FX as a means of payment in Ukraine

The use of foreign currency as a means of payment is allowed without license, provided that:

  • initiator or beneficiary of FX transaction is an authorized bank;

  • initiator or beneficiary of FX transaction is a foreign investor;

  • both initiator and beneficiary of FX transaction is an investor (foreign investor representative office in Ukraine) or government under the product sharing agreement.

In all other cases, the use of foreign currency as a means of payment in Ukraine is allowed only under the license.

To get a license for the use of foreign currency as a means of payment you have to submit to the NBU:

  • license application;

  • excerpt (extract) from the Unified State Register of Legal Entities and individuals – entrepreneurs and taxpayer registration certificate or their copies;

  • references from the authorised banks specifying details of the account intended for FX transactions;

  • originals or copies of the documents under which the FX liability arose or copy of the business plan under which the liabilities shall arise;

  • conclusion of the NBU district division according to the applicant’s location on compliance with license requirements and Regulation on the Procedure of Issuing by the NBU Individual Licenses for Use of Foreign Currency as a Means of Payment in Ukraine.

Documents consideration by the NBU:

  • Term — up to 25 business days.

  • If the NBU requires additional documents, this term will be prolonged by 10 business days from the date of registration with the NBU the last additional document received from the applicant.

License issue:

  • after submitting the document to the NBU confirming license issue payment (as of 04.08.2015 — UAH 4,420);

  • license shall be issued in two original counterparts;

  • license validity period shall not exceed 1 calendar year from the issue date.

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