Workforce Payments Guide Ukraine

Last updated: Jan 14, 2024

Ukrainian Hryvnia (UAH)
Payroll Frequency
Fiscal Year
1 January - 31 December
Employer Taxes
Employee Costs
Central Bank
National Bank of Ukraine (NBU)
video poster

3rd Party Payments

Authority  Payment Frequency  Due Date  Payment Method 
Corporate Tax  Quarterly/Annually  10 calendar days following the deadline for filing the relevant tax returns   
Value Added Tax (VAT)  Monthly  20 calendar days following the end of the respective reporting month   
Unified 2% Tax (under the simplified tax system)  Monthly  20 calendar days following the end of the respective reporting month   

Payments Coverage

Papaya Global Supports Swift Payments in Ukraine.

Contractor Payments

Papaya Global supports payments to contractors in Ukraine. The payout currency may vary depending on the receiver bank account setup when receiving foreign currencies. It is advised for contractors to reach out to their bank to confirm how foreign currencies are handled.

Payroll Frequency



IBAN Example Ukraine


IBAN in print

UA23 4275 2738 1923 9275 9949 1935 3

Country Code UA
Digit Code 23
Bank code 427527
Account Number 3819239275994919353


The Know Your Customer (KYC) process in Ukraine involves the verification of user information and identification, with the aim of preventing money laundering, terrorist financing, and other crimes. The process usually requires users to provide their full name, address, date of birth, and other personal information, as well as a scan of their passport or other document that confirms their identity.

This can be facilitated through the Diia application developed by the Ukrainian government, which uses BankID for sign up and sign in. After signing up, users provide additional personal information to confirm their identities. Subsequently, users gain access to a wide range of document-related services.

The KYC process can typically include the following steps: registration on a platform (e.g., a cryptocurrency exchange), identity verification through provision of additional information or documents, source of funds verification, risk analysis, and confirmation upon successful verification.

In Ukraine’s financial institutions, the KYC process is a crucial part of compliance and internal control. It is mandatory to form a compliance program and policy in the field of obtaining a license to conduct financial activities, and opening of correspondent accounts in banks for making payments of clients in SWIFT, SEPA systems.

Legally, the KYC process in Ukraine involves identifying the customer and verifying their identity based on documents, data, or information from a reliable and independent source. It also involves identifying the ultimate beneficial owner (UBO) of the customer, understanding the nature of future business relationships, and monitoring business relations and respective financial transactions.

The new AML Law in Ukraine provides new disclosure rules for UBOs in the Unified State Register of Legal Entities, Individual Entrepreneurs, and Public Organization, requiring that the information about such ultimate beneficiary owners is constantly updated.

Banking Regulations

The banking laws and regulations that impact cross-border workforce payments in Ukraine are influenced by the current martial law in the country. Here are some key points:

Cash Withdrawals: Cash withdrawals from client accounts are limited to UAH 100,000 per day (excluding salaries and social benefits), except for businesses and institutions that ensure the implementation of the government’s mobilization plans (objectives) and entities that have a special permit from the National Bank of Ukraine (NBU).

Cashless Payments: All cashless payments can be made without limitation subject to certain restrictions.

Foreign Currency: The release of cash from client accounts in foreign currency is prohibited, except for businesses and institutions that ensure the implementation of the government’s mobilization plans (objectives) and entities that have the NBU’s special permit.

Cross-Border Payments Moratorium: The NBU introduced a moratorium on cross-border foreign currency payments, except for certain operations.

Payments under Cross-Border Loans: Any payments by Ukrainian borrowers to offshore lenders under cross-border loans are prohibited unless certain conditions are met.

Opening a bank account

To open a company bank account in Ukraine, the following documents are required:

1. Application on account opening

2. Documents confirming powers of representative of the company, their passport and tax number

3. Copy of the company’s statutory document (depending on type of legal entity : charter, articles of association etc)

4. 2 Signature cards (notarially certified)

5. Copies of passports, tax numbers and documents confirming powers of persons, mentioned in the signature card

6. A questionnaire with information on the ultimate beneficial owner of the company, ownership structure of the company, and other documents on request of the bank.

7. If the company manager is a foreigner, a translated version of passport in Ukrainian is required.

8. Document with information on residence/stay of a foreign citizen in Ukraine.

9. Document confirming the origin of cash.

10. Registration number of taxpayer’s record card in the State Register of Natural Persons-Taxpayers (taxpayer identification number) (optional document).

