A PROBLEM OF PAYMENTS IN FOREIGN CURRENCY FROM UKRAINE AND ITS SOLUTIONS
The issue of currency payments from Ukraine is a truly pressing issue, especially for freelancers, small businesses, and companies working with foreign counterparties.
General restrictions
Following the outbreak of full-scale war (2022), the NBU introduced strict currency controls to stabilize the hryvnia exchange rate and prevent capital outflow. The main restrictions, which remain in effect in 2025, are as follows:
- Legal entities and sole proprietors may only make foreign currency payments abroad for permitted transaction categories (import of goods, services, license payments, subscriptions, etc.).
- Individuals are limited in making international transfers—mostly P2P transfers (to foreign accounts or through payment systems) are allowed, but these are also subject to limits.
- Withdrawals for freelance work are often subject to bank requirements to prove the source of income and the legality of the services.
Main difficulties and possible solutions of them
Main difficulties
Banks require a lot of evidence (contracts, invoices, acts, correspondence).
SWIFT payments may be suspended or rejected if the bank suspects a “bypass of restrictions.”
PayPal, Wise, and Revolut often don’t work fully: accepting money is limited, and sending money isn’t available to everyone.
Many foreign services do not accept Ukrainian cards due to sanctions or geopolitical restrictions.
Возможные решения
To use:
- European banks (e.g., Zapad Banka (Montenegro), Santander Banka (Poland), CIM Bank (Switzerland), and Chinese banks (OCBC, China Construction Bank);
- Payment systems: Payoneer (USA), Bilder (UK), Revolut (Lithuania), 3S Money (UK), Paysera (Lithuania), Wise (Belgium), Emerald24 (UK), Transferra (UK) — allow you to receive payments in dollars/euros and then transfer them to Ukraine;
- Acquiring (processing) providers: Stripe, Checkout, Adyen, CCbill, Inovio
Cryptocurrency solutions are possible, but require caution, as the direct use of crypto for settlements between residents and non-residents is not fully legalized.
We can also select and register a company in a jurisdiction with preferential taxation to optimize international operations and minimize the tax burden within the legal framework.
Get a free consultation.
Open a foreign currency account through Locman ICS – business without borders!
Tired of the hassle of currency transfers? Want to accept payments from abroad and manage your finances freely and legally? Locman ICS offers a ready solution:
✅ Multicurrency account (USD, EUR, GBP etc. ) — keep your money in the currency you need, without conversions
✅ Local bank accounts — receive payments as if you were local (SEPA-/ACH-details etc).
✅ Remote account opening — no need to travel avroad, everything can be completed online.
✅ Support — assstance wth documents, KYC and legal support.
WHY YOU SHOULD USE OUR PROFESSIONAL SUPPORT
Account registration is 2 times faster
Individual analysis of high-risk cases
Increased chance of account approval
Support at all stages
OUR TEAM
Yevhen Sarafanov
Owner and CEO LOCMAN ICS LTD
Ludmila Chilik
Corporate and tax lawyer (Europe, USA, East Asia, UAE)