Transferring funds abroad requires careful consideration, as there is no universal solution—each method has its own advantages, disadvantages, and limitations. When choosing the optimal option, one should take into account the recipient’s country, the technical and physical capabilities for receiving the money, as well as the urgency of the transaction.
This is reported by Finway
Geographical Factor: Which Services Are Suitable for Different Regions
For European countries, the most convenient systems are SEPA, Wise, P2P platforms, and neobanks like Revolut. For American destinations—USA and Canada—Wise, Paysend, and SWIFT (if the destination does not contradict NBU restrictions) are recommended, as well as the possibility of transferring in cryptocurrency.
For Australia, the optimal options are Wise, SWIFT, and cryptocurrency. The situation is more complex for Asia and Africa: different countries have their own rules regarding currency operations. For China, where cryptocurrency is officially banned and significant restrictions are in place, it is recommended to try SWIFT (if the purpose of the transfer does not contradict NBU requirements) or local Chinese transfer services. For Japan, India, and South Korea, sending money through Wise is the most convenient.
African countries predominantly support SWIFT payments; however, processing may be slow, and not all banks accept such transactions.
For cash withdrawals by Ukrainians living in Poland, Germany, France, the United Kingdom, the Netherlands, and Switzerland, there is the option of withdrawing through ATMs or exchange points, so it is advisable to check the availability of such services locally before making a transfer.
Speed and Amount of Transfer: How to Choose the Optimal Option
Urgency often determines the choice of service. The fastest options are instant transfers:
- from one Ukrainian card to another;
- through Revolut or another neobank;
- within the same cryptocurrency exchange, if both the sender and recipient are using it.
Online services such as Wise, PayPal (for users with accounts), Skrill, and Fin.do also ensure quick payment processing.
SEPA transfers are suitable if you can wait 1-2 business days (sometimes the funds arrive even faster). SWIFT is the slowest and often the most expensive method, but it remains one of the most reliable.
The choice of method also depends on the amount. For small transfers (up to 200 euros), optimal options are P2P, SEPA, online services (Wise, PayPal, TransferGo, Fin.do), cryptocurrency, or transactions through Revolut. For medium amounts (up to 1-2 thousand euros), the best balance of reliability, fees, and speed is provided by SEPA, Revolut, and Paysend.
P2P is not recommended for medium and large amounts due to high fees, unfavorable exchange rates, and the risk of blocking suspicious transactions. There may also be interest from tax authorities and the need for documentary confirmation of the legality of the funds.
For large amounts, it is better to transfer through SWIFT, SEPA, and Wise. Experienced crypto investors may use transfers within the cryptocurrency exchange.