Recently, the Ukrainian media highlight changes in the currency market of Ukraine and the process of its integration into SEPA – the Single Euro Payments Area. Dollar passes positions is already a systemic trend. According to “KIT Group“, last year the share of the dollar in exchange transactions of the population decreased to 74.1% from 78.7% in 2023. This is not just a change in numbers – it is a transformation of the vector. It is being replaced by the euro, which already occupies a quarter of all transactions. This is a direct consequence of the mass migration of Ukrainians to the countries of the eurozone and the growth of EU-oriented exports.
The euro is increasingly becoming not a foreign currency, but a new “unit of account” of the Ukrainian economy, which is naturally integrated into the European space. And here is an important detail: the head of the National Bank, Andriy Pishnyi recently stated on progress in the screening of Ukrainian legislation for joining SEPA. This is no longer just a financial technocratic process, but a geo-economic reform.
SEPA opens for Ukrainian businesses, direct payment channels from the EU without intermediaries, minimizes technical barriers for Ukrainian fintech companies and makes money transfers many times cheaper. That is, it is not only about finances – it is about independence. Ukraine is leaving the dollar zone of influence and approaching the European currency space, not in words, but in daily transactions.
These processes should be seen not as random fluctuations in currency preferences, but as a strategic change of orientations. Currency is an indicator of trust. Ukrainians trust Europe more and more – and express it in money.
Labor migration is the economic framework of Ukraine in the conditions of war
Last year, Ukrainians from abroad transferred 9.6 billion US dollars to Ukraine. It minus 31.7% compared to 2021, but even in these conditions, this is critical support. Let’s compare: this is almost three times more than the state spending on education in Ukraine per year. And these are transfers not of international financial structures, but of wage earners – those whom the state did not evacuate, did not provide for and often did not notice.
Poland is the main donor. Despite the decrease in the total volume of transfers by 1.4 times, its share in the structure grew – 35.6% of all funds received from abroad. People work there, pay taxes to the Polish budget, and send money home.
Germany too increased: transfers from there grew by 3.3%, the share in the structure – 6.6%. Conditions for employment of Ukrainians have become more favorable, especially for those who have qualifications and know the language.
The Czech Republic is also a stable player, although volumes decreased by almost 20%, its share in the total volume is 7.4%. Ukrainians remain the largest diaspora in the country.
This money is not just cash. This is the payment of housing, food, medicine, children’s education. It is a shield that keeps domestic demand in the Ukrainian economy when the external enemy destroys the infrastructure.
How do Ukrainian migrants transfer money to their families in Ukraine? Last year, Ukrainians became more and more frequent use online services such as Wise, TransferGo, Paysend, bypassing extortion commissions of old systems such as Western Union. The most popular currencies are euro, zloty, krone, depending on the country. In Ukraine, funds are received mainly in hryvnias, but some are kept in foreign currency accounts, which also strengthens the banking system.
Ukraine is breaking through in SEPA: economic “visa-free” is already on the horizon
SEPA is not just a payment system. It is part of the political code of the West, a standard that allows the country to become financially equal in the cross-border game. That’s why accession Ukraine before SEPA is not a question of “when convenient”, but a question of financial practical European independence.
Currently, Ukraine is at the last stage before joining SEPA, which means that, say, a citizen in Kharkiv will be able to send euros to Lisbon as easily as hryvnias to Lviv.
The key step is the national coordinator (NASO). And here is important news: NABU (Independent Association of Banks of Ukraine) already stated, which is ready to become the same point of entry into SEPA.
The National Bank is negotiating with the European Payments Council (EPC), clean legislation from anachronisms, synchronizes the infrastructure. It is like cleaning the glass in a thermal imager: without this vision, there is no accuracy.
Ukrainian banks are already partially operational. Monobank is the first provided customers can receive and send SEPA transfers using international details. Already today, clients receive an international IBAN account that allows them to receive transfers from 30+ SEPA countries quickly, without obstacles and with minimal fees. Payments from Poland, Germany, the Czech Republic – now it is not an epic with SWIFT, but 2 days and funds in the account.
Kredobank is a subsidiary of PKO Bank Polski – a long time ago is working in two economic realities. SEPA is not exotic for them, but a daily routine. They directly offer the service: “Transfers from the EU to euros – without delays and with guaranteed delivery.”
A-Bank also does not stand aside: it has opened channels through European partners and does rate on SEPA speed and benefits for employees.
What gives SEPA at the forefront of finance? Time, price and scale. Usually transactions continue up to 2 days, and SEPA Instant – in less than 10 seconds. This is already a standard in the EU – and Ukraine is moving towards it. Commission – as for a domestic payment in euros, not $10–$20, as in SWIFT. There are 36 countries in the bracket. Transfers in euros – without conversions, without “third countries”, without delays.
SEPA is not just a financial upgrade. This is a strategic reflashing of the country, an infrastructure of trust. If a Ukrainian business has access to SEPA, it is on an equal footing with a European one. If citizens can receive a salary from Europe without “bank dances” – this is a wartime economy that strikes precisely and quickly.
SEPA storm: which of the Ukrainian banks is already fighting for a client in euros
And now about the main thing: the motivation of customers to switch to the euro. While the government is still debating the depth of integration with the European Union, business and freelancers are already carrying it out on their accounts. Without diplomacy, without official communiques. Simply – through calculations in euros, because this is the key to their survival. This is the logistics of the cash flow, which does not pass through the Ministry of Economy, but supports thousands of small businesses and millions of families.
- First, it is savings. A freelancer working with a German studio or a Polish agency no longer wants to pay a $25 SWIFT fee. He opens an account with an IBAN and receives via SEPA – up to €1 commission, and money in the account in 24-48 hours.
