How to deal with currency while you in Ukraine.
To make currency exchange for a trip to Ukraine you should understand what is the best way of exchanging currency for your trip. What should you know about exchanging currency for a trip to Ukraine?
Planning a trip to Ukraine can an exciting, as well as arduous task, especially if you want to experience what the second largest country in Europe has to offer. The World Tourism Organization, in its yearly report, says that Ukraine is one of the most visited countries in the world.
In fact, the report puts Ukraine in the top 25 when it comes to offering tourist a rich cultural and historical experience, as well as a incredible modern adventure, which includes beach and mountaineering escapades, along with a first hand view of not only a traditional, but a 21st century central European lifestyle.
In order to enjoy the trip, it’s important to identify where you want to go and where you want to stay, but it’s equally important to do some research and understand the best way to trade currencies for the trip. Waiting until you reach the Boryspil Airport in Kiev to make currency exchange can have a dramatic impact on your travel budget.
In fact, waiting to exchange your money at an exchange booth or a bank in Ukraine may not be the best way to get the most out of your travel budget. Exchanging currency is a for-profit business and banks, credit card companies, exchange merchants and airport currency booths make money by using your money in the currency exchange market.
Let’s say you have a $1,000.00 USD to exchange for Ukraine Hryvnia and you wait until you find a bank in Ukraine to exchange it. Dated on March 2016 an average exchange rate that bank posts of
- 1 USD equals 26.00 UAH, but when the bank actually exchanges your money they receive the real time rate of
- 29.00 UAH for every USD they exchange. The difference of 3.00 UAH is the bank’s profit, plus they add an exchange fee on the transaction, so the bank makes a very nice return for doing almost nothing.
Local exchange merchants may post the same rate as the bank and charge the same fee, so they stay competitive with the bank and make a similar profit. Airport and hotel exchange merchants use inflated exchange rates, so they make even more money on your money.
The best way to exchange your $1,000.00 is with a professional currency broker while you’re planning the trip. A professional will always give you the real time exchange rate. They do add a small profit without the extra fees and surcharges, so you save money when you use one. A broker will help you average your exchanges, which means you exchange small amounts at different times during the planning stage to offset any sudden surges in the value of the Hryvnia against the Dollar.
A currency broker may offer you an exchange rate of 1 USD equals 27.58 UAH, which means you have 300 to 500 more Hryvnia for every $1,000.00 you exchange and in Ukraine or anywhere else, that’s a deal. The currency market is always changing. A currency broker will notify you when the market is in your favor, so you can save money on every exchange.
Other Ukraine Currency Exchange Tips.
If you do exchange money in Ukraine, use a bank that has international connections. They get a better rate than other exchange merchants. Use your ATM card instead of credit cards. ATM and credit cards are not accepted everywhere, but you will avoid expensive fees and surcharges and may get a better exchange rate.
Avoid hotel, airport and street exchange merchants, they are very expensive. The majority of shops and restaurants in Ukraine accept the Hryvnia only. Merchants do accept Dollars and Euros, but they usually offer you a poor exchange rate.
Contact the Ukraine Embassy before you enter Ukraine to have the accurate information of how much it’s allowed to carry up to in cash through customs when you crossing the border.
Carry your cash in a money belt, leg pouch or hidden pocket that’s secure and out of sight and use hotel safes when you arrive and remember that common sense is your best defense when you use it.