Ukrainians were explained where to exchange hryvnias for euros in Germany: how to do it profitably.

Ukrainians were informed where they can exchange cash hryvnias in Germany.

According to Deutsche Bank, a special assistance program for refugees from Ukraine regarding the exchange of the national currency has been implemented in Germany. Since May 24, 2022, Ukrainians can exchange their hryvnias for euros without additional banking fees.

The conditions for the exchange are as follows:

• Banknotes with denominations of 100, 200, 500 and 1000 hryvnias are accepted.
• The exchange rate is determined by the official website of the Federal Bank of Germany.
• The maximum amount for one person is 10 thousand hryvnias.
• The exchange can be made all at once or in parts.
• The program will be in effect for three months.

To exchange, one must have documents. The banking system will track the volume of funds being exchanged to avoid exceeding the established limit. An important advantage is that banks do not charge fees for this exchange.

It is worth noting that Oleksiy Blinov, head of the analytical department of Alfa Bank, shared useful advice at a round table held by Finclub, which will help reduce losses on fees and double conversions in the EU.

Many people who left have dollar cards - traditionally according to Ukrainian customs. If they convert to euros, they can lose significantly on conversion rates. Therefore, even though the sale of foreign currency has been halted in the mobile app, they have the opportunity to convert dollars to euros at an acceptable rate. This should be utilized when in European countries. It is more advantageous to pay in euros.

However, Blinov pointed out that the rate in retail chains is actually lower than the rate that is charged in ATMs. There may also be additional fees at the ATMs. The scheme is also influenced by hidden fees of agents, which are included in the rate.

Therefore, I recommend everyone not to withdraw currency even within the limit and then go to the supermarket with it, but to keep cash for those cases when it can only be used, for example, in German pharmacies that do not accept cards. It is very risky when you are offered to pay in dollars in Europe. There will be a triple conversion, and not even banks, but third-party European individuals will profit from it. It is important in the Czech Republic to try to pay in crowns, in Poland - in zlotys, in Germany - in euros.

We remind that Ukraine may transition from dollars to euros.