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Rent Kiev Daily is your reliable partner for quality accommodation.
Kiev apartments is the best alternative to Kiev hotels. For the low price you will find our high-quality bed, privacy and comfort.
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What is the currency in Ukraine.
The name of the Ukrainian currency is the Hryvnia (UAH). The Hryvnia was established as the national currency in 1996 and was named after the Middle Ages powerful Kiev Rus state money. The currency is issued in 1,2,5,10,20,50,100,200 and 500 bill denominations and 1grynvia consists of 100 kopecks that are issued in 1,2,5,10,25 and 50 denominations. A gold coloured 1 hryvnia coin was also recently introduced. In the early days the hryvnia exchange rate was 2 UAH to 1 US dollar and now, after several devaluations the currency is trading at 8 UAH to 1$. In general Ukraine currency is tied to the US dollar and does not bounce outside a restricted trading range which is the policy of The National Bank of Ukraine.
After some changes to the banking laws in 2011 most currency exchanges (obmin valyut’s) were forced to close although there are still some scattered around the centre and are easily recognizable with their black and yellow signs. When exchanging money always take your receipt and check your money before leaving the window. A better alternative for exchanging money would be to use one of the many foreign banks located in the city centre. Here the staff often speaks English.
Euros and US dollars are massively circulating in Ukraine but in the stores or restaurants only the national currency is accepted for payment. Ukrainians in general keep their savings in US dollars or Euro’s at home as most are fearful of further devaluations of their national currency, or even worse, the complete loss of their life savings as when Soviet government owned bank Sberbank collapsed along with the Soviet. Even when making large transactions such as purchasing real estate most deals are done (about 90%) using cash.
Ukrainian deposit Rates.
At the time of writing this article it is possible to obtain 20% or more on your bank deposits in Ukrainian money in one of the foreign banks operating in Ukraine. Although it is not advised to put your life savings on deposit it might be something worth considering for the high risk, high return part of your investments!
ATMs and security issues.
Ukraine is one of the world leaders in the list of cyber crimes. Credit or debit cards are not widely used and it is highly advised to limit their usage to major supermarkets and established restaurants. It is also much safer to use ATMs in banks or well secured locations where machines are observed with security cameras and hidden devices which can obtain a users personal information is harder to install.
Travel checks
It is possible to use travelers checks in Ukraine but they can only be cashed at a bank and one needs to remember that not all the country's banks offer such services and exchanging travel checks to Ukrainian money might become a hassle.
Ukrainian Gryvnia banknotes Overview.
The featured banknotes are of latest issue after National Bank of Ukraine reform in 2004 but both old and new types of the bills are in circulation. The bills shown below are the latest issue of Ukrainian grivna.
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