How much they spend and what they buy: how Ukrainian refugees deal with their finances
It is quite difficult to calculate exactly how much Ukrainians spend abroad, since in this case savings, money in Ukrainian accounts, payments from countries that have granted asylum to refugees, etc., should be taken into account. However, it is quite simple to monitor the movement of funds on Ukrainian cards abroad, and such statistics are available.
How much do they spend?
Immediately after the start of the full-scale war, Ukrainians’ spending abroad doubled. At the same time, if previously citizens used cards to pay mainly for business or work trips, then from March 2022 personal expenses will noticeably prevail. For example, in January 2022, Ukrainians spent $509 million on business trips. In total, during that period, 698 million dollars were spent from the cards of our citizens in other countries, it is reported representatives of the National Bank.
In February, expenses amounted to 812 and 545 million dollars, respectively. And already in March 2022, expenses from cards of Ukrainian banks, which were used for payments abroad, doubled. Yes, a total of 1.627 billion dollars was spent. At the same time, business expenses amounted to only 408 million dollars, that is, only a fourth of all transactions.
Then until February 2023, Ukrainians in other countries spent a total of 1.8 to 2 billion dollars every month from card accounts. At the same time, the share of personal expenses ranged from 1.4 to 16 billion. Since March 2023, the number of card payments abroad has decreased. The situation has stabilized recently. Ukrainians in other countries spend an average of 1.3 billion dollars per month with our bank cards.
What do Ukrainians buy abroad?
There are no general statistics yet on the structure of spending by Ukrainians abroad. However, there are data from individual banks, based on which certain conclusions can be drawn.
The largest share of expenses of refugees, as well as of Ukrainians who stayed at home, is food. For example, FUIB bank clients in the first quarter of 2022 spent 47% of their funds on purchasing products and visiting public catering establishments. In the fourth quarter of 2023, this category already accounted for 55% of spending by Ukrainians abroad.
Also, our citizens often buy medicine. In the first three months of 2022, pharmacies received 15% of the refugees’ expenses. In the last three months of 2023, this share increased to 19%. In addition, clothing, housing, and transport make up a significant share of Ukrainians’ expenses.
Interesting fact
If at the beginning of 2022, Ukrainians abroad used cash more often (withdrawing money from cards), now more and more of our citizens pay with cards. For example, in Poland, Ukrainians withdrew cash more often than paid with cards until March 2023. Currently, only 20% of expenses from cards are cash withdrawals, and 80% are contactless payments.
In Germany, Ukrainian refugees mainly withdrew cash only until July 2022. Now the number of card payments constantly exceeds the share of withdrawals from ATMs.
Since the beginning of the war, Ukrainians used cards more often than cash in Great Britain, France, Ireland, Sweden, Switzerland, the Czech Republic, etc.
