Money

Updated : 25/03/2022

Ukrainians' access to bank accounts

Currency

UAH conversion

Cash

International cards

International cash transfers

International wire transfers

Banks

Under the temporary status, you are allowed to open a bank account in France.

The easiest option is to open the bank account at the “BANQUE POSTALE” at the post office.

The bank regulator "Banque de France" has clarified that you have to provide all the necessary documentation to open the account and that each bank can freely refuse to open an account.

Many ukranians choose to use Revolut , as it works in the entire European Union and Switzerland and Norway.

It is rare for French people to use foreign currency.

The currency of France is Euros (EUR)

1 EUR is divided in 100 euros cents (or “centimes”)

The "Banque de France" is not a bank. It is mainly in charge of supervising banks, monetary policies and financial statistics.

The central bank is in charge of the currency and setting the official interest rates. The central bank is the "European Central Bank" (ECB) or “Banque Centrale Européenne” (BCE).

UAH is not accepted in France.

According to the Banque de France website, discussions are ongoing at the european level to provide a solution.

It is highly recommended you change your cash in Poland for EUR (or PLN or USD if not possible). As an example, you can change UAH at the Warsaw Train Station.

Most french banks no longer convert foreign currencies. Most french people use international payment cards when travelling abroad.

In most banks, to buy foreign currency you have to order it in advance and to have an account with the bank.

“Bureau de change” is where you can exchange money. USD can be easily exchanged to EUR. PLN often is accepted. You have to compare prices as they can set their rates freely.

“Bureau de change” are found in tourist areas, at airports or at international harbours. So do it in Paris, Nice or other big cities before moving elsewhere.

As at 25/03/2022: 1 EUR is 32.45 UAH. The conversion rate to UAH fluctuates constantly.

The current conversion rate is available on many websites : e.g. XE.

French prefer small banks notes (10 EUR, 20 EUR, 50 EUR).

Most stores refuse large bank notes.

Toll roads often require payment by card or refuse large bank notes if cash is available

Paying or depositing large amount of cash at the bank is suspicious. It is likely to trigger questions as part of the “anti-money laundering” verifications

Visa and Mastercard are very common and widely accepted.

American Express are rare and not always accepted.

Cards (with systematic authorization) may be rejected by some gas stations or toll roads.

Possible at any “POSTE” (post office) with WESTERN UNION.

Some stores offer WESTERN UNION or MONEYGRAM services.

European wire transfers in EUR are free in the euro zone

For international wire transfers, bank apply high transfer fees and foreign exchange fees. You have to compare between banks if you do it on a regular basis.

There are many online services offering cheaper services. Some may accept bank-to-bank account transfers in Ukraine : Paypal, WISE / Transferwise , Transfergo

The amount on bank accounts is insured against the bank bankruptcy by the government up to 100,000 EUR,

Livret A is the savings account. The interest rate is very small.

Checking accounts in France do not earn interest and are subject to a monthly fee.

Banks are reliable in France.

Banks will usually only open EUR accounts.