How to transfer money abroad for the holidays and not get burned by commissions?

The holidays are traditionally a period of increased financial activity. Ukrainians often send money to relatives and friends abroad, but along with the warmth of remittances often come unnecessary expenses. Higher commissions, hidden fees and unfavourable exchange rates can significantly reduce the amount received by the recipient. Learn more about how to safely and profitably transfer funds abroad during the holiday season

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As Finance.ua points out, the Christmas and New Year holiday period traditionally turns into a ‘hot season’ for banks and payment services. Ukrainians often send money to relatives abroad, pay for gifts, rent, education, or support families who are temporarily living in other countries. It is at this time that many people suddenly encounter higher tariffs, incomprehensible commissions and less favourable exchange rates.

Why this happens, what the costs depend on and how to transfer funds so that the recipient receives the maximum amount — we explain further in this article.

Why holiday transfers can be more expensive than usual

The problem is a combination of several factors. First, during the holiday season, banks and payment systems operate with delays: some days are holidays, exchange rates are not updated in real time, and payments take longer to process. This increases the risks, and financial institutions often build an additional ‘safety cushion’ into the conversion rate.

Secondly, the load on international payment networks increases. This leads to delays and sometimes additional fees, which users only find out about after the transaction.

Thirdly, haste does its job: people do not read the terms and conditions, do not check the exchange rate, choose the first available method, and end up overpaying.

What gifts cannot be brought into Ukraine from abroad — read here.

Main types of international transfers: what is the difference?

To avoid unnecessary expenses, it is important to understand how different transfer channels work and what their features are.

Card-to-card transfer: convenient, but not always profitable

This is the most popular option, especially when you need to quickly help relatives or friends. All you need is a card number, and the funds can be transferred almost instantly. But you have to pay for simplicity. Possible costs include:

– Ukrainian bank commission for the international transfer itself;

– ‘hidden’ fees in the exchange rate;

– double currency conversion if the sender's and recipient's cards are in different currencies.

On normal days, this may be tolerable, but during the holidays, losses often increase.

Transfers to a bank account: IBAN, SEPA and SWIFT — which to choose?

When money is sent to an account rather than a card, most users encounter the terms IBAN, SEPA and SWIFT.

IBAN is simply an international account format. It does not make the payment cheaper or more expensive, but it helps to avoid errors in the details.

SEPA is the most convenient way to make payments in euros within Europe. Such transfers usually:

– have low or zero fees;

– are credited faster than classic international payments;

– do not ‘dissolve’ money along the way through intermediaries. However, Ukraine's direct full access to SEPA has not yet been fully implemented, so not all banks can conduct such transactions directly.

SWIFT is a universal but more expensive tool. It is needed if:

– the currency is not the euro,

– the country is outside the EU,

– you need to send funds to a traditional bank account.

The disadvantage of SWIFT is that there are often several intermediary banks between the sender and the recipient, and each can withdraw its share of the funds. Delays are also significantly longer on public holidays.

About options for celebrating New Year in Ukraine and their approximate cost — find out more at the link.

Fintech services: a compromise between speed and convenience

In recent years, Ukrainians have been actively using services such as Wise, Revolut and PayPal. They are attractive because they show their fees openly and their exchange rates are closer to the real market rates. The advantages are obvious:

– fast crediting;

– clear cost structure;

– lower conversion losses.

However, it is worth remembering that not all services are equally profitable. Some of them may hide a ‘surcharge’ not in the commission, but in the exchange rate. During the holiday season, such surcharges also tend to increase.

Which transfer method to choose: it all depends on the situation

There is no best universal option — it all depends on your needs.

– If the amount is small, it is more convenient and cheaper to use fintech services.

– If the amount is significant, banks and traditional accounts offer more stability and protection.

– If you need it urgently, card transfers or payment apps are more suitable.

– If time is not critical, international bank transfers may be cheaper, albeit slower.

About the most convenient ways to travel to Ukraine from Europe and the rest of the world — read here.

What is really ‘eating away’ at your money?

The main losses usually arise not from a single commission, but from a combination of factors:

– unfavourable exchange rate;

– double conversion;

– additional fees upon crediting;

– limits of banks and payment systems;

– delays during the holiday season.

That is why the same transaction can cost differently depending on the day, service or currency.

How to transfer money without overpaying: a few practical tips

To minimise losses, it is worth following the basic rules of financial hygiene:

– check the exchange rate before the transaction, not just the commission amount;

– read the terms and conditions of the bank or service, especially regarding additional payments;

– if possible, make transfers outside of peak holiday days;

– compare several options, rather than choosing the first one available;

– take into account the currency of cards and accounts to avoid double conversion.

Reminder! At the end of the year, many Ukrainians plan their payments, transfers and financial transactions in advance, especially during the holidays. This article contains official information about the work of banks, the NBU's SEPS and the currency market during Christmas and New Year. How banks and the NBU's payment system will work during Christmas and New Year — find out more at the link.

Photo: generated using Gemini

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