Compared to some European countries, the United Kingdom does not seem like a common destination for Ukrainians to settle in, primarily due to its strict immigration laws. Nevertheless, the country has been among the top three donors for Ukraine in remittances. Today, around 300,000 Ukrainians reside in the UK, ten times more than before 2022. Most are employed and able to support their loved ones back home. But many are wondering how to send money from the United Kingdom to Ukraine in the most efficient way. In this article, we review the available options and give some useful recommendations.
Some facts about Ukrainians in the UK:
· In 2019, the UK hosted about 38,000 Ukraine-born residents. By September 2023, close to 241,000 Ukrainians have received a visa as refugees;
· As of April 2023, 61% were either employed or self-employed in the UK;
· 52% plan to stay in the UK because of better employment opportunities.
Even before the war, the UK residents sent around $1 billion a year to Ukraine. Now, more people need to transfer money to Ukraine. Let us see what options there are.
Remittances to Ukraine by major countries (USD million)
| Country | Poland | United States | United Kingdom | Total remittances |
|---|---|---|---|---|
| 2019 | 3,558 | 984 | 601 | 11,921 |
| 2020 | 3,300 | 1,220 | 1,013 | 11,980 |
| 2021 | 4,647 | 1,491 | 988 | 14,019 |
Source: National Bank of Ukraine
Courier service
The most ‘traditional’ way to send money from the UK to Ukraine is with a courier. But is it really that efficient? First, you and your courier both need to align your schedules for the cash to change hands. Second, carrying money across borders involves risks, which means a relatively high courier’s remuneration. And finally, this is simply not the safest way to transfer funds: even the most trusted person can be mugged or just careless.
Wire transfers
Banks are popular for everyday transactions, but sending money from the UK to Ukraine via a wire transfer might be slightly more complicated. For international transfers, the sender must provide exhaustive information about themselves, the recipient, and the transfer. Still, that might not be enough, and the transfer may be delayed or even cancelled due to rigorous anti-money laundering procedures. If the money does come through, the fees and charges, applied on both the sending and receiving sides, might be as significant as they are unexpected.
Cryptocurrency transfers
A more modern format of international money transfers to Ukraine is with cryptocurrency. It is considered to be fast and cheap – but you need to know what you are doing, as you need your recipients. A crypto transfer involves registering with a crypto exchange, depositing money there, finding a broker with suitable terms, and then withdrawing your cash in the respective currency on the receiving side. The less your recipients are familiar with the crypto world, the higher the risk is of complications and even fraud.
Online money transfer services
Perhaps the fastest, most convenient, and cheapest way to send money from the UK to Ukraine is via an online money transfer system. They are easy to use and very inexpensive in comparison. One should ensure, however, that the service is legitimate and properly regulated.
One of the best ways to send money from the UK to Ukraine is with Profee. We are an EU-licensed provider operating in over 60 destinations globally. Our clients benefit from many advantages, including:
· Competitive cost. Profee transfers imply no hidden fees; the sender always knows the final amount. We also employ a unique monitoring system to offer very competitive exchange rates on multicurrency transactions, like GBP/UAH online money transfers to Ukraine. Moreover, there is no commission on your first transfer to Ukraine.
· Speed of delivery. Card-to-card transfers are processed instantly.
· Ease of use. We operate both as a web-based service and an iOS/Android app. Profee customers can switch seamlessly between the two interfaces, which are intuitive and simple.
· Referral programme. We offer an opportunity to earn money by inviting an unlimited number of friends to enjoy the service.
If you are in the UK and need to send money to a bank card in Ukraine, Profee is your go-to solution. Signing up takes no more than a couple of minutes, and you can immediately send up to £1,000. For larger amounts, there are simple and efficient verification procedures in place.
Both customer and industry experts have recognised Profee’s value. On Trustpilot, a popular review platform, we hold an ‘Excellent’ rating of 4.7/5. Profee has also been awarded as the fastest-growing money transfer service in Europe, according to Global Banking & Finance Review, a leading financial publication. Visit www.profee.com or get the app from the Apple Store or Google Play to see why these high scores are fully justified.
