In Ukraine, banks and exchange offices are not allowed to refuse clients the acceptance of foreign currency, including dollars, based on denomination, appearance, or year of issue of the banknotes. Such actions are considered violations of the requirements of legislation and the National Bank of Ukraine (NBU) and may be classified as fraud. Clients can report such cases to the regulator for an investigation.
This is reported by Finway
The NBU has stated that if violations are found during inspections, appropriate measures will be taken against the financial institutions. “Banks and non-bank institutions are prohibited from imposing restrictions based on the denomination and year of issue of foreign currency banknotes that are legal tender in the respective foreign state. In case of violation, such actions will be regarded not only as non-compliance with the regulatory requirements of the NBU but also as a potential sign of fraudulent activity,” the NBU noted.
“If a bank or non-bank financial institution violates consumer rights, the consumer should file a complaint with the management of that bank or non-bank financial institution. If there is no response from the management, one should contact the National Bank,” the NBU emphasized.
However, banks and exchange offices have the right not to accept certain banknotes. Legislation allows for the refusal of damaged banknotes. This applies, in particular, to banknotes with damaged design and security elements or with printing defects. Counterfeit banknotes will also not be accepted.
As for other banknotes, “even crumpled, slightly soiled, or worn” ones are subject to exchange. However, banks may refuse to accept dollars that have altered the original color of the paper or image, as well as torn, cut, burned, old, or rotten banknotes. Such banknotes can still be submitted for collection, meaning they will be sent abroad to a foreign correspondent bank for exchange for a separate fee.