- Second, it’s speed. In SEPA Instant – generally 10 seconds. And it is this speed that has already changed the approach to calculations in international contracts. Business sees this and massively switches to the euro as a new currency of trust.
- The third is stability. Financial risks in wartime are not abstractions, but real losses. The euro is a less volatile currency than the hryvnia. And this is an argument not from theory, but from accounting.
What do Ukrainians do? They open accounts in European banks, especially in Estonia, Lithuania, Poland. Through Fintech solutions – Wise, Revolut, Paysera, N26. These are new “banks without branches” that provide IBAN in 1 day, without queues, without bureaucracy. And the client is already in Europe – financially. An example can be Paysera: account with IBAN for Ukrainians, or Wise: hryvnia accounts and SEPA.
More and more FOPs lead income in currency. It is becoming more and more obvious that opening a currency account is not an advantage, but a necessity. The profitability of the contract depends on this. Because clients in the EU do not want to count hryvnias. They work in the euro and want stability, not exchange rate surprises.
This is not a tribute to fashion, but a mobilization of resources. Businesses and freelancers move to the euro zone not because it is more “prestigious”. And because it is faster, cheaper, safer. It’s like a bulletproof vest in battle: no one shows off, just puts it on and works.
What about new products? Oschadbank, PrivatBank, Ukrgazbank, FUIB, Alfa-Bank (Sense Bank) – all offer deposits in euros, sometimes at a symbolic interest, but with guaranteed liquidity and stability.
Almost every major bank has euro cards in its portfolio. Monobank, Privat, Rife – all play on this field. It is especially convenient for freelancers and employees who do not want to lose on conversion.
Dedollarization is a global game against the Washington hegemon
Ukrainians are fighting for sovereignty, breaking Russia’s colonial legacy, and integrating into Europe. But the wallet of the National Bank is dominated by the US dollar, not the euro. And this is not a metaphor, but an official one structure currency reserves of Ukraine as of February 1, 2025. 82.8% of Ukraine’s currency reserves are stored in US dollars. The share of euros is less than 10%. This is not an exchange rate policy, but a political reality.
National Bank directly he says: “We do not plan to change the currency structure of reserves. The current system is optimal”.
That is, while Brussels and SEPA sound in political statements, in real numbers – Washington and SWIFT. Because the real money now comes not from Berlin, but from the US Treasury. Ukraine only last December received $2.03 billion from the United States through the trust mechanism of the World Bank.
This is the answer to the question why the euro does not break into reserves. Because the main donor is still America, and the main debts are in dollars. Because most military and humanitarian tranches go through the dollar.
Can Ukraine increase Europe’s share? Theoretically yes. Practically – only under the conditions that the EU will become the main donor of macro-financial support, and when Ukrainian exports to the Eurozone will supplant the Asian dollar direction. Until that happens, the strategic bet on the dollar will be maintained. Because this is not a choice, but a geopolitical attachment.
And that’s the problem. Because for full financial integration in Europe, it is not enough to sign a memorandum – you need to have European reserves. In the meantime, we are fighting for EU values with US money.
The dollar is not just a currency. It is a weapon, a system of global influence backed by aircraft carriers, debt obligations and the right of the US to block any financial flow with a single keystroke in the SWIFT system.
That’s why dedollarization – this is not only about the economy, but about politics. And those who want to play big geopolitics play precisely on this front.
China and Russia have already abandoned the dollar in bilateral trade: yuan and ruble, without Washington. In 2023, more than 90% of payments between Moscow and Beijing were not in dollars. In March 2023, Brazil and China concluded agreement on conducting trade operations in their own currencies, bypassing the dollar India and Malaysia are calculated in rupees. Argentina imports from China in yuan, because there are not enough dollars. This is not against the US. This is for yourself, for financial autonomy.
Yes, so far we receive 80% of international aid in dollars. But our rear and our future is precisely the European financial space.
Global trend de-dollarization is not a BRICS slogan, but a new world architecture. And Ukraine has a chance to leave it not as a satellite, but as a player.
Against the background of military dependence on the West, it seems as if de-dollarization is not our trend, but this is a mistake. National Bank of Ukraine in January of this year stated, which is preparing for a gradual transition from the dollar to the euro as the main currency for the exchange rate reference. There will be a transition to happen within 5-10 years.
This is a revolution that not everyone has noticed yet. Instead of depending on the dollar, which dominates domestic gold and foreign exchange reserves by 83%, Ukraine is preparing for strategic integration into the euro zone – through the transition to SEPA, through payments in euros and changes in the balance of payments.
When we talk about the transition of Ukraine to the euro as the main currency of settlements, we must understand: it is like an open-heart operation. And if it is performed without proper diagnosis, bleeding is inevitable.
Euro is not always armor. In 2022, the euro for the first time in 20 years went down below the US dollar. For Ukraine, which conducts foreign trade simultaneously with the EU and Asian countries, this meant immediate losses on conversion. The business, which kept its revenue in euros, lost in the hryvnia equivalent. The dollar is still the main currency of international trade. Contracts, loans, reserves – all in USD. Even when exporting to the EU, many deals are concluded in dollars, because it is easier to hedge risks that way. The transition to the euro means an increase in conversion costs and double fees.
The ECB is not the IMF. We have no voice there. We can switch to the euro as an “anchor” for the exchange rate. But at the same time, all decisions regarding monetary policy approves The European Central Bank, where Ukraine is a guest, not a partner. The ECB raises the rate, and we accept the consequences. The ECB is delaying liquidity – and no one is explaining anything to Ukraine.
… Will we be able to become part of the European financial system – not losing ourselves, but becoming stronger? Because the currency is not only about the exchange rate. It’s about trust. And about who controls it.
Tetyana Viktorova
