Ukrainians face fines for currency: who may lose 20% of savings.

Ukrainians face fines for currency. It has become known who may lose 20% of their savings.

When crossing the Ukrainian border, it is important to pay close attention to the rules for transporting foreign currency. If you do not fill out the necessary customs declaration and exceed the legally established limits, you may face significant monetary fines. The country's legislation clearly defines the amount that can be transported without additional document processing and strictly controls compliance with these rules.

According to the explanations of the State Customs Service, upon entering the customs territory of Ukraine, cash and bank metals exceeding 10,000 euros (or the equivalent in another currency) must be declared in writing.

It is worth noting that for the calculation of the amount in euros, the official exchange rate of the National Bank or the corresponding cross rate at the Time of crossing the border is used.

Minors also have the opportunity to transport foreign currency, but a mandatory condition is that the declaration must be drawn up by their legal representatives (parents or guardians). Responsibility for compliance with customs rules in this case lies with the adults who accompany or represent the minors.

When declaring currency, it is also necessary to provide confirmation of the legal origin of the funds:

• certificate of withdrawal of cash from a bank account;
• contract for the sale or gift of currency;
• receipt for the purchase of bank metals or currency exchange operations.

All these documents must be valid and issued no later than 30 days before crossing the border.

According to changes in the Customs Code of Ukraine that came into force in June 2022, there is administrative liability for undeclared currency. The fine is 20% of the excess amount.

For example, if a person transports 50,000 euros but does not register this in the declaration, they will be fined 20% of the excess, which is 8,000 euros.

A significant event is also the legalization of cryptocurrency in Ukraine, but with some nuances.