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Author Topic: What is the best way to cash out bitcoins in Ukraine?  (Read 2226 times)
Peter Lambert
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July 21, 2011, 03:00:40 AM
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I was talking with a coworker of mine today about transferring money from the US to Ukraine. She works here in the US, but all her family lives in Ukraine and she often sends money to them. She said the wire transfer she does usually has about 11% fees. She also has to document the reason for sending the money out of the US. I mentioned bitcoin might be a way to reduce the expenses of sending the money to her family.

The one thing I am unsure of is once she sends bitcoins to her family is Ukraine, what is the best/cheapest/easiest way to transfer from bitcoin to local currency? Anybody from around there have any suggestions?

On an unrelated note, she was saying is is usually possible to convert between USD and UAH at the local banks, but recently the banks have stopped releasing USD, they are only taking them in. This seems weird, are they expecting the local currency to tank or something?

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July 21, 2011, 03:30:26 AM
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Would like to know it too. I don't think I've heard about any established sort of exchanges there so best bet would be finding someone who is into it and exchange person to person

Regarding banks, their family should look into another bank.. there are very few banks that deal with USD on consumer level if any,   Pumb Bank (www.pumb.ua) is one that even lets you take out USD from their ATMs but shhh don't tell anyone Wink Privat bank as far as I know used to offer USD accounts but don't know if that changed
(could be that foreign currency accounts may not be available to end users but businesses should be having that option). A person can register as small biz entrepreneur entity (частный предприниматель) which has its own tax benefits in comparison to other business licenses and can act as a normal business and be able to open USD currency saving/checking bank account that way if non avail. to general public )

Local currency there is artificially stabilized, that much I know about it. They want people to use local currency as much as general public likes to hold on to USD & EURO and I can only guess government has a deficit of USD since they don't want banks to put it out in circulation much. Ironically there are USD/EURO/UAH exchanges almost on every corner in big cities, or at least used to be that way few years ago. 
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July 21, 2011, 03:54:32 AM
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I don't know about UAH. It may be easier to convert BTC to Euros at the present time. I also don't know how well Euro is accepted in Ukraine.

One thing I can guess: Anyone accepting Bitcoin in Ukraine right now is a very early adopter, though I'm sure you can't be the first.

You might also consider posting a message in the Russian-langauge section of the forum.

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July 21, 2011, 03:58:44 AM
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In regard to USD transfers to Ukraine I would like to also mention that your friend should consider Western Union, as much as I hate them now since they banned me lol, sending WU to Ukraine only costs around 4% from US and I don't think receiving party has to pay anything while cashing it on their side. This is a good option for small transfers below $3k per transfer, and never do multiple transfers to the same person in one day. Another point to add, don't send it with credit card from WU website - it will cost more. On receiving side at times it maybe tough and challenging finding location willing to give receiving party USD instead of UAH equivalent but it is not impossible, I guess depending whether they are in a big city or not.
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July 21, 2011, 05:18:02 AM
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http://maps.google.com/maps?q=http://c1958612.r12.cf0.rackcdn.com/bitcoin.kml

do i not see a few nodes there in Ukraine?
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July 21, 2011, 06:20:19 AM
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Oh! I can't believe I missed this. WM Center has domestic bank transfer in Ukraine, and maybe a cash agent.

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July 21, 2011, 06:34:17 AM
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Might I also, humbly, suggest that you try using bitcoinlocator.  We're just launching but the intent is that you'll be able to find people all over the world who will be willing to change local cash for bitcoin.

We believe in bitcoin, so we are trying to support the idea that anyone can be a bitcoin exchange!  Any time, anywhere in the world.  bitcoinlocator is designed to be a tool to let people connect for exactly this purpose.

In any case good luck, bitcoin is the right tool so I'm sure you'll find the way.


Are you a BitcoinLocation? www.bitcoinlocator.com
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November 01, 2011, 08:58:44 PM
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bump. anyone got a clue about cashing out bitcoins in the ukraine? This would be big help to me.
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November 01, 2011, 09:22:43 PM
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https://btc-e.com

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November 02, 2011, 12:20:47 AM
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Quote
15 world currencies, 12 payment processors, the biggest exchanger in Central Europe

thats one http://www.thebitcoinreview.com/site.php?site_id=21,

there are a few others

please review the service once you have try it

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