Bank accounts abroad for Ukrainian companies

We offer opening accounts for Ukrainian companies in foreign banks. The Law of Ukraine “On Currency and Currency Transactions” of February 2019 gives the right to residents of Ukraine including and legal entities “open accounts in foreign financial institutions and carry out currency transactions through such accounts”. As for reporting information on the availability of an account with a foreign bank in the SFS and on the movement of funds on such an account, the old MFI Order No. 207 of December 25, 1995 (subject to amendments of May 24, 2017) and Resolution of the Cabinet of Ministers No. 419 of February 28, 2000, are in effect. that govern these issues.

What gives an account to a foreign bank for a Ukrainian exporter:

  • Due diligence of Ukrainian companies in foreign banks in fact turned out to be more loyal than in Ukrainian;
  • accounts are opened in international network banks, guaranteed reliable for Ukrainian customers and convenient for their foreign partners;
  • unlike the Baltic banks – the presence of dollar bills;
  • these banks are more preferable for Ukrainian agricultural exporters in terms of using letters of credit, bank guarantees, etc.;
  • banks are considering lending against third-party obligations to purchase products. If these are well-known market players (buyers), then the interest on the loan can be quite acceptable.;
  • the presence of such accounts will be interesting for the formation of a financial history and a positive Compliance for both the Ukrainian enterprise and its beneficiaries;
  • also such an account is a fairly serious defense against raiding, “motivated” actions of the SFS, “custom-made” court decisions and actions of the executive service.
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