In addition, the company manager (CEO, director, or president) should come personally to the bank for signature verification. The bank checks the person’s authority through the Ukrainian state register of legal entities, company documents, orders, etc.

They also check the articles of association of the company. If the company is owned by another legal entity, it is compulsory to show the individual(s) that are beneficiary owners of the Ukrainian LLC.

After submitting all required documents to the bank, it takes up to 2 days to check the documents by the financial security of the bank. After approval, the account is verified by the tax authority of Ukraine (fiscal service), and only after that is it activated.

In general, it takes anywhere from 1 day to 1 week to review the application and open the bank account. However, providing all the necessary information and documents can take weeks or even months.

International Banks

Major foreign banks operating in Ukraine include:

  • Deutsche Bank DBU
  • Raiffeisen Bank
  • Ukrsibbank (BNP Paribas Group, France)
  • Citibank
  • ING Bank Ukraine
  • Credit Agricole Bank (Credit Agricole, France)
  • OTP Bank (Hungary)
  • Kredobank (PKO Bank Polska, Poland)
  • Pravex Bank (Intesa Sanpaolo, Italy)

Major Local Banks

Major local banks in Ukraine:

  • PrivatBank
  • Oschadbank (Savings Bank)
  • Ukreximbank (Export-Import Bank)
  • Ukrgasbank
  • Pivdennyi Bank
  • First Ukrainian International Bank
  • A-Bank
  • Sens Bank
  • TASkombank
  • Universal Bank

Payment Tools

The B2C payment tools available in Ukraine are:

  • Mastercard
  • Visa
  • NovaPay
  • Western Union
  • UnionPay International system
  • Apple Pay
  • PayPal
  • Monobank
  • IBox
  • EasyPay
  • Wallet Factory
  • Kuna
  • Moneyveo
  • YayPay
  • Hotline Finance
  • NeoFin

Payments can also be made through contactless cards, smartphones, NFC devices, mobile applications, smartwatches, bracelets, and the International Bank Account Number (IBAN) system. The country is also planning to issue a digital currency: the digital hryvnia.


The Ukrainian government has made plans to pay its employees with a digital version of the national currency, the hryvnia, as part of a larger initiative by the National Bank to introduce the digital hryvnia (CBDC). The first salary payments in digital hryvnia are planned for 2021.

Furthermore, in March 2022, President Volodymyr Zelenskyy signed into law the first bill that establishes a legal framework for the crypto industry. This legislation allows for the legal operation of foreign and Ukrainian cryptocurrency exchanges, and the holding of crypto in Ukrainian bank accounts. The law defines virtual assets as an expression of value that can be traded digitally or transferred, and can be used for payment or investment purposes.

According to the Ukrainian tax code, profits made on virtual assets are considered personal income. As of 2022, all transactions made in crypto are subject to a 2% taxation. Income earned from virtual asset transactions by individuals and legal entities will be subject to a 5% personal income tax and a 1.5% military duty tax. However, these taxes are only applicable for digital assets that are sold, not for ones that are held. This amendment to the tax code is applicable until January 1, 2024, after which businesses will most likely be subject to a new tax rate of 18% on profits generated from crypto-related activities.

Stay up to date on workforce payments & employment law changes

Woman holding arms

See how Papaya can deliver faster and more efficient payments to your global workforce

The information provided in the Papaya Global Web site is provided for informational purposes only. The materials are general in nature; they are not offered as advice on a particular matter and should not be relied on as such. Use of this Web site does not constitute a legal contract or consulting relationship between Papaya Global and any person or entity. Although every reasonable effort is made to present current and accurate information, Papaya Global makes no guarantees of any kind. Papaya Global reserves the right to change the content of this site at any time without prior notice. Papaya Global is not responsible for any third party material that can be accessed through this Web site. The materials contained on this Web site are the copyrighted property of Papaya Global unless a separate copyright notice is placed on the material. Papaya Global grants each user a non-exclusive, non-transferable license to access and download, display and print one copy of the content of this Web site on a single computer solely for internal, business use, provided that the user does not modify the site content in any way and that all copyright and other notices displayed on the site content are retained. Other reproduction, distribution, republication and re-transmission of materials contained within this Web site require Papaya Global’s prior permission.