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Jul 22, 2024
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Hryvnia and money in Ukraine

Sun, 09/11/2022 - 12:09
Author: admin

Since 1996, the country has used a currency called the hryvnia. This is the only legal means for any settlement on the territory of the country. The name "hryvnia" is taken from the currency and weight unit common in the XI-XV centuries on the territory of modern Ukraine. Also, in the Old Slavonic language, the word grivna meant a necklace or bracelet worn around the neck.

It is indicated by the symbol₴, the code UAH, and abbreviated UAH.

Coins

1 hryvnia = 100 kopeyek

Available coins in denominations of 10 kopeyek, 50 kopeyek, 1 hryvnia, 2 hryvnia, 5 hryvnia, 10 hryvnia. You can find coins with a smaller face value (1, 2, 5, 25 kopeyek), but they were withdrawn from circulation in 2019 due to depreciation and are not accepted for payment. In general, all coins have a low face value (maximum 10 hryvnias – less than 30 US cents).

Bank notes

There are banknotes in circulation in denominations of 1000 hryvnias, 500 hryvnias, 200 hryvnias, 100 hryvnias, 50 hryvnias, 20 hryvnias, 10 hryvnias, 5 hryvnias, 2 hryvnias, 1 hryvnia. Banknotes from 1 to 10 hryvnias are equivalent to the corresponding coin.

If you pay for a small purchase with a large 500 or 1000 banknote, the seller may not have enough cash at the cash desk to give you change, so try to have bills up to 200 hryvnias with you.

Currency exchange

Currency exchange is widespread in Ukraine. In the city center, there are currency exchanges on almost every corner, and you can also contact a branch of any bank. Since August 2022, it is forbidden to install a currency exchange rate board on the street. To clarify the exchange rate, you will have to contact the cash register.

The most widespread foreign currency is the US dollar, and it will not be a problem to exchange the Euro. Other currencies of European countries are available at some points, such as the Polish zloty.

Despite having its own currency, Ukraine's economy is focused on the US dollar. It is customary to keep your savings in the US currency. Many people follow the exchange rate-they mentally convert their salaries and purchases into dollars. However, all prices are indicated in UAH, and you can't pay in any other currency in the store. Although in fact the price is regularly recalculated depending on the exchange rate. Payment for the apartment, if you are renting from a private person, can be indicated in dollars.

Our recommendation is to take a cash US dollar with you. The cash rate is often more profitable than the card rate.

Payment by bank card

You can pay with a bank card almost everywhere. The terminals always support contactless payment with Google Pay and Apple Pay.

ATMs

ATMs in Ukraine are becoming less and less every year. The reason is probably due to the widespread use of maps. Nevertheless, an ATM is usually available in any bank branch, shopping centers, or metro stations.

Quite often, you may encounter the fact that the ATM has run out of money. In this case, we recommend ATMs of the state – owned bank PrivatBank-there are almost always large amounts available.