Currency advisor

A foreign trade agreement / contract is drawn up in accordance with Ukrainian legislation. When preparing the documents, please note the following:

- Business entities have the right to use recognised international practices, as well as recommendations of international bodies and organisations when drafting the text of an agreement / contract, provided this is not explicitly and exclusively prohibited by the laws of Ukraine (Article 6 of the Law of Ukraine “On Foreign Economic Activity”).

- An agreement / contract is considered concluded when the parties have reached an agreement on all its essential terms in the manner and form prescribed by law. When concluding a commercial agreement, the parties must in any case agree on the subject, price and term of the agreement (The Civil Code of Ukraine).

- Documents must contain a handwritten signature or other data allowing identification of the person involved in the business transaction. Primary documents prepared in electronic form must comply with the requirements of the legislation on electronic documents and electronic document management (Article 9 of the Law of Ukraine “On Accounting and Financial Reporting in Ukraine”).

Under the rules for the Organisation of Statistical Reporting approved by the Board of the National Bank of Ukraine on 13.11.2018, No. 120, the Bank submits the relevant report to the National Bank based on information provided by resident borrowers to the authorised bank by the 3rd day after the reporting period.

Reporting forms are sent via internet banking with the subject “CURRENCY” and include a list (name, number, date) of submitted documents.

Requests to purchase foreign currency on the FEM for legal entities are accepted from 9:00 to 13:00.

Requests to sell or exchange foreign currency on the FEM are accepted from 9:00 to 15:00.

On the day of purchase, a statement in the Bank’s form showing balances on foreign currency accounts must be provided. More details on the operational procedure are available via the link.

Payment instructions must comply with the Operations schedule and be completed in English (Latin letters). Key requirements:

- Ensure the SWIFT code of the beneficiary’s bank has 11 characters. If your contract shows an 8-character SWIFT code, append XXX at the end;

- Check the list of countries using IBAN account numbers in Appendix 1 if necessary;

- Complete the payment purpose with full payment and supporting document details (type of payment, type of goods/services, contract/invoice number and date, etc.);

- For transfers in Chinese yuan (CNY) and payments to the UAE, include the purpose code (Appendices 2, 3);

- Select the fee type: OUR (all fees paid by sender), SHA (sender pays own bank, recipient pays other banks), or BEN (all fees paid by recipient). If using BEN or SHA, the payment amount must be at least the equivalent of 50 EUR to cover bank fees.

To ensure that the payment is received in full (without additional fees deducted by correspondent banks), we recommend using the service "Full Amount Transfer Guarantee in USD/PLN (OUR/OUR)".

To order this service, you need to:

• ensure that there are sufficient funds in your hryvnia account to cover the service fee in accordance with the Bank’s tariffs;

• select the appropriate fee type when creating the payment instruction.

Please note:

- All fields automatically populated in internet banking cannot be edited.

- Payment instructions in foreign currency are executed only if there are sufficient funds and no issues with supporting documents.

When funds are received for the client, the Bank automatically sends a message via internet banking specifying the counterparty, transfer amount and payment purpose, and requests supporting documents (contract, invoice, work completion certificate, other documents).

In response, the client must provide copies of the supporting documents. Crediting is carried out according to the Operations schedule.

The maximum settlement periods for export and import transactions involving goods are 180 calendar days and apply to transactions carried out from 5 April 2022.

The maximum settlement periods for export transactions involving goods classified under the following UCGFEA (Ukrainian Classification of Goods for Foreign Economic Activity) codes: 1001, 1002, 1003, 1004, 1005, 1201, 1205, 1206 00, 1507, 1512, 1514, 2306, are 120 calendar days and apply to transactions carried out from 12 July 2024.

The maximum settlement periods for export transactions involving goods classified under the following UCGFEA codes: 8424, 8428, 8432, 8716, are 270 calendar days and apply to transactions carried out from 1 March 2026.