and let recipient’s bank convert to UAH
3. Bundle Transfers: Send larger amounts less frequently to reduce per-transaction fees
4. Time Your Transfer: Avoid weekends/holidays when FX margins increase
5. Verify Receiving Options: Bank deposits are usually cheaper than cash pickup

FAQs: Sending Money to Ukraine Affordably

What’s the absolute cheapest method overall?

Cryptocurrency via P2P platforms has near-zero fees but requires recipient crypto access. For traditional options, Wise typically offers the lowest all-in cost for bank transfers.

Are there hidden fees to watch for?

Yes! Check for: correspondent bank fees (up to $15), receiving bank charges (up to 1% in Ukraine), and dynamic currency conversion traps where intermediaries apply poor rates.

How fast are budget transfers?

Economy options take 1-3 days. Revolut/Wise offer same-day delivery for 0.5-1% extra. Cryptocurrency transfers settle in minutes but conversion to UAH may add hours.

Is cash pickup cheaper than bank transfer?

No. Cash collection at locations like NovaPay or Ukrposhta typically costs 1-2% more than direct bank deposits due to handling fees.

Can I send money for free?

Some neo-banks (e.g., Revolut Premium) offer limited fee-free transfers. Charities like United24 facilitate zero-fee donations, but not personal transfers.

Pro Tip: Always check the National Bank of Ukraine’s daily exchange rate before sending to identify unfair margins. For transfers under $100, prioritize fixed low fees (e.g., KoronaPay’s €1 transfers), while larger amounts benefit from percentage-based fee structures like Wise’s.