Ukraine: Money and Currency Exchange
Ukraine's currency — the Hryvnia
Above is a sample of Ukraine's currency, the
"hryvnia" (abbreviation: UAH). Bills come in denominations of 1, 2, 5,
10, 20, 50, 100, and 200 hryvnias (higher values exist but are
impractical as cash money), and coins exist in denominations of 1, 2,
5, 10, 20, and 50 kopecks, as well as 1 hryvnia, where 100 kopecks = 1
hryvnia. Bills show historical figures on the front and famous
buildings on the back. In late 2004 new bills were emitted, causing a
bit of confusion among both natives and foreigners.
Ukraine's currency has been enviably stable
the past five years and is tied to the dollar. There has been
discussion of tying the hryvnia to a basket of currencies. The current
exchange rate hovers around 5.3 hryvnias to 1 US dollar or 6.9 hryvnias
to 1 euro (use an up-to-date
currency converter from www.oanda.com).
Dollars and, increasingly, euros are seen
all over. It is the common view that dollars are for savings stashed
around the house and for big purchases, while hryvnias are kept around
for day-to-day expenses. Even though inflation has been low for five
years, Ukrainians are still mistrustful of their monetary system after
banks collapsed in the early 90s and everyone lost their savings. Many
people still prefer to stash dollars in hiding places in their
apartment rather than deposit them in a bank, even when the savings
rate is over 10%.
Exchanging money in Ukraine
Because of the amount of US dollars and euros in circulation in
Ukraine, exchange booths can be found all over any busy section of
town. Rates are generally as good or better than in banks, and the
service is quicker. Take note of the different exchange rates offered;
beware of things like a faded "0" slipped between digits on exchange
rate signs in touristy areas. No documents are necessary to exchange
money at exchange booths, but passports are required in many banks,
where the procedure can take a bit longer. Count the money at the
window in plain sight of the money changer before walking away. More
central areas tend to have better exchange rates unless
their main clients are tourists. If you enter Ukraine through Kyiv's
Boryspil airport, bring some smaller dollar or euro bills if you will
need to pay for a taxi; the exchange point in the airport has poor
exchange rates.
Counterfeit money
No joke — counterfeit hryvnias are a problem in Ukraine. This is why
cashiers will often hold larger bills up to a light or pass them under
a scanner. They will sometimes do the same with US dollars. However,
the counterfeit hryvnia bills I have seen were easily distinguishable
by their thin paper instead of the thicker, more rigid real bills. They
had been given to a foreigner by a street vendor. I have only heard of
one such case so far.
Attention!
Only bring crisp, whole, unmarked bills
to Ukraine, as others may be refused or exchanged at a discount rate
(typically minus 10%). Travelers checks seem to be less practical than
cash since they are cashed with a greater commission and only certain
banks cash them. These banks may have limited hours for cashing
travelers checks. ATM cards are highly practical since there are now
ATM machines in every town that work around the clock and you can get
local cash immediately. Credit cards are accepted in expensive
restaurants, hotels, and boutiques, and increasingly in large
cash&carry stores. We have heard stories of credit card fraud
in Ukraine. Be discreet with your cash. Foreigners often attract
undesired attention to their money by clumsily leafing through wads of
cash in search of the right bill. Notice how discreet Ukrainians are
with their cash.
-
Read here about ways to avoid
pickpocketing and handle your documents wisely
How much do things cost in Ukraine?
To give you an idea of the cost of everyday items in Ukraine, here is a
list of approximate prices of things in Kyiv in US dollars (as of April
2008). Prices have been rising in the past few years and
are gradually approaching western levels, and in some cases passing
them. Some things that are traditionally inexpensive in the West
(bowling, public tennis courts, monthly pass to a trendy gym) can be
significantly more expensive in Ukraine, as they are often considered
"elite."
Rent of
one-bedroom apartment (not directly in center) — $500-800/mo.
10-hour train ride halfway across Ukraine (there and back) — $12-40
15-minute taxi ride — $7.00
1 hour at tennis courts — $10.00
1 hour of table tennis at Hidropark island — $1.40
Admission to trendy night club: — $6-30
Admission to concert of classical music — $5-20
Decent umbrella — $8-25
Average-sized novel — $4-8
Unlicensed CD — $4-8
Meal at McDonald’s — $4-7
Meal at cafeteria-style restaurant “Domashnya Kukhnya” — $4-8
Cup of tea in classy cafe — $1-4
Hot dog on Khreschatik — $0.75
Loaf of bread — $0.30
Typical sum given to beggars — $0.10
If you're paying significantly more than this for something, make sure
you know why! |
